Which companies are TSRC's closest peers?

The cockpit's peer set: Dainichiseika Color & Chemicals Mfg.Co (4116.T), MEC (4971.T), Shandong Sunway Chemical (002469.SZ), Grand Pacific Petrochemical (1312.TW), Guangdong Yussen Energy Technology (002986.SZ), Hebei Jianxin Chemical Industry (300107.SZ), Kanto Denka Kogyo (4047.T), IOL Chemicals & Pharmaceuticals (IOLCP.NS).

Is TSRC expensive compared with its peers?

On ev / sales it trades at 0.7× against a peer median of 2.0×, 4th cheapest of 21 in its peer set.

How has TSRC stock performed?

Over six months to 6 Nov 2026 the shares returned +17.3% against -20.9% for the median peer; over one year +51.6%.

← CockpitCompetitor Analysis › 2103.TW TSRC CorporationOpen in the cockpit ↗

TSRC Corporation2103.TWCompetitor analysis, valuation and peers

Taiwan · TWD·Materials›Chemicals: Specialty

Momentum leader 80

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$576M

US dollars, full cap

Free float

63%

of shares outstanding

$/day

$3.70M

20-day average traded

Fwd P/E

n/m

no positive forecast

ROIC−WACC

+1.4 pp

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

125 days

11 Mar 2027

Close · TWDNT$23.05

1D-10.0%

1W-13.8%

1M-19.4%

3M+5.7%

6M+17.3%

YTD+48.7%

1Y+51.6%

ATR %4.5%

52w lowhigh28.0% off high

What TSRC does

No business profile yet.

TSRC at a glance

Size TSRC (2103.TW) is a Taiwan Materials company (Chemicals: Specialty) with a market value of $576M, the 403rd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$23.05 on 6 Nov 2026.

Performance Over six months the shares gained 17.3%, against -20.9% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd highest of 21 in its peer set.

Growth Revenue grew 0.4% over the last twelve months (peer median +15.7%); the operating margin is 6.8% (peer median 7.3%).

Valuation It trades at 0.7× enterprise value to sales against a peer median of 2.0× (4th cheapest of 21).

Capital Return on invested capital runs 1.4 points above its cost of capital (5.0% WACC).

Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: TSRC against the median of its 20 peers (local-currency closes).

TSRC financials

Reported figures in TWD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	NT$39.2B	NT$36.5B	NT$37.2B	NT$31.4B	NT$33.8B
Revenue growth	—	-2%	+18%	-7%	—
Gross profit	NT$5.22B	NT$3.36B	NT$3.85B	NT$3.05B	NT$5.25B
EBITDA	NT$3.90B	NT$2.00B	NT$2.40B	NT$2.02B	NT$3.70B
Net income	NT$2.05B	NT$448M	NT$862M	NT$680M	NT$1.78B
Free cash flow	-NT$1.11B	NT$585M	-NT$2.00B	NT$1.25B	NT$1.69B
Capital expenditure	NT$2.54B	NT$1.68B	NT$3.05B	NT$2.29B	NT$758M
Total debt	NT$14.7B	NT$13.3B	NT$12.4B	NT$9.94B	NT$10.1B

Quarterly statements and history in the cockpit →

TSRC competitor charts

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.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. TSRC is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. TSRC is the large dot.

TSRC competitors and peer comparison

How TSRC compares with its peers

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.

TSRC against its 20 peers (data as of 6 Nov 2026)
Measure	2103.TW	Peer median	Rank in peer set
1-month return	-19.4%	-14.6%	7th lowest of 21
6-month return	+17.3%	-20.9%	3rd highest of 21
Distance from 52-week high	-28.0%	-42.6%	5th highest of 21
Revenue growth (TTM)	+0.4%	+15.7%	5th lowest of 21
Operating margin	6.8%	7.3%	10th lowest of 21
EV / Sales	0.7×	2.0×	4th cheapest of 21
ROIC minus cost of capital	+1.4 pp	-3.1 pp	5th highest of 21
EV / EBITDA	7.3×	9.5×	5th cheapest of 10
Net debt / EBITDA	1.9×	1.3×	4th most indebted of 10

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	EV / Sales	Req g	Delivered g
TSRC 2103.TW	Taiwan	$576M	+17%	0%	7%	0.7×	n/a	n/a
Dainichiseika Color & Chemicals Mfg.Co 4116.T	Japan	$576M	+18%	+2%	7%	0.7×	3.4%	-2.1%
MEC 4971.T	Japan	$578M	-47%	+29%	31%	3.3×	17.2%	+11.9%
Shandong Sunway Chemical 002469.SZ	China	$579M	-20%	-19%	3%	1.6×	n/a	n/a
Grand Pacific Petrochemical 1312.TW	Taiwan	$571M	+3%	+28%	-15%	1.8×	n/a	n/a
Guangdong Yussen Energy Technology 002986.SZ	China	$571M	-30%	+57%	2%	0.7×	-5.0%	+27.8%
Hebei Jianxin Chemical Industry 300107.SZ	China	$581M	-6%	+39%	11%	5.4×	n/a	n/a
Kanto Denka Kogyo 4047.T	Japan	$570M	-6%	+13%	12%	1.6×	n/a	n/a
IOL Chemicals & Pharmaceuticals IOLCP.NS	India	$569M	+87%	+19%	9%	2.1×	29.8%	+3.5%
Koppers KOP	United States	$567M	-32%	-5%	10%	0.8×	-7.1%	+2.4%
Advanced Nano Products 121600.KS	South Korea	$565M	-23%	+33%	12%	5.5×	28.1%	+18.2%
Skchem 285130.KS	South Korea	$588M	-27%	+27%	0%	0.9×	n/a	n/a
Shenzhen Jdd Tech New Material 301538.SZ	China	$591M	-33%	+10%	18%	3.4×	15.3%	+25.6%
Shandong Fengyuan Chemical 002805.SZ	China	$591M	-38%	+281%	1%	1.2×	n/a	n/a
Jinneng Science & Technology 603113.SS	China	$559M	-34%	+6%	-4%	0.5×	n/a	n/a
Everlight Chemical Industrial 1711.TW	Taiwan	$593M	-45%	-2%	-1%	2.8×	n/a	n/a
Guangzhou Lushan New Materials 603051.SS	China	$595M	+5%	-5%	0%	2.2×	32.5%	+8.5%
Cytech 301557.SZ	China	$595M	-3%	+13%	7%	3.5×	n/a	n/a
Jiangsu Hengxing New Material Technology 603276.SS	China	$596M	+7%	+29%	8%	3.3×	18.5%	+15.2%
Ishihara Sangyo Kaisha 4028.T	Japan	$596M	-22%	+1%	11%	0.9×	1.1%	+8.8%
Balaji Amines BALAMINES.NS	India	$604M	+15%	+21%	19%	3.5×	n/a	n/a

Questions

Which companies are TSRC's closest peers?: The cockpit's peer set: Dainichiseika Color & Chemicals Mfg.Co (4116.T), MEC (4971.T), Shandong Sunway Chemical (002469.SZ), Grand Pacific Petrochemical (1312.TW), Guangdong Yussen Energy Technology (002986.SZ), Hebei Jianxin Chemical Industry (300107.SZ), Kanto Denka Kogyo (4047.T), IOL Chemicals & Pharmaceuticals (IOLCP.NS).
Is TSRC expensive compared with its peers?: On ev / sales it trades at 0.7× against a peer median of 2.0×, 4th cheapest of 21 in its peer set.
How has TSRC stock performed?: Over six months to 6 Nov 2026 the shares returned +17.3% against -20.9% for the median peer; over one year +51.6%.