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Mercuries & Associates Holding Ltd (2905) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Mercuries & Associates Holding Ltd stock TWD 33.02, price TWD 17.45, upside +89.2%, quality 42 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services TW · ISIN TW0002905007

MA Mercuries & Associates Holding Ltd logo Thin data Nov 6, 2026

Mercuries & Associates Holding Ltd

2905 · TW
Cheap, value-trap risk

The stock costs 47% less than our calculation considers fair.

Fair value 33.02 TWD · Strongly undervalued (47%)
Solidly profitable · 11.9% net margin (TTM)
1.7% dividend yield · Low payout
Even on cautious assumptions the value is 68% above the price (29.37 TWD).
Quality 42/100
Mixed Growth (revenue 3y +2.0 %/yr in TWD)
Moderate moat 50/100
Trails peers (3/10)
Thin data
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

24.49 TWD 10.80 TWD Fair Value 33.02 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range 10.80 TWD – 24.49 TWD · fair‑value band 29.37 TWD – 48.95 TWD · the 17.45 TWD price screens below the 33.02 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Mercuries & Associates Holding, Ltd., an investment holding company, engages in the life insurance, consumer goods and catering retail, pharmaceuticals, and information services businesses.

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It offers personal insurance business, footwear, shoes, and accessories, backpacks and cloths, computer machine, raw materials, processing of active pharmaceutical ingredients (APIs) and intermediate, videotape import and manufacturing agency, rental and sale of various machinery and equipment, furniture chain stores and interior decoration, beverage, cigar and cigarette, as well as tobacco and alcohol.

The company also offers beef noodles, other types of rice and noodles, pizza and fried chicken restaurant chain business, sells tobacco and alcohol, leisure and entertainment business, consultation, pharmacy and cosmetics, chemical solvent purification, information software, biotechnology services, solar power plants and residential development and building rental industry, and pet retail industry.

The company was formerly known as Mercuries & Associates, Ltd. and changed its name to Mercuries & Associates Holding, Ltd. in January 2015. Mercuries & Associates Holding, Ltd. was founded in 1964 and is headquartered in Taipei, Taiwan.

Stock analysis

Mercuries & Associates Holding Ltd (2905) currently trades at 17.45 TWD, while our model-based Fair Value estimate is 33.02 TWD, implying the stock looks roughly 47% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 39.16 TWD per share, and 3 of the 6 models we run sit above the 17.45 TWD price.

Bear case: the Economic Profit group reads lowest at 31.03 TWD, and 3 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: 29.37 TWD (bear) to 48.95 TWD (bull), the price of 17.45 TWD sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 42/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Spin-off in 2022: revenue and profit before it include the divested business. Growth is measured afresh from 2022.

Mercuries & Associates Holding Ltd reported revenue of 156B TWD in FY2025 versus 166B TWD in FY2021, a compound −1.5%/yr. Reported net income was 755M TWD in FY2025, compounding −20.5%/yr from FY2021.

Key figures

Market cap 18.4B TWD (≈ $562M) Small · P/E ratio 24.6 · P/S ratio 0.12 · EPS (TTM) 0.7100 TWD · Dividend yield 1.7% · Net margin 0.5% · Return on equity 9.5% · Return on assets (EBIT) −0.3% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (medium confidence).

What moves the price

The share trades about 7% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 89%, 2905 screens cheaper than that median.

Fair Value models

Bear 29.37 TWD Fair Value 33.02 TWD Bull 48.95 TWD
Price 17.45 TWD · Upside +89.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.3505 TWD per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income 29.70 TWD 31.03 TWD 33.41 TWD 76
Gordon GGM 2.12 TWD 2.87 TWD 3.57 TWD 69
DDM Multi-Stage 2.12 TWD 2.85 TWD 3.64 TWD 67
All 6 models by family
Dividend Discount
Gordon GGM 2.12 TWD 2.87 TWD 3.57 TWD 69
DDM Multi-Stage 2.12 TWD 2.85 TWD 3.64 TWD 67
Multiples
P/E Multiple 6.99 TWD 9.32 TWD 11.65 TWD 63
P/B Multiple 51.74 TWD 68.99 TWD 86.24 TWD 55
Asset-Based
NCAV (Graham) 24.64 TWD 33.02 TWD 49.28 TWD 53
Economic Profit
Residual Income 29.70 TWD 31.03 TWD 33.41 TWD 76

