Coremax Corp (4739) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Coremax Corp stock TWD 25.00, price TWD 66.40, that is 62.4% below the price, quality 33 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 38.57 TWD – 155.06 TWD · fair‑value band 18.30 TWD – 29.03 TWD · the 66.40 TWD price screens above the 25.00 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Coremax Corporation engages in the research, development, manufacture, and marketing of metal-based specialty chemicals and battery materials in Taiwan.
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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.
Stock analysis
Coremax Corp (4739) currently trades at 66.40 TWD, while our model-based Fair Value estimate is 25.00 TWD, 62% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 37.03 TWD per share, and 1 of the 16 models we run sit above the 66.40 TWD price.
Bear case: the Dividend Discount group reads lowest at 10.51 TWD, and 15 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 18.30 TWD (bear) to 29.03 TWD (bull), the price of 66.40 TWD sits above 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 33/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Coremax Corp 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.
Key figures
Market cap 9.7B TWD (≈ $296M) Micro · P/E ratio 14.1 · P/S ratio 1.06 · EPS (TTM) 4.71 TWD · Dividend yield 1.5% · Net margin 7.0% · Return on equity 11.0% · Return on assets (EBIT) 3.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 49% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at −62%, 4739 screens richer than that median.
Fair Value models
Bear18.30 TWDFair Value 25.00 TWDBull29.03 TWD
Price 66.40 TWD · Downside -62.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (3.17 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. 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.Coverage ⓘCoverage = 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.
Best data coverage
Residual Income29.11 TWD29.41 TWD30.85 TWD76
EPV33.61 TWD36.22 TWD38.34 TWD74
ROIC Compounder33.61 TWD36.22 TWD38.34 TWD72
All 16 models by family
Earnings-Based
Graham-Dodd10.11 TWD49.28 TWD67.90 TWD64
Lynch FV13.22 TWD18.88 TWD24.54 TWD61
PEG = 1.013.22 TWD18.88 TWD24.54 TWD57
EPV33.61 TWD36.22 TWD38.34 TWD74
Dividend Discount
Gordon GGM6.39 TWD10.81 TWD14.13 TWD68
DDM Multi-Stage6.39 TWD10.20 TWD11.62 TWD67
Multiples
P/E Multiple18.96 TWD25.27 TWD31.59 TWD63
P/S Multiple18.96 TWD25.27 TWD31.59 TWD58
P/B Multiple69.94 TWD93.25 TWD116.57 TWD55
EV/EBIT26.46 TWD38.79 TWD51.11 TWD65
EV/EBITDA37.25 TWD53.17 TWD69.09 TWD67
EV/Revenue21.53 TWD35.26 TWD49.00 TWD52
Asset-Based
NCAV (Graham)23.18 TWD31.06 TWD46.36 TWD54
Economic Profit
Residual Income29.11 TWD29.41 TWD30.85 TWD76
ROIC Compounder33.61 TWD36.22 TWD38.34 TWD72
Growth Earnings
Growth-Adj P/E18.39 TWD26.27 TWD34.15 TWD67
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.32/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+51.2%
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.
−12.0%
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.
+3.2%
Start year 2020 (pandemic). Over 10 years: +4.7% a year
Revenue growth 18 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.
+7.4%
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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.
≈ +3.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +1.9%
Dividend (yield on the price)1.5%
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.base effect: 1.9% / −3.2%
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.4% → 7%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 1.70 per share, median 3.52 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
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.Specialty Chemicals · 727 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score33 · Bottom 25%
Fair Value upside−62.4% · Bottom 25%
Profitability
Return on equity (12 months)11.0% · Above median
Return on assets1.5% · Below median
Net margin (12 months)7.0% · Above median
Operating margin (12 months)12.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)116.5% · Top 25%
Dividend yield (12 months)1.5% · Below median
Balance sheet
Debt / equity0.31× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (12 months)14.1× · Cheaper than median
P/B1.69× · Pricier than median
P/S (12 months)1.06× · Cheaper than median
EV/EBITDA6.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 67
PAST (return on equity)44· sector 26
HEALTH (low debt)84· sector 95
DIVIDEND (yield)30· sector 30
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.
Cite: Fair Value Calculator (2026). "Coremax Corp Fair Value". https://www.fairvalue-calculator.com/stock/4739
Frequently asked questions
Is Coremax Corp (4739) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 25.00 TWD versus a price of 66.40 TWD, about 62% lower (overvalued).
What is the fair value of 4739?
Our model-based fair value for Coremax Corp is 25.00 TWD (as of Nov 5, 2026), built from audited fundamentals. The current price: 66.40 TWD.
What is the quality score of 4739?
Coremax Corp has a Quality Score of 33/100. 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 Coremax Corp (4739)?
