Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
TSRCTPE:2103 +3.66%65 Graham Number is NT$19.34 as of Mar. 2026, which is 100% below its 10-year median of 1.17. GuruFocus rates TPE:2103 with a GF Score™ of 65/100 and a GF Value™ of NT$24.42 (Modestly Undervalued). The stock has 11 warning signs investors should review. Among 1,157 Chemicals companies, TSRC ranks better than 65.08% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-08-01), the stock price of TSRC is NT$21.25. TSRC's graham number for the quarter that ended in Mar. 2026 was NT$19.34. Therefore, TSRC's Price to Graham Number ratio for today is 1.10.
The historical rank and industry rank for TSRC's Graham Number or its related term are showing as below:
TPE:2103'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.68 Med: 1.17 Max: 3.46
Current: 1.1
During the past 13 years, the highest Price to Graham Number ratio of TSRC was 3.46. The lowest was 0.68. And the median was 1.17.
TPE:2103's Price-to-Graham-Number is ranked better than 65.08% of 1157
companies
in the Chemicals industry
Industry Median: 1.44
vs TPE:2103: 1.10
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
TSRC's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
21.25
/
19.34
=
1.10
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
TSRC Graham Number Related Terms
TSRC Graham Number Historical Data
* Premium members only.
The historical data trend for TSRC's Graham Number can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TPE:2103 vs LIN, SHW, ECL: Graham Number Comparison
For the Specialty Chemicals subindustry, TSRC's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
TSRC Price-to-Graham-Number vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, TSRC's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where TSRC's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TSRC (TPE:2103) has a Graham Number of NT$19.34 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on TSRC and its competitors. This is 1553% above median its historical median of 1.17. Over the past decade, TSRC's Graham Number has ranged from 0.68 to 3.46. According to the industry distribution chart, TSRC ranks #404 out of 1157 companies in the Chemicals industry, placing it in the top 34.9%.
Is TSRC's Graham Number too high?
TSRC's current Graham Number of NT$19.34 is 1553% above median its 10-year median of 1.17. Over the past 10 years, this metric has ranged from a low of 0.68 to a high of 3.46. Based on the distribution chart, TSRC ranks #404 out of 1157 companies in the Chemicals industry, which is above the industry midpoint. Overall, TSRC has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does TSRC's Graham Number compare to LIN and SHW?
According to the Chemicals industry distribution chart, TSRC ranks #404 out of 1157 companies for Graham Number. This puts TSRC in the upper half of its industry. The industry median Graham Number is 1.44. Historically, TSRC's own Graham Number has ranged from 0.68 to 3.46 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Chemicals company?
The median Graham Number among Chemicals companies is 1.44, based on 1,157 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on TSRC and its competitors. For the Chemicals industry, the median Graham Number is 1.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TSRC's current Graham Number is NT$19.34, which is 1553% above median its own 10-year median of 1.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TSRC stock overvalued right now?
Based on GuruFocus' analysis, TSRC (TPE:2103) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$24.42, compared to a current price of NT$21.25 — trading 13% below its estimated fair value. The current Graham Number is NT$19.34, which is 1553% above median its 10-year median of 1.17. TSRC's overall GF Score™ is 65/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For TSRC (TPE:2103), the current Graham Number is NT$19.34 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is TSRC (TPE:2103) Overvalued in 2026?
Based on GuruFocus' analysis, TSRC stock appears to be undervalued.
The current stock price of NT$21.25 is trading 13% below its estimated GF Value™ of NT$24.42.
GuruFocus considers TSRC to be Modestly Undervalued.
Key valuation signals for TPE:2103:
Graham Number: NT$19.34 (1553% above median its 10-year median of 1.17)
GF Value™: NT$24.42 vs. price of NT$21.25 (13% below fair value)
No single metric tells the full story. See the TPE:2103 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TSRC Corporation is a rubber manufacturer based out of Taiwan. The company offers tire products globally, with Asian markets accounting for the majority of the company's sales. Product offerings are divided into the Synthetic Rubber business and Applied polymer business. Under the Synthetic Rubber business, tires are built to improve abrasion resistance and provide low rolling resistance and wet grip resistance. Consumers of TSRC Corp tire products depend on products to deliver reduced fuel consumption and meet a host of regulations and environmental conditions. Products under the Applied Polymers business are often used in high-grade shoe soles, asphalt modification, plastic modification, adhesives, and other end markets. Its geographical segments are Asia, America, Europe, and Others.
65GF Score
Get the complete analysis for TPE:2103
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TPE:2103 has been successfully added to your 
