1. Taiwan Stocks

  2. •

    Process industries

  3. •

    Chemicals: specialty
TSRC Corporation

TSRC Corporation

TTWSE:2103
28.10
TWD
-0.20
(-0.71%)
2.80EPS
8.33P/E
17.09BMarket Cap
Oct 29Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
41.69
38.6
31.47
32.64
38.47
36.03
35.01
29.1
39.4
40.98
38.06
45.06
44.17
47.72
Basic EPS, GAAP
1.81
1.38
0.64
1.2
1.06
1.44
0.9
-0.03
4.76
2.16
0.82
1.04
0.54
2.48
Free Cash Flow per Basic Share
3.97
1.88
4.08
0.49
1.14
0.77
0.17
1.09
2.23
1.82
1.31
-2.79
0.44
1.43
Dividend per Share
3.17
1.56
1.69
1.17
1.04
0.96
0.98
0.64
0.53
2.7
1.08
0.56
0.63
- -
Book Value per Share
18.86
19.63
19.67
18.58
18.02
18.54
18.02
17.12
21.83
22.44
23.52
24.65
24.17
26.74
Tangible Book Value per Share
15.83
16.64
16.77
15.94
15.67
16.3
15.99
15.9
20.75
21.39
22.63
23.84
23.96
26.56
Basic Weighted Avg Shares
826
826
826
826
826
826
826
826
826
826
826
826
826
832
Sales/Revenue/Turnover
34,423
31,869
25,982
26,955
31,766
29,751
28,911
24,024
32,533
33,841
31,427
37,209
36,473
39,701
Operating Margin (%)
6
6.09
5.38
6.55
3.79
4.41
3.75
3.41
12.08
7.9
3.01
3.71
2.68
7.13
Depreciation Expense
1,100
1,110
1,096
1,085
1,018
1,027
1,151
1,156
1,210
1,308
1,318
1,217
1,192
1,225
Net Income, GAAP
1,495
1,141
529
988
874
1,192
740
-22
3,931
1,783
680
862
448
2,067
Effective Tax Rate (%)
18.39
19.63
6.94
31.96
25.28
24.34
34.87
58.66
20.75
30.84
32.1
41.18
45.42
34.05
Profit Margin (%)
4.34
3.58
2.04
3.67
2.75
4.01
2.56
-0.09
12.08
5.27
2.16
2.32
1.23
5.21
Working Capital
4,576
5,214
4,414
3,664
3,102
6,689
6,065
2,544
6,914
7,173
6,707
9,277
9,190
10,329
LT Debt
3,654
3,336
2,886
1,807
800
4,218
5,708
2,522
2,643
2,582
3,718
6,752
7,141
6,970
Total Equity
17,555
18,138
18,077
17,052
16,443
16,882
16,453
15,859
20,124
20,731
20,802
21,787
21,512
23,884
Return on Invested Capital (%)
5.62
5.33
4.68
4.64
3.56
3.85
2.63
1.29
11.69
6.29
2.08
2.47
1.55
4.92
Return on Capital (%)
4.81
4.11
2.18
3.82
4.13
5.03
2.94
-0.79
13.2
5.38
2.05
2.81
1.43
5.49
Return on Common Equity (%)
9.58
7.18
3.26
6.26
5.79
7.9
4.9
-0.15
24.44
9.75
3.58
4.34
2.23
9.7

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
6,185
6,402
7,685
LT Borrowings
5,954
6,370
5,840
LT Finance Leases
1,186
1,171
1,130
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
826
826
826
Market Capitalization
12,799
15,854
17,092

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
19,733
20,606
22,935
Cash, Cash Equivalents & STI
6,686
6,520
7,145
Accounts Receivable, Net
3,178
3,946
4,824
Inventories
7,838
7,950
8,704
Total Current Liabilities
10,543
11,013
12,606
Payables & Accruals
- -
- -
- -
ST Debt
6,185
6,402
7,685
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
2.1%
6.75%
-1.26%
Free Cash Flow
8.94%
-74.03%
-115.74%
Net Income, GAAP
-1,822.38%
-3,638.91%
-47.99%
Sales/Revenue/Turnover
4.43%
9.75%
-1.98%
Total Cash Common Dividend
21.4%
59.24%
12.58%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
8,745
8,945
9,930
9,589
37,209
2025
10,377
9,128
- -
8,361
36,473
2026
10,331
11,881
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.32
0.39
0.43
-0.09
1.04
2025
0.4
-0.08
- -
0.33
0.54
2026
0.53
1.73
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
0.56
- -
0.56
2025
- -
- -
- -
- -
0.63
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Wei Cheang Chai
Full Time Employees
1,466
Sector
Process industries
Industry
Chemicals: specialty
Address
No.2, Singgong Road Kaohsiung City KH Taiwan 815
IPO Date
Sep 25, 1982
Website
tsrc.com.tw
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Business
TSRC Corporation, established in 1973 and headquartered in Kaohsiung, Taiwan, specializes in the manufacture and sale of synthetic rubber and advanced materials. The company operates primarily through two business units: Synthetic Rubber and Advanced Materials. Its synthetic rubber products include emulsion styrene-butadiene rubber (E-SBR), solution styrene-butadiene rubber (S-SBR), polybutadiene/butadiene rubber (BR), nitrile rubber (NBR), and thermoplastic elastomers (TPE). The Advanced Materials unit produces styrenic block copolymers (SBC) such as styrene-butadiene-styrene (SBS), styrene-isoprene-styrene (SIS), styrene-ethylene/butylene-styrene (SEBS), and related T-BLEND applied materials marketed under brands like TAIPOL, VECTOR, and T-BLEND, serving tire, automotive, consumer goods, healthcare, and industrial sectors globally. Recent major developments include the inauguration of an expanded joint venture nitrile rubber (NBR) plant in Nantong, China, in partnership with ARLANXEO in 2025, enhancing production capacity and technology for high-performance NBR products. Additionally, TSRC continues to emphasize innovation and sustainability, adopting environment-friendly manufacturing processes while expanding its portfolio to high-value synthetic rubber and specialty materials. The company also reorganized operations with plant closures such as the 2024 shutdown of its southern Vietnam compounding materials facility to optimize its production footprint. TSRC's acquisition of Dexco Polymers in 2011 remains a significant milestone, integrating high-end styrenic block copolymer products and technologies to boost its global competitiveness. TSRC serves diverse geographic markets including Asia, the Americas, and Europe, positioning itself as a leading supplier in the Asian rubber industry with a robust presence internationally. The company is recognized for stable product quality and continuous advancement in synthetic rubber and thermoplastic elastomers applied in various industrial and consumer applications. With over 1,400 employees, TSRC leverages strategic global alliances and technological collaborations to maintain its market leadership in synthetic rubbers and related advanced materials. This comprehensive operational scope, combined with recent strategic expansions and technological upgrades, underscores TSRC Corporation's role as a pivotal player in the synthetic rubber and specialty materials industries worldwide.