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International CSRC Investment Holdings Co Ltd (2104) fair value: what the stock is really worth

As of Oct 5, 2026: fair value of International CSRC Investment Holdings Co Ltd TWD 17.60, price TWD 11.25, upside +56.4%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Basic Materials · TW · ISIN TW0002104007

IC Thin data Oct 2, 2026

International CSRC Investment Holdings Co Ltd

2104 · TW

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

Fair value 17.60 TWD · Strongly undervalued (+56.4%)
Low debt
Quality 37/100
Weak Growth (revenue 5y −2.2 %/yr in TWD)
Loss-making · -35.5% net margin (TTM)
Negative free cash flow
Trails peers (3/10)
Narrow moat 12/100
Thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

29.09 TWD 9.39 TWD Fair Value 17.60 TWD May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.

How to read this chart

60‑month range 9.39 TWD – 29.09 TWD · fair‑value band 13.13 TWD – 26.27 TWD · the 11.25 TWD price screens below the 17.60 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.

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Company profile

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.

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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.

Stock analysis

International CSRC Investment Holdings Co Ltd (2104) currently trades at 11.25 TWD, while our model-based Fair Value estimate is 17.60 TWD, implying the stock looks roughly 36.1% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 92/100, which puts the evidence level at low.

Scenario range: 13.13 TWD (bear) to 26.27 TWD (bull), the price of 11.25 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 37/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

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.

Key figures

Market cap 10.8B TWD (≈ $341M) · P/S ratio 0.77 · EPS (TTM) −5.03 TWD · Dividend yield 0.0% · Net margin −27.1% · Return on equity −20.7% · Return on assets (EBIT) 1.5% · Operating margin −15.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 18% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −39% fair-value upside, at 56%, 2104 screens cheaper than that median.

Fair Value models

Bear 13.13 TWD Fair Value 17.60 TWD Bull 26.27 TWD
Price 11.25 TWD · Upside +56.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
NCAV (Graham) 12.44 TWD 16.67 TWD 24.88 TWD 54
All 1 models by family
Asset-Based
NCAV (Graham) 12.44 TWD 16.67 TWD 24.88 TWD 54

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Quality Score breakdown

Overall quality 37/100

Of which business quality 37 · Market factors (momentum, volatility) 50

Profitability 3
Margins and returns on capital today
Quality Growth 11
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 42
Distance to the 52-week high (market factor)
Net Issuance 86
Share count: buybacks or dilution?

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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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−15.1%
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.
−13.1%
Revenue growth 5 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.
−2.2%
Start year 2020 (pandemic). Over 10 years: −0.9% a year
Revenue growth 23 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.
+2.5%
Profit margin (trend) ⓘ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.
9.6% (2020) → −14.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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.Specialty Chemicals · 719 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside +56.4% · Top 25%
Profitability
Return on assets −3.5% · Bottom 25%
Net margin (TTM) −35.5% · Bottom 25%
Operating margin (TTM) −15.1% · Bottom 25%
Growth and dividend
Revenue growth −20.2% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.06× · Below median

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/S (TTM) 0.03× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 0
FUTURE (revenue growth)0 · sector 59
PAST (return on equity)0 · sector 26
HEALTH (low debt)97 · sector 95
DIVIDEND (yield)0 · sector 28

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 Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Linde plc LIN $474.65 $441.72 −7%
The Sherwin-Williams Company SHW $330.44 $151.68 −54%
Ecolab Inc ECL $274.58 $96.56 −65%
Air Products and Chemicals, Inc APD $279.19 $121.30 −57%
Nan Ya Plastics Corporation 1303 238.00 TWD 234.23 TWD −2%
Givaudan SA GIVN CHF 3,360 CHF 1,527 −55%
Wanhua Chemical Group 600309 ¥69.45 ¥68.03 −2%
DSM-Firmenich AG DSFIR CHF 92.30 CHF 29.70 −68%
Asian Paints Limited ASIANPAINT ₹2,444 ₹1,479 −39%
PPG Industries, Inc PPG $104.67 $76.98 −26%

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International CSRC Investment Holdings Co Ltd · Fair Value
17.60 TWD +36%Fair Value
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Cite: Fair Value Calculator (2026). "International CSRC Investment Holdings Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2104

