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Test Research, Inc. (3030.TW)

TWD302.00 +10.50 (+3.60%)
TW TAI Industrials Industrial - Machinery
Address No. 45, Dexing West Road 11158
Taipei, TW
CEO Chieh-Yuan Chen
Website tri.com.tw
IPO 2002-10-30
ISIN TW0003030003

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Description

Test Research, Inc. (TRI) is a global enterprise that designs, engineers, manufactures, services, and distributes automated inspection and testing machinery. Its operations span across Asia, the Americas, Europe, and other international markets. The company's product line includes advanced optical inspection solutions, such as 3D solder paste inspection, automated optical inspection for both pre-reflow and post-reflow stages, and automated X-ray inspection systems. Additionally, TRI manufactures defect analyzers and in-circuit testers. Expanding its offerings, Test Research, Inc. also delivers intelligent factory and AI-driven solutions, along with comprehensive yield management systems. These sophisticated testing and inspection technologies are tailored for key sectors, including the automotive, semiconductor, and telecommunications industries. TRI is committed to extensive after-sales support, which comprises services like troubleshooting, in-depth failure analysis, routine calibration, complete system maintenance, and warranty provisions for parts and accessories. Established in 1989, the company's corporate headquarters are situated in Taipei City, Taiwan.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
TWD302.00 +10.50 (+3.60%)
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Volume Profile
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Liquidity & share structure
Average Volume
5M
Beta
0.44
Float Shares
198.33M
Free Float %
84.0%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
+0.00% -0.49% +31.40% +107.63% +167.54% +113.05% +272.60% +546.59% +625.98% +812.75% +3,967.80%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
302.00
DCF (Unlevered) 177.81 -41.1%
DCF (Levered) 210.33 -30.4%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM)
Rating 2024-11 Change
Strong Buy 0 0
Buy 0 0
Hold 0 0
Sell 0 0
Strong Sell 0 0
Quality scores
Altman Z-Score
22.27
Safe zone
Piotroski F-Score
5 / 9
Average
MOAT Score
7 / 10
Strong MOAT
Composite Rating
A
Overall Score
4 / 5
High
DCF Score
3 / 5
Medium
ROE Score
5 / 5
High
ROA Score
5 / 5
High
D/E Score
4 / 5
High
P/E Score
3 / 5
Medium
P/Book Score
2 / 5
Medium
Operational MOAT
✗ Below peers ★ Strong MOAT
  • Revenue growth Industrial - Machinery: +7.4%
    +33.2% Q1'26: +25.8% (vs Q1'25)
  • EPS growth Industrial - Machinery: +15.6%
    +35.2% Q1'26: +43.4% (vs Q1'25)
  • FCF margin FCF growth · Industrial - Machinery: +38.2%
    +17.3% Q1'26: +20.9% (vs Q1'25)
  • EBIT margin Industrial - Machinery: +10.0%
    +35.3% Q1'26: +38.2% (vs Q1'25)
  • ROIC Industrial - Machinery: +6.8%
    +30.6% Q1'26: +36.0% (vs Q1'25)
  • Share dilution Industrial - Machinery: +0.0%
    -0.1% Q1'26: -0.2% (vs Q1'25)
  • Debt / EBITDA Net debt/EBITDA · Industrial - Machinery: -0.65×
    0.02× Q1'26: 0.02× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.36) × ERP
