Mercuries & Associates Holding Ltd (2905) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Mercuries & Associates Holding Ltd TWD 12.95, price TWD 18.30, upside -29.2%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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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Mercuries & Associates Holding, Ltd., an investment holding company, engages in the life insurance, consumer goods and catering retail, pharmaceuticals, and information services businesses. 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 18.30 TWD, while our model-based Fair Value estimate is 12.95 TWD, implying the stock looks roughly 41.3% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 33.54 TWD per share, and 2 of the 6 models we run sit above the 18.30 TWD price.
Bear case: the Multiples group reads lowest at 9.32 TWD, and 4 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: 8.00 TWD (bear) to 21.63 TWD (bull), the price of 18.30 TWD sits inside 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 Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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 19.6B TWD (≈ $616M) · P/E ratio 25.4 · P/S ratio 0.12 · EPS (TTM) 0.7200 TWD · Dividend yield 4.1% · Net margin 0.5% · Return on equity 2.8% · Return on assets (EBIT) −0.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 3% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −29%, 2905 screens cheaper than that median.
Fair Value models
Bear 8.00 TWDFair Value 12.95 TWDBull 21.63 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 (0.5267 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.33/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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%
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.
−2.8%
Start year 2020 (pandemic). Over 10 years: −1.3% a year
Revenue growth 25 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.
+15.2%
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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.
−14.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.1%
Dividend (yield on the price)4.1%
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.−18% vs −9%, 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%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 2.6%/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.
Compare Mercuries & Associates Holding Ltd with another stock
Price, fair value, quality and upside side by side.
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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 · 95 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score36 · Bottom 25%
Fair Value upside−29% · Below median
Profitability
Return on equity (TTM)3% · Bottom 25%
Return on assets2% · Top 25%
Net margin (TTM)1% · Bottom 25%
Operating margin (TTM)−31% · Bottom 25%
Growth and dividend
Revenue growth−7% · Bottom 25%
Dividend yield (TTM)4.1% · Above median
Balance sheet
Debt / equity0.72× · Highest 25%
Valuation Multiplesvs Insurance - Life median · lower = cheaper
P/E (TTM)25.4× · Priciest 25%
P/B0.37× · Cheapest 25%
P/S (TTM)0.12× · Cheapest 25%
P/FCF0.1× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 11
FUTURE (revenue growth)0· sector 43
PAST (return on equity)11· sector 43
HEALTH (low debt)64· sector 84
DIVIDEND (yield)81· sector 56
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Mercuries & Associates Holding Ltd (2905) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 12.95 TWD versus a price of 18.30 TWD, about −29% upside (overvalued).
What is the fair value of 2905?
Our model-based fair value for Mercuries & Associates Holding Ltd is 12.95 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 18.30 TWD.
What is the quality score of 2905?
Mercuries & Associates Holding 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 Mercuries & Associates Holding Ltd (2905)?
Our model-based price target is the fair value of 12.95 TWD (as of Sep 23, 2026) from 6 valuation models. Cautious scenario 8.00 TWD, optimistic scenario 21.63 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 12.95 TWD, about −29% upside versus a price of 18.30 TWD (overvalued). Cautious scenario 8.00 TWD, optimistic scenario 21.63 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 159B TWD (latest available figure, as of Sep 23, 2026).
Does Mercuries & Associates Holding Ltd pay a dividend?
Mercuries & Associates Holding Ltd currently shows a dividend yield of about 4.05% relative to its recent price (as of Sep 23, 2026).
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 12.95 TWD per share (as of Sep 23, 2026), against a price of 18.30 TWD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Mercuries & Associates Holding Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2905 trades above its calculated fair value: price 18.30 TWD, fair value 12.95 TWD, a gap of about −29% (overvalued). 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 (18.30 TWD); the fair value is what the company's own numbers justify (12.95 TWD). For Mercuries & Associates Holding Ltd the two are 5.35 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 19.6B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 18.30 TWD; our models calculate a fair value of 12.95 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 8.00 TWD, base 12.95 TWD, optimistic 21.63 TWD per share (as of Sep 23, 2026, price 18.30 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 25.4 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 12.95 TWD is built from several models across several years. Other multiples: P/B 0.4, P/S 0.1.
How solid is the balance sheet of Mercuries & Associates Holding Ltd (2905)?
Balance-sheet figures for Mercuries & Associates Holding Ltd (as of Sep 23, 2026): return on equity 2.8%, debt of 0.72 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is 2905 from its 52-week high?
Mercuries & Associates Holding Ltd trades at 18.30 TWD, about 3% below its 52-week high of 18.85 TWD and 53% above the low of 12.00 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 12.95 TWD is for.
Which stocks are comparable to Mercuries & Associates Holding Ltd?
From the same area (Financial Services) we also value China Life Insurance Company, Ping An Insurance (Group) 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 Sep 23, 2026: price 18.30 TWD, calculated fair value 12.95 TWD (−29%), Quality Score 37/100, 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 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 12.95 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 14.1 % above its aggregate fair value. Mercuries & Associates Holding Ltd itself currently trades above fair value. 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 Sep 24, 2026 was 18.30 TWD. Our model-based fair value is 12.95 TWD, about −29% upside (overvalued). 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?
Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (8.00 TWD to 21.63 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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 19.6B TWD (≈ $616M). 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 0.7200 TWD (price ÷ EPS = P/E 25.4). 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 4.1% (payout 103%). 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 2.8% (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 −6.7% 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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