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Taiwan's largest cement maker, diversifying into batteries, renewable energy and cement across Asia.
Taiwan's largest cement maker, diversifying into batteries, renewable energy and cement across Asia.
Earns most from selling cement and ready-mix concrete in Taiwan, mainland China and other markets, where local supply and coal and power costs drive profit. It is building an energy-storage business, supplying batteries and systems to utilities and developers, and renewable generation as a second leg, a deliberate shift away from relying on cement alone.
In one line: A cement maker pivoting into battery/energy storage.
Moat: narrow (scale, installed base). Regional cement production scale plus an emerging battery/energy storage business.
Headquarters: Taipei, Taiwan · Founded: 1946
Size TCC (1101.TW) is a Taiwan Materials company (Construction Materials) with a market value of $6.09B, the 77th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$26.75 on 6 Nov 2026.
Performance Over six months the shares gained 11.0%, against +4.6% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue fell 6.0% over the last twelve months (peer median +1.4%); the operating margin is 7.9% (peer median 11.6%).
Valuation It trades at 29.2× forward earnings against a peer median of 13.9× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.9 points below its cost of capital (5.0% WACC).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$151B | NT$150B | NT$155B | NT$109B | NT$114B |
| Revenue growth | — | -3% | +41% | -4% | — |
| Gross profit | NT$27.4B | NT$25.8B | NT$31.3B | NT$19.7B | NT$8.91B |
| EBITDA | NT$30.9B | NT$28.5B | NT$33.6B | NT$19.3B | NT$9.68B |
| Net income | -NT$9.30B | -NT$11.6B | NT$11.3B | NT$8.00B | NT$5.40B |
| Free cash flow | NT$10.5B | NT$11.9B | NT$1.14B | NT$11.0B | -NT$14.9B |
| Capital expenditure | NT$27.5B | NT$27.0B | NT$34.7B | NT$26.6B | NT$25.1B |
| Total debt | NT$213B | NT$216B | NT$203B | NT$165B | NT$181B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TCC 1101.TW | $6.09B | +11% | -6% | 8% | 29.2× | 9.1% |
| Asia Cement 1102.TW | $3.92B | +5% | -10% | 10% | 11.0× | 5.6% |
| Anhui Conch Cement 600585.SS | $13.9B | -12% | -8% | 4% | 19.4× | -7.7% |
| Heidelberg Materials HEI.DE | $34.3B | -5% | 0% | 15% | 13.5× | 4.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1101.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.0% | +11.0% | 8th lowest of 21 |
| 6-month return | +11.0% | +4.6% | 6th highest of 20 |
| Distance from 52-week high | -7.1% | -20.2% | highest of 21 |
| Revenue growth (TTM) | -6.0% | +1.4% | 5th lowest of 21 |
| Operating margin | 7.9% | 11.6% | 6th lowest of 21 |
| Forward P/E | 29.2× | 13.9× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 9.1% | 4.4% | 4th most demanding of 19 |
| Growth delivered (Del g) | +7.2% | +5.4% | 7th highest of 19 |
| Hurdle (Req g minus delivered) | +1.9 pp | -0.1 pp | 9th most demanding of 19 |
| ROIC minus cost of capital | -2.9 pp | -1.6 pp | 7th lowest of 21 |
| EV / EBITDA | 11.3× | 8.4× | 7th most expensive of 17 |
| Net debt / EBITDA | 2.7× | 1.7× | 6th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TCC 1101.TW | Taiwan | $6.09B | +11% | -6% | 8% | 29.2× | 9.1% | +7.2% |
| Eagle Materials EXP | United States | $5.71B | -12% | +2% | 22% | 16.1× | 9.7% | +7.3% |
| ROCKWOOL A/S ROCK-A.CO | Denmark | $6.72B | +11% | -1% | 13% | 16.2× | -4.8% | +8.3% |
| Huaxin Building Materials 6655.HK | Hong Kong | $6.91B | +9% | +22% | 18% | 8.1× | -7.8% | +3.0% |
| FLSmidth & Co. A/S FLS.CO | Denmark | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% | -2.3% |
| Buzzi BZU.MI | Italy | $8.04B | -9% | +2% | 18% | 9.3× | 2.8% | +7.0% |
| Beijing New Building Materials (Group) 000786.SZ | China | $4.41B | -33% | -3% | 10% | 11.4× | -2.3% | +8.4% |
| Asia Cement 1102.TW | Taiwan | $3.92B | +5% | -10% | 10% | 11.0× | 5.6% | -1.9% |
| Tianshan Material 000877.SZ | China | $3.47B | -30% | -17% | -13% | n/a | 5.6% | -14.5% |
| United States Lime & Minerals USLM | United States | $3.39B | +7% | +4% | 41% | 19.6× | 5.1% | +18.3% |
| Vicat VCT.PA | France | $3.29B | +6% | +5% | 11% | 10.2× | 0.2% | +6.6% |
| Knife River KNF | United States | $3.20B | -38% | +11% | 9% | 23.1× | n/a | n/a |
| Taiheiyo Cement 5233.T | Japan | $3.03B | +19% | +1% | 8% | 7.7× | 0.8% | +0.8% |
| China National Building Material 3323.HK | Hong Kong | $2.76B | -51% | 0% | 2% | 25.2× | 25.1% | -7.7% |
| FangDa Carbon New Material 600516.SS | China | $2.74B | -20% | +17% | -4% | 226.5× | n/a | n/a |
| Cementir CEM.MI | Italy | $2.70B | +5% | -2% | 13% | 12.8× | 4.3% | +6.0% |
| Cementos Molins CMO.MC | Spain | $2.70B | n/a | +14% | 12% | 13.6× | 8.9% | +12.5% |
| Anhui Conch Cement 0914.HK | Hong Kong | $13.9B | -11% | -7% | 8% | 16.0× | 1.0% | -14.7% |
| Imerys NK.PA | France | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% | -2.3% |
| James Hardie Industries JHX | United States | $16.2B | +33% | +43% | 14% | 21.0× | 26.1% | +10.7% |
| Cemex SAB de CV Sponsored ADR CX | United States | $16.6B | -18% | +10% | 13% | 11.2× | 4.4% | +4.7% |