Frequently asked questions

Is International CSRC Investment Holdings Co Ltd (2104) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of 17.60 TWD versus a price of 11.25 TWD, about +56% upside (undervalued).
What is the fair value of 2104?
Our model-based fair value for International CSRC Investment Holdings Co Ltd is 17.60 TWD (as of Oct 2, 2026), built from audited fundamentals. The current price: 11.25 TWD.
What is the quality score of 2104?
International CSRC Investment Holdings Co Ltd has a Quality Score of 37/100. 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 International CSRC Investment Holdings Co Ltd (2104)?
Our model-based price target is the fair value of 17.60 TWD (as of Oct 2, 2026) from 1 valuation models. Cautious scenario 13.13 TWD, optimistic scenario 26.27 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the International CSRC Investment Holdings Co Ltd stock forecast for 2026?
Our models put fair value at 17.60 TWD, about +56% upside versus a price of 11.25 TWD (undervalued). Cautious scenario 13.13 TWD, optimistic scenario 26.27 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of International CSRC Investment Holdings Co Ltd (2104)?
International CSRC Investment Holdings Co Ltd reported trailing-twelve-month revenue of about 13.8B TWD (latest available figure, as of Oct 2, 2026).
Does International CSRC Investment Holdings Co Ltd pay a dividend?
International CSRC Investment Holdings Co Ltd currently shows a dividend yield of about 0.02% relative to its recent price (as of Oct 2, 2026).
What is the intrinsic value of International CSRC Investment Holdings Co Ltd (2104)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For International CSRC Investment Holdings Co Ltd it is 17.60 TWD per share (as of Oct 2, 2026), against a price of 11.25 TWD. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is International CSRC Investment Holdings Co Ltd stock overvalued or undervalued in 2026?
As of Oct 2, 2026, 2104 trades below its calculated fair value: price 11.25 TWD, fair value 17.60 TWD, a gap of about +56% (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 2104?
No. The price is what the market pays today (11.25 TWD); the fair value is what the company's own numbers justify (17.60 TWD). For International CSRC Investment Holdings Co Ltd the two are 6.35 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is International CSRC Investment Holdings Co Ltd worth?
The market values International CSRC Investment Holdings Co Ltd at about 10.8B TWD (market capitalisation, as of Oct 2, 2026). Per share that is 11.25 TWD; our models calculate a fair value of 17.60 TWD per share.
What do the bullish and bearish scenarios say about 2104?
Our models span a range for International CSRC Investment Holdings Co Ltd: cautious scenario 13.13 TWD, base 17.60 TWD, optimistic 26.27 TWD per share (as of Oct 2, 2026, price 11.25 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of International CSRC Investment Holdings Co Ltd (2104)?
Balance-sheet figures for International CSRC Investment Holdings Co Ltd (as of Oct 2, 2026): return on equity −20.7%, debt of 0.06 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is 2104 from its 52-week high?
International CSRC Investment Holdings Co Ltd trades at 11.25 TWD, about 18% below its 52-week high of 13.70 TWD and 20% above the low of 9.39 TWD (as of Oct 5, 2026). Distance from the high says nothing about value: that is what the fair value of 17.60 TWD is for.
Which stocks are comparable to International CSRC Investment Holdings Co Ltd?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 International CSRC Investment Holdings Co Ltd stock attractive at the current price?
The data as of Oct 2, 2026: price 11.25 TWD, calculated fair value 17.60 TWD (+56%), Quality Score 37/100, from 1 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 2104 calculated?
We run International CSRC Investment Holdings Co Ltd through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 17.60 TWD, 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 15.1 % above its aggregate fair value. International CSRC Investment Holdings Co Ltd currently trades 36 % 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 International CSRC Investment Holdings Co Ltd (2104)?
The closing price on Oct 5, 2026 was 11.25 TWD. Our model-based fair value is 17.60 TWD, about +56% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with International CSRC Investment Holdings Co Ltd right 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 (13.13 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 (13.13 TWD to 26.27 TWD) leaves room in how you read the outcome.

Key figures of International CSRC Investment Holdings Co Ltd

How large is the market capitalisation of International CSRC Investment Holdings Co Ltd (2104)?
The market capitalisation of International CSRC Investment Holdings Co Ltd is 10.8B TWD (≈ $341M). 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 International CSRC Investment Holdings Co Ltd (2104)?
The price-to-sales ratio of International CSRC Investment Holdings Co Ltd is 0.77 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of International CSRC Investment Holdings Co Ltd (2104)?
Earnings per share at International CSRC Investment Holdings Co Ltd are −5.03 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of International CSRC Investment Holdings Co Ltd (2104)?
The dividend yield of International CSRC Investment Holdings Co Ltd is 0.0%. 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 International CSRC Investment Holdings Co Ltd (2104)?
The net margin of International CSRC Investment Holdings Co Ltd is −27.1% (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 International CSRC Investment Holdings Co Ltd (2104)?
The return on equity (ROE) of International CSRC Investment Holdings Co Ltd is −20.7% (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 International CSRC Investment Holdings Co Ltd (2104)?
On an EBIT basis the return on assets of International CSRC Investment Holdings Co Ltd is 1.5% (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 International CSRC Investment Holdings Co Ltd (2104)?
The operating margin of International CSRC Investment Holdings Co Ltd is −15.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at International CSRC Investment Holdings Co Ltd (2104)?
Revenue at International CSRC Investment Holdings Co Ltd is growing −20.2% versus a year earlier (3y avg −13.1%). 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 International CSRC Investment Holdings Co Ltd (2104)?
Earnings per share at International CSRC Investment Holdings Co Ltd are growing −57.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does International CSRC Investment Holdings Co Ltd (2104) generate?
The free cash flow of International CSRC Investment Holdings Co Ltd is −542M 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 debt does International CSRC Investment Holdings Co Ltd (2104) carry?
The net debt of International CSRC Investment Holdings Co Ltd is 5.0B TWD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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