WACC = 100% × Ke + 0% × Kd (4.0%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Intrinsic value (base): 175.90 Current price: 302.00
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Dec 2018
actual
Dec 2019
actual
Dec 2025
actual
Dec 2026
1 Rev. Ana.
1 EPS Ana.
Dec 2027
1 Rev. Ana.
1 EPS Ana.
Dec 2028
1 Rev. Ana.
1 EPS Ana.
Dec 2029
1 Rev. Ana.
1 EPS Ana.
Revenue
4.92B
est: 4.96B (-0.8%)
4.39B
est: 4.82B (-8.9%)
8.47B
est: 4.96B (+70.8%)
4.96B
4.96B – 4.96B
+0.0% YoY
4.82B
4.82B – 4.82B
-2.8% YoY
8.26B
8.26B – 8.26B
+71.5% YoY
9.50B
9.50B – 9.50B
+15.0% YoY
EBITDA
1.43B
est: 1.67B (-14.2%)
1.29B
est: 1.62B (-20.6%)
3.19B
est: 1.74B (+83.0%)
1.74B
1.74B – 1.74B
+0.0% YoY
1.69B
1.69B – 1.69B
-2.8% YoY
2.90B
2.90B – 2.90B
+71.5% YoY
3.34B
3.34B – 3.34B
+15.0% YoY
EBIT
1.33B
est: 1.54B (-13.2%)
1.16B
est: 1.49B (-22.2%)
2.99B
est: 1.61B (+85.5%)
1.61B
1.61B – 1.61B
+0.0% YoY
1.57B
1.57B – 1.57B
-2.8% YoY
2.69B
2.69B – 2.69B
+71.5% YoY
3.09B
3.09B – 3.09B
+15.0% YoY
Net Income
1.06B
est: 1.08B (-1.5%)
938.70M
est: 993.53M (-5.5%)
2.48B
est: 1.08B (+129.5%)
1.08B
1.08B – 1.08B
+0.0% YoY
992.42M
992.42M – 992.42M
-8.1% YoY
2.24B
2.24B – 2.24B
+126.2% YoY
2.57B
2.57B – 2.57B
+14.4% YoY
SGA
965.06M
est: 929.28M (+3.9%)
890.97M
est: 903.04M (-1.3%)
1.31B
est: 905.44M (+44.5%)
905.44M
905.44M – 905.44M
+0.0% YoY
879.88M
879.88M – 879.88M
-2.8% YoY
1.51B
1.51B – 1.51B
+71.5% YoY
1.74B
1.74B – 1.74B
+15.0% YoY
EPS
4.51
est: 4.57 (-1.3%)
3.97
est: 4.20 (-5.5%)
10.49
est: 4.57 (+129.5%)
4.57
4.57 – 4.57
+0.0% YoY
4.20
4.20 – 4.20
-8.1% YoY
9.50
9.50 – 9.50
+126.2% YoY
10.87
10.87 – 10.87
+14.4% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-07 A 4/5 3/5 5/5 5/5 4/5 3/5 2/5
2026-05-06 A 4/5 3/5 5/5 5/5 4/5 3/5 2/5
2026-05-05 A 4/5 3/5 5/5 5/5 4/5 3/5 2/5
2026-05-04 A 4/5 4/5 5/5 5/5 4/5 3/5 2/5
2026-04-30 A 4/5 3/5 5/5 5/5 4/5 3/5 2/5
2026-04-29 A 4/5 3/5 5/5 5/5 4/5 3/5 2/5
2026-04-28 A 4/5 3/5 5/5 5/5 4/5 3/5 2/5
2026-04-27 A- 4/5 3/5 5/5 5/5 3/5 3/5 2/5
2026-04-24 A- 4/5 3/5 5/5 5/5 3/5 3/5 2/5
2026-04-23 A- 4/5 3/5 5/5 5/5 3/5 3/5 2/5
2026-04-22 A- 4/5 3/5 5/5 5/5 3/5 3/5 2/5
2026-04-21 A- 4/5 3/5 5/5 5/5 3/5 3/5 2/5
2026-04-20 A- 4/5 3/5 5/5 5/5 3/5 3/5 2/5
2026-04-17 A- 4/5 3/5 5/5 5/5 3/5 3/5 2/5
2026-04-16 A- 4/5 3/5 5/5 5/5 3/5 3/5 2/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
2.15B
OE per share TTM
9.11
Owner's Yield
2.18%
Maintenance CapEx ratio
31.02%
Maint CapEx / Avg PPE
53.2%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
Total invested
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

ETF Ownership

Top ETFs holding this stock Held by 64 ETFs in our universe

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
3.79M
Shares Outstanding
236.22M

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Chia-Lang Tsai Chief Information Security Officer & Senior Manager of Human Resources Department male
Chiang Huai Lin Vice President of Global Sales Division & Director male
Chieh-Yuan Chen Founder, Chairman & President male
Kaun-Yuan Chen Director of Finance Department & Accounting Chief male
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits