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Taiwan supplier of semiconductor process chemicals (CMP materials, specialty gases) plus quartz and wafer-related consumables.
Taiwan supplier of semiconductor process chemicals (CMP materials, specialty gases) plus quartz and wafer-related consumables.
Acts partly as an agent selling other firms' fab materials and equipment in Taiwan and partly as a manufacturer of its own quartz and carrier products, so reported revenue includes a lot of low-margin resale. Orders follow chip-fab construction and wafer starts.
In one line: A smaller Taiwan analogue to Entegris' semiconductor-materials business.
Moat: narrow (process know-how, customer qualification). Materials must be qualified into fab processes; broad consumables portfolio built over decades of fab relationships.
Headquarters: Taipei, Taiwan · Founded: 1990 · Employees: 1,877
Size Topco Scientific (5434.TW) is a Taiwan Information Technology company (Semiconductors) with a market value of $2.68B, the 137th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$457.00 on 6 Nov 2026.
Performance Over six months the shares gained 11.1%, against -24.7% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 21.4% over the last twelve months (peer median +27.8%); the operating margin is 7.0% (peer median 9.4%).
Valuation It trades at 14.3× forward earnings against a peer median of 28.0× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.2 points above its cost of capital (7.2% WACC).
Next results Next results expected around 16 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$80.3B | NT$67.6B | NT$57.0B | NT$49.3B | NT$53.0B |
| Revenue growth | — | +19% | +16% | -7% | — |
| Gross profit | NT$10.3B | NT$8.35B | NT$7.41B | NT$6.08B | NT$6.20B |
| EBITDA | NT$6.20B | NT$4.94B | NT$4.44B | NT$3.70B | NT$3.72B |
| Net income | NT$6.10B | NT$4.18B | NT$3.66B | NT$2.84B | NT$3.02B |
| Free cash flow | NT$3.91B | NT$3.92B | NT$751M | NT$135M | NT$2.76B |
| Capital expenditure | NT$949M | NT$1.20B | NT$4.42B | NT$1.83B | NT$450M |
| Total debt | NT$5.15B | NT$4.28B | NT$4.40B | NT$5.15B | NT$2.68B |
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 |
|---|---|---|---|---|---|---|
| Topco Scientific 5434.TW | $2.68B | +11% | +21% | 7% | 14.3× | 3.8% |
| Entegris ENTG | $19.6B | -14% | +9% | 19% | 23.7× | 26.3% |
| Fujimi 5384.T | $1.28B | -18% | +13% | 21% | 15.6× | n/a |
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 | 5434.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.3% | -23.5% | 10th lowest of 21 |
| 6-month return | +11.1% | -24.7% | 3rd highest of 21 |
| Distance from 52-week high | -27.9% | -55.4% | highest of 21 |
| Revenue growth (TTM) | +21.4% | +27.8% | 8th lowest of 21 |
| Operating margin | 7.0% | 9.4% | 10th lowest of 21 |
| Forward P/E | 14.3× | 28.0× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 3.8% | 24.8% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +13.3% | +13.1% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | -9.5 pp | -1.7 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +14.2 pp | -2.8 pp | 4th highest of 20 |
| EV / EBITDA | 13.8× | 14.5× | 5th cheapest of 11 |
| Net debt / EBITDA | -0.5× | -1.9× | 4th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Topco Scientific 5434.TW | Taiwan | $2.68B | +11% | +21% | 7% | 14.3× | 3.8% | +13.3% |
| Simmtech 222800.KS | South Korea | $2.69B | +7% | +42% | 9% | 18.7× | n/a | n/a |
| Maxio Technology (Hangzhou) 688449.SS | China | $2.71B | -29% | +40% | 5% | 37.7× | n/a | n/a |
| Shanghai Bright Power Semiconductor 688368.SS | China | $2.72B | -20% | +90% | 6% | 85.4× | 54.1% | +7.3% |
| Leeno Industrial 058470.KS | South Korea | $2.60B | -61% | +24% | 49% | 19.4× | 6.3% | +13.1% |
| Asmedia Technology 5269.TW | Taiwan | $2.60B | -14% | +38% | 25% | 12.5× | 12.3% | +14.0% |
| IPG Photonics IPGP | United States | $2.78B | -38% | +15% | 5% | 32.8× | 24.8% | -3.5% |
| Ambarella AMBA | United States | $2.58B | -23% | +20% | -15% | 66.0× | n/a | n/a |
| Sino-American Silicon Products 5483.TWO | Taiwan | $2.80B | 0% | -1% | 12% | 15.8× | n/a | n/a |
| OUST OUST | United States | $2.54B | +38% | +64% | -29% | n/a | n/a | n/a |
| PENG PENG | United States | $2.52B | -5% | +26% | 10% | 9.2× | n/a | n/a |
| StarPower Semiconductor 603290.SS | China | $2.50B | -33% | +4% | 1% | 76.8× | 26.3% | +33.0% |
| Great Microwave Technology 688270.SS | China | $2.46B | -41% | +8% | 32% | 69.6× | 48.7% | +23.2% |
| Gpixel Changchun Microelectronics 3277.HK | Hong Kong | $2.45B | -48% | +27% | 33% | 28.0× | 6.9% | +9.7% |
| Wuxi NCE Power 605111.SS | China | $2.45B | -3% | +28% | 19% | 30.4× | 27.2% | +14.5% |
| Hefei Chipmore Technology 688352.SS | China | $2.45B | +7% | -1% | 7% | 53.1× | n/a | n/a |
| DB HiTek 000990.KS | South Korea | $2.41B | -48% | +29% | 21% | 8.9× | 2.3% | +8.3% |
| AP Memory Technology 6531.TW | Taiwan | $2.99B | -35% | +63% | 29% | 27.0× | 34.1% | +9.8% |
| Sunrun RUN | United States | $2.40B | -32% | +63% | 2% | 38.7× | n/a | n/a |
| Acter 5536.TWO | Taiwan | $2.39B | -26% | +28% | 16% | 10.0× | -6.0% | +24.3% |
| Holy Stone Enterprise 3026.TW | Taiwan | $2.39B | +91% | +17% | 2% | 21.0× | n/a | n/a |