Our model-based price target is the fair value of 25.00 TWD (as of Nov 5, 2026) from 16 valuation models. Cautious scenario 18.30 TWD, optimistic scenario 29.03 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Coremax Corp stock forecast for 2026?
Our models put fair value at 25.00 TWD, about 62% lower versus a price of 66.40 TWD (overvalued). Cautious scenario 18.30 TWD, optimistic scenario 29.03 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Coremax Corp (4739)?
Coremax Corp reported trailing-twelve-month revenue of about 9.2B TWD (latest available figure, as of Nov 5, 2026).
Does Coremax Corp pay a dividend?
Coremax Corp currently shows a dividend yield of 1.51% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Coremax Corp (4739) and when is the ex-dividend date?
Coremax Corp pays a dividend of 1.00 TWD per share a year, a dividend yield of 1.5%. The last ex-dividend date was Jun 22, 2026. A dividend has been paid every year since at least 2012. The payout ratio is 21.2% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Coremax Corp (4739)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Coremax Corp it is 25.00 TWD per share (as of Nov 5, 2026), against a price of 66.40 TWD. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Coremax Corp stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 4739 trades above its calculated fair value: price 66.40 TWD, fair value 25.00 TWD, a gap of about −62% (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 4739?
No. The price is what the market pays today (66.40 TWD); the fair value is what the company's own numbers justify (25.00 TWD). For Coremax Corp the two are 41.40 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Coremax Corp worth?
The market values Coremax Corp at about 9.7B TWD (market capitalisation, as of Nov 5, 2026). Per share that is 66.40 TWD; our models calculate a fair value of 25.00 TWD per share.
What do the bullish and bearish scenarios say about 4739?
Our models span a range for Coremax Corp: cautious scenario 18.30 TWD, base 25.00 TWD, optimistic 29.03 TWD per share (as of Nov 5, 2026, price 66.40 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4739?
Coremax Corp trades at a price-to-earnings ratio of 14.1 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 25.00 TWD is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 32.3. Other multiples: P/B 1.7, P/S 1.1, EV/EBITDA 6.0.
How solid is the balance sheet of Coremax Corp (4739)?
Balance-sheet figures for Coremax Corp (as of Nov 5, 2026): return on equity 11.0%, debt of 0.31 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is 4739 from its 52-week high?
Coremax Corp trades at 66.40 TWD, about 49% below its 52-week high of 128.98 TWD and 6% above the low of 62.41 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 25.00 TWD is for.
Which stocks are comparable to Coremax Corp?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics 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 Coremax Corp stock attractive at the current price?
The data as of Nov 5, 2026: price 66.40 TWD, calculated fair value 25.00 TWD (−62%), Quality Score 33/100, from 16 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 4739 calculated?
We run Coremax Corp through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 25.00 TWD builds on their evidence-weighted average, 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. Coremax Corp 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 Coremax Corp (4739)?
The closing price on Nov 6, 2026 was 66.40 TWD. Our model-based fair value is 25.00 TWD, about 62% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Coremax Corp right now?
The price sits above even our optimistic bull case (29.03 TWD). The favourable scenario is already priced in. Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Coremax Corp (4739) come from?
Earnings per share at Coremax Corp grew −3.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.0 %, EBIT margin +4.9 %, tax rate −1.6 %, residual (interest, one-offs) −6.6 %. 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 Coremax Corp
How large is the market capitalisation of Coremax Corp (4739)?
The market capitalisation of Coremax Corp is 9.7B TWD (≈ $296M). 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 Coremax Corp (4739)?
The price-to-sales ratio of Coremax Corp is 1.06 (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 Coremax Corp (4739)?
Earnings per share at Coremax Corp are 4.71 TWD (price ÷ EPS = P/E 14.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Coremax Corp (4739)?
The dividend yield of Coremax Corp is 1.5% (payout 21.2%). 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 Coremax Corp (4739)?
The net margin of Coremax Corp is 7.0% (last twelve months). 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 Coremax Corp (4739)?
The return on equity (ROE) of Coremax Corp is 11.0% (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 Coremax Corp (4739)?
On an EBIT basis the return on assets of Coremax Corp is 3.0% (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 Coremax Corp (4739)?
The operating margin of Coremax Corp is 12.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Coremax Corp (4739)?
Revenue at Coremax Corp is growing +117% versus a year earlier (3y avg −12.0%). 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 Coremax Corp (4739)?
Earnings per share at Coremax Corp are growing +30.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Coremax Corp (4739) generate?
The free cash flow of Coremax Corp is −1.5B 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 Coremax Corp (4739) carry?
The net debt of Coremax Corp is 1.3B 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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Some data
Nov 5, 2026