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Major Taiwanese cement producer, part of Far Eastern Group, also with investments in building materials and overseas cement operations.
Major Taiwanese cement producer, part of Far Eastern Group, also with investments in building materials and overseas cement operations.
Sells cement and ready-mix concrete by volume, so earnings follow construction activity and the cost of the coal and power its kilns burn. A Far Eastern Group company, it runs cement operations in mainland China as well as in its Taiwan home market.
In one line: Taiwan's version of a large regional cement maker like Martin Marietta.
Moat: narrow (scale, regulatory licence). Large-scale incumbent producer with quarry/licence access that is difficult for new entrants to replicate.
Headquarters: Taipei, Taiwan
Size Asia Cement (1102.TW) is a Taiwan Materials company (Construction Materials) with a market value of $3.92B, the 105th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$36.55 on 6 Nov 2026.
Performance Over six months the shares gained 4.6%, against +5.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue fell 10.0% over the last twelve months (peer median +1.4%); the operating margin is 10.4% (peer median 12.1%).
Valuation It trades at 11.0× forward earnings against a peer median of 13.9× (5th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +7 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 2.7 points below its cost of capital (5.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$68.4B | NT$71.0B | NT$76.3B | NT$80.2B | NT$90.3B |
| Revenue growth | — | -7% | -5% | -11% | — |
| Gross profit | NT$9.66B | NT$11.0B | NT$10.9B | NT$10.2B | NT$11.5B |
| EBITDA | NT$11.2B | NT$12.6B | NT$12.5B | NT$12.2B | NT$13.3B |
| Net income | NT$12.8B | NT$10.0B | NT$12.9B | NT$10.9B | NT$12.0B |
| Free cash flow | NT$7.56B | NT$11.1B | NT$10.8B | NT$12.8B | NT$13.6B |
| Capital expenditure | NT$5.38B | NT$4.62B | NT$4.01B | NT$4.12B | NT$2.67B |
| Total debt | NT$95.9B | NT$96.4B | NT$100B | NT$120B | NT$114B |
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 |
|---|---|---|---|---|---|---|
| Asia Cement 1102.TW | $3.92B | +5% | -10% | 10% | 11.0× | 5.6% |
| TCC 1101.TW | $6.09B | +11% | -6% | 8% | 29.2× | 9.1% |
| Goldsun Building Materials 2504.TW | $1.06B | -14% | -3% | 22% | 8.4× | -7.1% |
| China Resources Building Materials Technology 1313.HK | $873M | -31% | -12% | -3% | n/a | -8.1% |
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 | 1102.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.0% | +6.8% | 9th lowest of 21 |
| 6-month return | +4.6% | +5.0% | 10th lowest of 20 |
| Distance from 52-week high | -7.2% | -21.5% | 2nd highest of 21 |
| Revenue growth (TTM) | -10.0% | +1.4% | 4th lowest of 21 |
| Operating margin | 10.4% | 12.1% | 9th lowest of 21 |
| Forward P/E | 11.0× | 13.9× | 5th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 5.6% | 4.9% | 8th most demanding of 18 |
| Growth delivered (Del g) | -1.9% | +6.9% | 5th lowest of 18 |
| Hurdle (Req g minus delivered) | +7.5 pp | -3.6 pp | 4th most demanding of 18 |
| ROIC minus cost of capital | -2.7 pp | -0.9 pp | 8th lowest of 21 |
| EV / EBITDA | 15.5× | 8.4× | 2nd most expensive of 15 |
| Net debt / EBITDA | 1.7× | 2.0× | 7th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Asia Cement 1102.TW | Taiwan | $3.92B | +5% | -10% | 10% | 11.0× | 5.6% | -1.9% |
| Beijing New Building Materials (Group) 000786.SZ | China | $4.41B | -33% | -3% | 10% | 11.4× | -2.3% | +8.4% |
| 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 |
| FLSmidth & Co. A/S FLS.CO | Denmark | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% | -2.3% |
| 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% |
| Eagle Materials EXP | United States | $5.71B | -12% | +2% | 22% | 16.1× | 9.7% | +7.3% |
| TCC 1101.TW | Taiwan | $6.09B | +11% | -6% | 8% | 29.2× | 9.1% | +7.2% |
| Imerys NK.PA | France | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% | -2.3% |
| 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% |
| Titan America TTAM | United States | $2.08B | -32% | +5% | 15% | 10.5× | 1.0% | +6.9% |
| YOUNGY 002192.SZ | China | $2.03B | -52% | +315% | 60% | n/a | 4.9% | +16.8% |
| Sichuan Hexie Shuangma 000935.SZ | China | $1.98B | -35% | -14% | 15% | 13.8× | n/a | n/a |
| SigmaRoc SRC.L | United Kingdom | $1.95B | +14% | +4% | 15% | 12.1× | 12.4% | +52.8% |