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.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. TSG Development Co's annualized net income for the quarter that ended in Dec. 2025 was NT$-68.5 Mil. TSG Development Co's average shareholder tangible equity for the quarter that ended in Dec. 2025 was NT$1,385.0 Mil. Therefore, TSG Development Co's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was -4.94%.
The historical rank and industry rank for TSG Development Co's Return-on-Tangible-Equity or its related term are showing as below:
ROCO:3521'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -34.32 Med: -8.56 Max: 27.18
Current: -0.7
During the past 13 years, TSG Development Co's highest Return-on-Tangible-Equity was 27.18%. The lowest was -34.32%. And the median was -8.56%.
ROCO:3521's Return-on-Tangible-Equity is ranked worse than 78.48% of 1710
companies
in the Construction industry
Industry Median: 8.21
vs ROCO:3521: -0.70
TSG Development Co (ROCO:3521) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
TSG Development Co Return-on-Tangible-Equity Related Terms
TSG Development Co Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for TSG Development Co's Return-on-Tangible-Equity 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.
TSG Development Co Return-on-Tangible-Equity Chart
ROCO:3521 vs PWR, FIX, EME: Return-on-Tangible-Equity Comparison
For the Engineering & Construction subindustry, TSG Development Co's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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.
TSG Development Co Return-on-Tangible-Equity vs Construction Industry
For the Construction industry and Industrials sector, TSG Development Co's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where TSG Development Co's Return-on-Tangible-Equity 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.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Dec. 2025) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of -4.94% mean?
TSG Development Co (ROCO:3521) has a Return-on-Tangible-Equity of -4.94% as of Dec. 2025. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on TSG Development Co and its competitors. According to the industry distribution chart, TSG Development Co ranks #1342 out of 1710 companies in the Construction industry, placing it in the top 78.5%.
Is TSG Development Co's Return-on-Tangible-Equity too high?
TSG Development Co's current Return-on-Tangible-Equity is -4.94%. Based on the distribution chart, TSG Development Co ranks #1342 out of 1710 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, TSG Development Co has a GF Score™ of 57/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does TSG Development Co's Return-on-Tangible-Equity compare to PWR and FIX?
According to the Construction industry distribution chart, TSG Development Co ranks #1342 out of 1710 companies for Return-on-Tangible-Equity. This places TSG Development Co in the lower half of its industry. The industry median Return-on-Tangible-Equity is 8.21. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for a Construction company?
The median Return-on-Tangible-Equity among Construction companies is 8.21, based on 1,710 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity 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 Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on TSG Development Co and its competitors. For the Construction industry, the median Return-on-Tangible-Equity is 8.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TSG Development Co's current Return-on-Tangible-Equity is -4.94%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TSG Development Co stock overvalued right now?
Based on GuruFocus' analysis, TSG Development Co (ROCO:3521) is currently considered Modestly Overvalued. The stock's GF Value™ is NT$9.97, compared to a current price of NT$12.55 — trading 25.9% above its estimated fair value. The current Return-on-Tangible-Equity is -4.94%. TSG Development Co's overall GF Score™ is 57/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For TSG Development Co (ROCO:3521), the current Return-on-Tangible-Equity is -4.94% as of Dec. 2025. 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 TSG Development Co (ROCO:3521) Overvalued in 2026?
Based on GuruFocus' analysis, TSG Development Co stock appears to be overvalued.
The current stock price of NT$12.55 is trading 25.9% above its estimated GF Value™ of NT$9.97.
GuruFocus considers TSG Development Co to be Modestly Overvalued.
Key valuation signals for ROCO:3521:
Return-on-Tangible-Equity: -4.94%
GF Value™: NT$9.97 vs. price of NT$12.55 (25.9% above fair value)
No single metric tells the full story. See the ROCO:3521 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TSG Development Co Ltd Formerly Datavan International Corp is engaged in the research and development, design, manufacture and sale of endpoint sales system software and hardware, import and export of computer information equipment and its peripheral equipment parts and accessories, and development and sale of residential and buildings for lease, investment in construction of public works and real estate trading. It operates in two reportable operating segments: Technology Business Division; and Construction Business Division, which earns majority of the revenue from real estate construction and related sales management services and other businesses. Geographically, its operations are spread across Asia, Europe, Americas and Other with majority of the revenue generating from Asia.
57GF Score
Get the complete analysis for ROCO:3521
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ROCO:3521 has been successfully added to your 