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Quality Score breakdown

Overall quality 42/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 12
How much profit the company makes from its sales and capital
Quality Growth 30
Are margins and returns getting better?
Cashflow 66
Do the profits arrive as real cash?
Financial strength 16
Debt, balance sheet and risk of trouble
Investment 59
Does it invest with discipline instead of growing at any price?
Low Volatility 86
How calm the share price moves, does not count
Price momentum 66
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 76
Distance to the 52-week high, does not count
New shares 67
Buys back shares or issues new ones?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Spin-off in 2022: revenue and profit before it include the divested business. Growth is measured afresh from 2022.
Revenue growth 1 year
−4.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.0%
What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.9%
Dividend (yield on the price)1.7%
Per share before 2022divided by the spin-off factor 1.01
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−17.9% vs −8.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−1% → 1%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 2.5%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Life · 77 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 42 · Bottom 25%
Fair Value upside +89.2% · Top 25%
Profitability
Return on equity (12 months) 9.5% · Below median
Return on assets 0.1% · Bottom 25%
Net margin (12 months) 28.6% · Top 25%
Operating margin (12 months) 30.8% · Above median
Growth and dividend
Revenue growth (quarter YoY) −29.8% · Bottom 25%
Dividend yield (12 months) 1.7% · Bottom 25%
Balance sheet
Debt / equity 0.72× · Highest 25%

Valuation Multiplesvs Insurance - Life median · lower = cheaper

P/E (12 months) 24.6× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 7
FUTURE (revenue growth)0 · sector 37
PAST (return on equity)38 · sector 48
HEALTH (low debt)–
DIVIDEND (yield)34 · sector 55

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Insurance - Life stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Ping An Insurance (Group) Company 601318 ¥54.50 ¥66.91 +23% vs 2905
China Life Insurance Company 601628 ¥35.51 ¥40.47 +14% vs 2905
Life Insurance Corporation LICI ₹394.00 ₹299.42 −24% vs 2905
Cathay Financial Holding 2882 106.00 TWD 71.53 TWD −33% vs 2905
Manulife Financial Corporation MFC $43.24 $26.70 −38% vs 2905
Fubon Financial Holding 2881 155.50 TWD 86.48 TWD −44% vs 2905
Aflac Incorporated AFL $124.06 $67.30 −46% vs 2905
AIA Group 1299 HK$78.45 HK$41.63 −47% vs 2905
MetLife, Inc MET $98.27 $48.73 −50% vs 2905
Great-West Lifeco Inc GWO C$90.17 C$41.90 −54% vs 2905

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Mercuries & Associates Holding Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Mercuries & Associates Holding Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2905

