TSEC:3030

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

Test Research, Inc. provides PCBA testing and inspection products.


Snowflake Analysis

Flawless balance sheet average dividend payer.


Similar Companies

Share Price & News

How has Test Research's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 3030's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.4%

3030

1.3%

TW Electronic

1.1%

TW Market


1 Year Return

-0.4%

3030

7.7%

TW Electronic

4.7%

TW Market

Return vs Industry: 3030 underperformed the TW Electronic industry which returned 7.7% over the past year.

Return vs Market: 3030 underperformed the TW Market which returned 4.7% over the past year.


Shareholder returns

3030IndustryMarket
7 Day-1.4%1.3%1.1%
30 Day5.6%1.5%2.7%
90 Day7.5%-3.6%-2.2%
1 Year7.4%-0.4%12.8%7.7%9.6%4.7%
3 Year58.4%31.1%-3.0%-14.0%21.6%7.4%
5 Year11.1%-20.9%20.7%-1.4%43.1%17.0%

Price Volatility Vs. Market

How volatile is Test Research's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Test Research undervalued compared to its fair value and its price relative to the market?

18.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 3030 (NT$54.8) is trading below our estimate of fair value (NT$67.12)

Significantly Below Fair Value: 3030 is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: 3030 is good value based on its PE Ratio (13.3x) compared to the Electronic industry average (16.2x).

PE vs Market: 3030 is good value based on its PE Ratio (13.3x) compared to the TW market (17.3x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate 3030's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: 3030 is overvalued based on its PB Ratio (2.3x) compared to the TW Electronic industry average (1.3x).


Next Steps

Future Growth

How is Test Research forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

17.3%

Forecasted Tech industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Test Research has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Test Research performed over the past 5 years?

-2.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 3030 has high quality earnings.

Growing Profit Margin: 3030's current net profit margins (21.2%) are lower than last year (22.5%).


Past Earnings Growth Analysis

Earnings Trend: 3030's earnings have declined by -2.3% per year over the past 5 years.

Accelerating Growth: 3030's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 3030 had negative earnings growth (-10.7%) over the past year, making it difficult to compare to the Electronic industry average (-6.1%).


Return on Equity

High ROE: 3030's Return on Equity (17.2%) is considered low.


Next Steps

Financial Health

How is Test Research's financial position?


Financial Position Analysis

Short Term Liabilities: 3030's short term assets (NT$4.8B) exceed its short term liabilities (NT$1.2B).

Long Term Liabilities: 3030's short term assets (NT$4.8B) exceed its long term liabilities (NT$235.6M).


Debt to Equity History and Analysis

Debt Level: 3030 is debt free.

Reducing Debt: 3030 has not had any debt for past 5 years.

Debt Coverage: 3030 has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: 3030 has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is Test Research's current dividend yield, its reliability and sustainability?

6.02%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: 3030's dividend (6.02%) is higher than the bottom 25% of dividend payers in the TW market (2.52%).

High Dividend: 3030's dividend (6.02%) is in the top 25% of dividend payers in the TW market (5.71%)


Stability and Growth of Payments

Stable Dividend: 3030's dividend payments have been volatile in the past 10 years.

Growing Dividend: 3030's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (80.3%), 3030's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?


CEO

Jason Chen

no data

Tenure

Jason Chen is founder of Test Research Inc. and serves as its Chief Executive Officer. 


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Test Research, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Test Research, Inc.
  • Ticker: 3030
  • Exchange: TSEC
  • Founded: 1989
  • Industry: Electronic Equipment and Instruments
  • Sector: Tech
  • Market Cap: NT$12.945b
  • Shares outstanding: 236.22m
  • Website: https://www.tri.com.tw

Location

  • Test Research, Inc.
  • No. 45, Dexing West Road
  • 7th Floor
  • Taipei City
  • 11158
  • Taiwan

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
3030TSEC (Taiwan Stock Exchange)YesCommon StockTWTWDMar 2001

Biography

Test Research, Inc. provides PCBA testing and inspection products. The company offers optical inspection solutions, including 3D solder paste inspection, automated optical inspection, and 3D automated X-ray inspection systems; and manufacturing defects analyzers and in-circuit testers. It also provides after sales services, including trouble shooting, failure analysis, periodic calibration, system maintenance, and parts and accessories warranty. The company operates in Taiwan, the United States, Malaysia, Mainland China, Germany, Japan, Korea, and internationally. Test Research, Inc. was founded in 1989 and is headquartered in Taipei City, Taiwan. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/30 14:50
End of Day Share Price2020/05/29 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.