Coremax Corporation (4739) Fair Value & Analysis

Basic Materials · TW · Market cap 10.6B TWD

A solid business, but screening 69% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (31.42 TWD). The favourable scenario is already priced in.
• Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 38.57 TWD – 155.06 TWD · fair‑value band 18.85 TWD – 31.42 TWD · the 84.20 TWD price screens above the 26.13 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Coremax Corporation (4739) currently trades at 84.20 TWD, while our model-based Fair Value estimate is 26.13 TWD, implying the stock looks roughly 69.0% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Coremax Corporation generated revenue of 7.5B TWD at a net margin of 5.3%. Revenue grew 125.0% year over year. It earns a return on equity of 6.6%. Net debt stands at 1.3B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 18.85 TWD (bear case) to 31.42 TWD (bull case); at 84.20 TWD, the current price sits above 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 37% below its 52-week high and 95% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at -69%, 4739 screens richer 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.

Widest divergence: Economic Profit (33.31 TWD) versus Dividend Discount (14.47 TWD). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Coremax Corporation engages in the research, development, manufacture, and marketing of metal-based specialty chemicals and battery materials in Taiwan.

Full company description

Coremax Corporation engages in the research, development, manufacture, and marketing of metal-based specialty chemicals and battery materials in Taiwan. The company provides catalysts in liquid form, including prime cobalt acetate, manganese acetate, cobalt manganese acetate, cobalt manganese bromide, cobalt bromide, manganese bromide, and regenerated cobalt manganese bromide solutions; and in crystalline forms, such as cobalt acetate and manganese acetate. It also offers specialty chemicals and battery materials comprising cobalt hydroxide, cobalt and manganese acetate, cobalt oxide, electronic and industrial grade sulfuric acid, ITO etching, Cr etching, nickel sulfate, oxalic acid, and tin (II) chloride dihydrate products used in tires, pigments, paints, electronic and battery, and traditional industries; and chemical and organic compound fertilizers for the use in agricultural industry. The company was formerly known as Coremax Taiwan Corporation and changed its name to Coremax Corporation in 2000. Coremax Corporation was incorporated in 1992 and is based in Hsinchu City, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Coremax Corporation reported revenue of 6.2B TWD in FY2025 versus 7.3B TWD in FY2021, a compound −4.2%/yr. Reported net income was 184M TWD in FY2025, compounding −20.6%/yr from FY2021.

4739 screens 69% overvalued. Compare with Linde plc →

Peer Group

Specialty Chemicals · 676 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.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.