Frequently asked questions

Is Mercuries & Associates Holding Ltd (2905) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 33.02 TWD versus a price of 17.45 TWD, about +89% upside (undervalued).
What is the fair value of 2905?
Our model-based fair value for Mercuries & Associates Holding Ltd is 33.02 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 17.45 TWD.
What is the quality score of 2905?
Mercuries & Associates Holding Ltd has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mercuries & Associates Holding Ltd (2905)?
Our model-based price target is the fair value of 33.02 TWD (as of Nov 6, 2026) from 6 valuation models. Cautious scenario 29.37 TWD, optimistic scenario 48.95 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Mercuries & Associates Holding Ltd stock forecast for 2026?
Our models put fair value at 33.02 TWD, about +89% upside versus a price of 17.45 TWD (undervalued). Cautious scenario 29.37 TWD, optimistic scenario 48.95 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Mercuries & Associates Holding Ltd (2905)?
Mercuries & Associates Holding Ltd reported trailing-twelve-month revenue of about 147B TWD (latest available figure, as of Nov 6, 2026).
Does Mercuries & Associates Holding Ltd pay a dividend?
Mercuries & Associates Holding Ltd currently shows a dividend yield of 1.72% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Mercuries & Associates Holding Ltd (2905) and when is the ex-dividend date?
Mercuries & Associates Holding Ltd pays a dividend of 0.3 TWD per share a year, a dividend yield of 1.7%. The last ex-dividend date was Aug 31, 2026. The payout ratio is 42.3% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Mercuries & Associates Holding Ltd (2905)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mercuries & Associates Holding Ltd it is 33.02 TWD per share (as of Nov 6, 2026), against a price of 17.45 TWD. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Mercuries & Associates Holding Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 2905 trades below its calculated fair value: price 17.45 TWD, fair value 33.02 TWD, a gap of about +89% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2905?
No. The price is what the market pays today (17.45 TWD); the fair value is what the company's own numbers justify (33.02 TWD). For Mercuries & Associates Holding Ltd the two are 15.57 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Mercuries & Associates Holding Ltd worth?
The market values Mercuries & Associates Holding Ltd at about 18.4B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 17.45 TWD; our models calculate a fair value of 33.02 TWD per share.
What do the bullish and bearish scenarios say about 2905?
Our models span a range for Mercuries & Associates Holding Ltd: cautious scenario 29.37 TWD, base 33.02 TWD, optimistic 48.95 TWD per share (as of Nov 6, 2026, price 17.45 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2905?
Mercuries & Associates Holding Ltd trades at a price-to-earnings ratio of 24.6 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 33.02 TWD is built from several models across several years.
How solid is the balance sheet of Mercuries & Associates Holding Ltd (2905)?
Balance-sheet figures for Mercuries & Associates Holding Ltd (as of Nov 6, 2026): return on equity 9.5%, debt of 0.72 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 2905 from its 52-week high?
Mercuries & Associates Holding Ltd trades at 17.45 TWD, about 7% below its 52-week high of 18.85 TWD and 34% above the low of 13.05 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 33.02 TWD is for.
Which stocks are comparable to Mercuries & Associates Holding Ltd?
From the same area (Financial Services) we also value Ping An Insurance (Group) Company, China Life Insurance Company, AIA Group, Manulife Financial Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mercuries & Associates Holding Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price 17.45 TWD, calculated fair value 33.02 TWD (+89%), Quality Score 42/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2905 calculated?
We run Mercuries & Associates Holding Ltd through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 33.02 TWD builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Mercuries & Associates Holding Ltd currently trades 47% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mercuries & Associates Holding Ltd (2905)?
The closing price on Nov 6, 2026 was 17.45 TWD. Our model-based fair value is 33.02 TWD, about +89% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mercuries & Associates Holding Ltd right now?
The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (29.37 TWD). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Mercuries & Associates Holding Ltd

How large is the market capitalisation of Mercuries & Associates Holding Ltd (2905)?
The market capitalisation of Mercuries & Associates Holding Ltd is 18.4B TWD (≈ $562M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mercuries & Associates Holding Ltd (2905)?
The price-to-sales ratio of Mercuries & Associates Holding Ltd is 0.12 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mercuries & Associates Holding Ltd (2905)?
Earnings per share at Mercuries & Associates Holding Ltd are 0.7100 TWD (price ÷ EPS = P/E 24.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mercuries & Associates Holding Ltd (2905)?
The dividend yield of Mercuries & Associates Holding Ltd is 1.7% (payout 42.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mercuries & Associates Holding Ltd (2905)?
The net margin of Mercuries & Associates Holding Ltd is 0.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mercuries & Associates Holding Ltd (2905)?
The return on equity (ROE) of Mercuries & Associates Holding Ltd is 9.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mercuries & Associates Holding Ltd (2905)?
On an EBIT basis the return on assets of Mercuries & Associates Holding Ltd is −0.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mercuries & Associates Holding Ltd (2905)?
The operating margin of Mercuries & Associates Holding Ltd is 30.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mercuries & Associates Holding Ltd (2905)?
Revenue at Mercuries & Associates Holding Ltd is growing −29.8% versus a year earlier (3y avg +2.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mercuries & Associates Holding Ltd (2905)?
Earnings per share at Mercuries & Associates Holding Ltd are growing −73.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Mercuries & Associates Holding Ltd (2905) generate?
The free cash flow of Mercuries & Associates Holding Ltd is 11.2B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Mercuries & Associates Holding Ltd (2905) hold?
Mercuries & Associates Holding Ltd holds more cash than debt, 34.9B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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