COMP <GO>

CHR vs TSM // EV/EBITDA & P/E VALUATION

Cheer Holding Inc. Class A Ordinary Share (NASDAQ) VS. Taiwan Semiconductor Manufacturing Company Ltd. (NYSE) • 15-METRIC TALLY: CHR 3 — TSM 5

■ METRIC PARITY

CHR — Cheer Holding Inc. Class A Ordinary Share ROARABLE C- • RQD 59/100

LAST: $1.35 (+12.50%) • MKT CAP: $3.2M

DES <GO> FA <GO> 10-K RED <GO>

valuation

—

TSM — Taiwan Semiconductor Manufacturing Company Ltd. ROARABLE C+ • RQD 69/100

LAST: $431.81 (-1.75%) • MKT CAP: $2.24T

DES <GO> FA <GO> 10-K RED <GO>

valuation

14.9x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (CHR VS. TSM) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	CHR	TSM	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	71.00%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	16.30%	14.90%	+1.40	CHR	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	14.9x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	3.99%	—	TIE	/fcf-yield <GO>
Operating Margin	17.70%	21.10%	-3.40	TSM	/operating-margins <GO>
Net Profit Margin	17.20%	16.40%	+0.80	CHR	/net-margins <GO>
Revenue Growth (YoY)	1.10%	-3.30%	+4.40	CHR	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	2.46	3.87	-1.41	TSM	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	7/9	-2.00	TSM	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	43.3	49.4	-6.14	TSM	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	1.42	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	20.2x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$3.2M	$2.24T	-$2.24T	TSM	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	CHR REV	TSM REV	CHR GROSS %	TSM GROSS %	CHR FCF	TSM FCF
FY 2025	$148.8M	—	71.0%	—	$17.9M	—
FY 2024	$147.2M	—	73.2%	—	$22.9M	—
FY 2023	$152.3M	—	—	—	$42.2M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

CHR // BETA —

TSM // BETA 1.42