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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Mercuries & Associates Holding Ltd
2905 · TWThe stock costs 47% less than our calculation considers fair.
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Price vs Fair Value
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
All 6 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Watch 2905, get fair value alerts →
Compare Mercuries & Associates Holding Ltd with another stock
Price, fair value, quality and upside side by side.
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
Valuation Multiplesvs Insurance - Life median · lower = cheaper
Strength profile in five axes (Snowflake)
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
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Return on assets by industry
- Fair value gap by industry
- Piotroski F-Score screener with fair value
- Undervalued stocks: Taiwanese Stocks
- Valuation of the Taiwan market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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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Key figures of Mercuries & Associates Holding Ltd
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