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Deep Value: cash covers more than 100% of the stock price

This company holds roughly NT$217.33B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Stock

TCC Group Holdings Co

1101.TW
19
Construction Materials · Basic Materials
Price
NT$25.70
+0.20 (+0.78%)
Market Cap
NT$192.57B
Exchange
Taiwan Stock Exchange
Winston Score
19
Winston is worried
Weak fundamentals across most pillars.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
2/30
Growth
Weak
3/20
Cash Flow
Weak
1/10
Stability
Mixed
3/10
Valuation
Data not available
0/10
Ownership
Good
8/15
Dividends
Mixed
2/5

19 of 100 counted points = Winston Score 19.

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Share count rising — dilution

+7.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 6.73B (2021) → 7.26B (2025)

§Winston Score History

The full picture

TCC Group Holdings Co., Ltd. is one of the largest cement producers in Taiwan and across Asia. The company makes cement and ready-mix concrete, which are used to build roads, bridges, buildings, and other infrastructure. Its main customers are construction companies, government infrastructure projects, and real estate developers throughout Taiwan, China, and Southeast Asia.

TCC earns money primarily by selling cement and concrete products by volume, meaning revenue depends heavily on how much construction activity is happening in its markets. The company operates across multiple countries in Asia, giving it geographic diversification, and its large production scale and established distribution network create some competitive advantage over smaller rivals. However, with a low return on invested capital of around 1.9%, the business is capital-intensive and thin on profitability. The key risk going forward is a slowdown in China's real estate sector, which has already been under significant stress, potentially reducing demand for cement across the region.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+386.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

NT$1.3B/ year

↓ Declining (-9% vs prior year)

0.9% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

8.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

NT$217.3B cash & investments at current burn rate

Growth context

TCC Group Holdings Co is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
17.8%
Thin — 17.8% gross margin
Profit after running costs
Operating Margin
-76.0%
Losing money on operations — -76.0%
Return on the money invested
ROCE
-5.0%
Weak — -5.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-6.0%
Shrinking sales (-6.0% YoY)
Profit growth
EPS YoY
-226.8%
Earnings shrinking (-226.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
5.6%
Thin free cash flow (5.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.65
Moderate — manageable debt (0.65)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
3.12%
Moderate income — 3.12% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-67.1%
Dividend cut (-67.1% YoY) — warning sign

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