Prime Oil Chemical Service Corp (2904) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Prime Oil Chemical Service Corp TWD 16.30, price TWD 12.55, upside +29.8%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Prime Oil Chemical Service Corporation engages in the petrochemical shore tank storage services in Taiwan. It engages in the building and operation of photovoltaic power generation systems.
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Prime Oil Chemical Service Corporation engages in the petrochemical shore tank storage services in Taiwan. It engages in the building and operation of photovoltaic power generation systems. The company also engages in the chemicals, oil tank storage and transportation services, general trade, solar power generation business, and commercial real estate leasing business activities. In addition, it offers optimal proximity, berthing facilities, terminal overview, and auxiliary facilities. It serves petrochemical manufacturers and traders. Prime Oil Chemical Service Corporation was founded in 1978 and is based in Taipei, Taiwan.
Stock analysis
Prime Oil Chemical Service Corp (2904) currently trades at 12.55 TWD, while our model-based Fair Value estimate is 16.30 TWD, implying the stock looks roughly 23.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 21.61 TWD per share, and 14 of the 22 models we run sit above the 12.55 TWD price.
Bear case: the Earnings-Based group reads lowest at 8.27 TWD, and 8 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 15.42 TWD (bear) to 20.36 TWD (bull), the price of 12.55 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 54/100 (solid quality), in the Energy sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Prime Oil Chemical Service Corp reported revenue of 474M TWD in FY2025 versus 466M TWD in FY2021, a compound +0.4%/yr. Reported net income was 76.6M TWD in FY2025, compounding +1.8%/yr from FY2021.
Key figures
Market cap 981M TWD (≈ $30.8M) · P/E ratio 12.8 · P/S ratio 2.07 · EPS (TTM) 0.9800 TWD · Dividend yield 5.6% · Net margin 16.2% · Return on equity 3.6% · Return on assets (EBIT) 5.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −23% fair-value upside, at 30%, 2904 screens cheaper than that median.
Fair Value models
Bear 15.42 TWDFair Value 16.30 TWDBull 20.36 TWD
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.2056 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.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.
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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−3.7%
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.
−0.1%
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.
−2.6%
Start year 2020 (pandemic). Over 10 years: −0.8% 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.
+1.5%
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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.
−6.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.5%
Dividend (yield on the price)5.6%
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.−13% vs −8%, 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.35% → 16%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 1.8%/yr over ~10Y (margins eroding too) ⓘ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.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−13.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −14.8% a year for the price.
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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.Oil & Gas Equipment & Services · 190 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+30% · Top 25%
Profitability
Return on equity (TTM)4% · Below median
Return on assets2% · Below median
Net margin (TTM)10% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth−17% · Bottom 25%
Dividend yield (TTM)5.6% · Top 25%
Balance sheet
Debt / equity0.13× · Below median
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Prime Oil Chemical Service Corp Fair Value". https://www.fairvalue-calculator.com/stock/2904
Frequently asked questions
Is Prime Oil Chemical Service Corp (2904) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 16.30 TWD versus a price of 12.55 TWD, about +30% upside (undervalued).
What is the fair value of 2904?
Our model-based fair value for Prime Oil Chemical Service Corp is 16.30 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 12.55 TWD.
What is the quality score of 2904?
Prime Oil Chemical Service Corp has a Quality Score of 54/100. 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 Prime Oil Chemical Service Corp (2904)?
Our model-based price target is the fair value of 16.30 TWD (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 15.42 TWD, optimistic scenario 20.36 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Prime Oil Chemical Service Corp stock forecast for 2026?
Our models put fair value at 16.30 TWD, about +30% upside versus a price of 12.55 TWD (undervalued). Cautious scenario 15.42 TWD, optimistic scenario 20.36 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Prime Oil Chemical Service Corp (2904)?
Prime Oil Chemical Service Corp reported trailing-twelve-month revenue of about 453M TWD (latest available figure, as of Sep 24, 2026).
Does Prime Oil Chemical Service Corp pay a dividend?
Prime Oil Chemical Service Corp currently shows a dividend yield of about 5.58% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Prime Oil Chemical Service Corp (2904)?
For today's price to be fair in a discounted-cash-flow model, Prime Oil Chemical Service Corp would have to grow free cash flow by -13.4 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2904 use?
Our models discount Prime Oil Chemical Service Corp at 9.0 %: a base by market capitalisation (nano), damped by beta 0.16, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Prime Oil Chemical Service Corp that is -13.4 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Prime Oil Chemical Service Corp (2904) delivered so far?
