International CSRC Investment Holdings Co Ltd (2104) Fair Value & Analysis
Basic Materials · TW · Market cap 10.1B TWD
Strengths
Risks
Fair value as of: Aug 13, 2026
From 1 valuation models · updated 7 days ago
Fair value updated Aug 13, 2026, revised from 16.67 TWD to 16.50 TWD (−1.0%) since Jul 23, 2026. Share price +1.4% over the past month.
Below-average quality, screening 55% undervalued on our models.
What matters now
- The large discount to fair value meets weak quality (37/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case (12.31 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.
- A fairly wide model range (12.31 TWD to 24.63 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 9.39 TWD – 31.00 TWD · fair‑value band 12.31 TWD – 24.63 TWD · the 10.65 TWD price screens below the 16.50 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
International CSRC Investment Holdings Co Ltd (2104) currently trades at 10.65 TWD, while our model-based Fair Value estimate is 16.50 TWD, implying the stock looks roughly 54.9% undervalued today. The Quality Score stands at 37/100 (below-average quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.
Over the trailing twelve months, International CSRC Investment Holdings Co Ltd generated revenue of 14.7B TWD at a net margin of -32.0%. Revenue declined 16.1% year over year. It earns a return on equity of -17.6%. Net debt stands at 5.0B TWD. Fundamentals as of Aug 13, 2026
Our scenario range runs from 12.31 TWD (bear case) to 24.63 TWD (bull case); at 10.65 TWD, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 28% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -67% fair-value upside, at 55%, 2104 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 1 models by family
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 36 · Market factors (momentum, volatility) 45
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
International CSRC Investment Holdings Co., Ltd. produces and sells carbon black for tire and other rubber products in Asia, the United States, and internationally. The company provides carbon black products which are used in plastics, printing and coatings, and conductive applications. It also engages in biotechnology research and development activities.
Full company description
International CSRC Investment Holdings Co., Ltd. produces and sells carbon black for tire and other rubber products in Asia, the United States, and internationally. The company provides carbon black products which are used in plastics, printing and coatings, and conductive applications. It also engages in biotechnology research and development activities. In addition, the company provides investment and consultation services; and produces and sells carbon masterbatch and carbon black. The company was formerly known as China Synthetic Rubber Corporation and changed its name to International CSRC Investment Holdings Co., Ltd. in October 2018. International CSRC Investment Holdings Co., Ltd. was incorporated in 1973 and is headquartered in Taipei, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
International CSRC Investment Holdings Co Ltd reported revenue of 15.3B TWD in FY2025 versus 24.6B TWD in FY2021, a compound −11.2%/yr. Reported net income was −4.1B TWD in FY2025.
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Peer Group
Specialty Chemicals · 677 stocks
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.
Valuation Multiples vs Specialty Chemicals median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Linde plc LIN | $479.43 | $222.03 | -54% |
| Wanhua Chemical Group 600309 | ¥75.06 | ¥68.03 | -9% |
| Asian Paints Limited ASIANPAINT | ₹2,630 | ₹696.23 | -74% |
| Solar Industries India Limited SOLARINDS | ₹18,730 | ₹2,793 | -85% |
| Pidilite Industries Limited PIDILITIND | ₹1,702 | ₹351.84 | -79% |
| PT Chandra Asri Pacific Tbk TPIA | 2,160 IDR | 2,322 IDR | +8% |
| Berger Paints India Limited BERGEPAINT | ₹541.00 | ₹156.35 | -71% |
| Gujarat Fluorochemicals Limited FLUOROCHEM | ₹4,680 | ₹724.88 | -85% |
| Himadri Speciality Chemical Limited HSCL | ₹703.65 | ₹229.10 | -67% |
| Enaex S.A ENAEX | 25,050 CLP | 23,574 CLP | -6% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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