Over the past 5 years revenue at Prime Oil Chemical Service Corp grew -2.6 % a year. The price currently implies -13.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Prime Oil Chemical Service Corp (2904) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Prime Oil Chemical Service Corp (-13.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Prime Oil Chemical Service Corp (2904)?
The free-cash-flow yield on the price is 18.42 %: that much free cash flow Prime Oil Chemical Service Corp produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Prime Oil Chemical Service Corp (2904)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Prime Oil Chemical Service Corp it is 16.30 TWD per share (as of Sep 24, 2026), against a price of 12.55 TWD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Prime Oil Chemical Service Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2904 trades below its calculated fair value: price 12.55 TWD, fair value 16.30 TWD, a gap of about +30% (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 2904?
No. The price is what the market pays today (12.55 TWD); the fair value is what the company's own numbers justify (16.30 TWD). For Prime Oil Chemical Service Corp the two are 3.75 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Prime Oil Chemical Service Corp worth?
The market values Prime Oil Chemical Service Corp at about 981M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 12.55 TWD; our models calculate a fair value of 16.30 TWD per share.
What do the bullish and bearish scenarios say about 2904?
Our models span a range for Prime Oil Chemical Service Corp: cautious scenario 15.42 TWD, base 16.30 TWD, optimistic 20.36 TWD per share (as of Sep 24, 2026, price 12.55 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2904?
Prime Oil Chemical Service Corp trades at a price-to-earnings ratio of 12.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 16.30 TWD is built from several models across several years. Other multiples: P/B 0.8, P/S 2.2, EV/EBITDA 5.2.
How solid is the balance sheet of Prime Oil Chemical Service Corp (2904)?
Balance-sheet figures for Prime Oil Chemical Service Corp (as of Sep 24, 2026): return on equity 3.6%, debt of 0.13 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 2904 from its 52-week high?
Prime Oil Chemical Service Corp trades at 12.55 TWD, about 29% below its 52-week high of 17.70 TWD and at the low of 12.50 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 16.30 TWD is for.
Which stocks are comparable to Prime Oil Chemical Service Corp?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, TechnipFMC plc, Halliburton Company, 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 Prime Oil Chemical Service Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 12.55 TWD, calculated fair value 16.30 TWD (+30%), Quality Score 54/100, from 22 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 2904 calculated?
We run Prime Oil Chemical Service Corp through 22 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 16.30 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 13.0 % above its aggregate fair value. Prime Oil Chemical Service Corp currently trades 30 % 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 Prime Oil Chemical Service Corp (2904)?
The closing price on Sep 24, 2026 was 12.55 TWD. Our model-based fair value is 16.30 TWD, about +30% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Prime Oil Chemical Service Corp right now?
The price is below even our cautious bear case (15.42 TWD). The market is more pessimistic than our downside scenario. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Prime Oil Chemical Service Corp (2904) come from?
Earnings per share at Prime Oil Chemical Service Corp grew −6.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share −2.2 %, EBIT margin −4.4 %, tax rate −0.7 %, residual (interest, one-offs) +0.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Prime Oil Chemical Service Corp
How large is the market capitalisation of Prime Oil Chemical Service Corp (2904)?
The market capitalisation of Prime Oil Chemical Service Corp is 981M TWD (≈ $30.8M). 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 Prime Oil Chemical Service Corp (2904)?
The price-to-sales ratio of Prime Oil Chemical Service Corp is 2.07 (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 Prime Oil Chemical Service Corp (2904)?
Earnings per share at Prime Oil Chemical Service Corp are 0.9800 TWD (price ÷ EPS = P/E 12.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Prime Oil Chemical Service Corp (2904)?
The dividend yield of Prime Oil Chemical Service Corp is 5.6% (payout 71.4%). 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 Prime Oil Chemical Service Corp (2904)?
The net margin of Prime Oil Chemical Service Corp is 16.2% (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 Prime Oil Chemical Service Corp (2904)?
The return on equity (ROE) of Prime Oil Chemical Service Corp is 3.6% (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 Prime Oil Chemical Service Corp (2904)?
On an EBIT basis the return on assets of Prime Oil Chemical Service Corp is 5.1% (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 Prime Oil Chemical Service Corp (2904)?
The operating margin of Prime Oil Chemical Service Corp is 7.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Prime Oil Chemical Service Corp (2904)?
Revenue at Prime Oil Chemical Service Corp is growing −17.2% versus a year earlier (3y avg −0.1%). 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 Prime Oil Chemical Service Corp (2904)?
Earnings per share at Prime Oil Chemical Service Corp are growing +40.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Prime Oil Chemical Service Corp (2904) carry?
The net debt of Prime Oil Chemical Service Corp is 248M TWD (fiscal year 2025, ≈ 1.4 yrs of FCF). 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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