Mercuries & Associates, Holding Ltd.

Mercuries & Associates, Holding Ltd.

TTWSE:2905
17.95
TWD
+0.15
(+0.84%)
1.70EPS
22.28P/E
16.69BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
170.02
194.47
203.56
220.95
235.76
224.57
261.06
206.06
188.38
166.66
172.26
153.48
159.16
158.62
Basic EPS, GAAP
1.05
1.44
1.68
2.34
1.87
0.38
3.94
1.59
2.14
-5.75
-3.09
1.42
0.71
0.71
Free Cash Flow per Basic Share
103.97
79.72
54.29
105.76
115.69
22.49
107.83
93.69
69.6
-76.21
-42.99
-38.5
11.24
11.2
Dividend per Share
0.77
0.62
0.87
0.44
0.54
0.66
0.79
1.35
1.16
1.1
0.12
0.47
0.62
- -
Book Value per Share
11.85
13.62
13.23
16.11
19.3
15.35
23.48
22.4
22.29
11.5
15.86
15.64
14.97
14.97
Tangible Book Value per Share
11.77
13.55
13.15
16.04
19.16
15.12
23.22
22.16
22.06
11.21
15.61
15.16
14.28
14.28
Basic Weighted Avg Shares
877
877
877
877
877
877
877
877
882
885
929
1,066
1,058
1,061
Sales/Revenue/Turnover
149,033
170,456
178,427
193,676
206,687
196,878
228,869
180,648
166,190
147,538
160,000
163,589
168,368
168,368
Operating Margin (%)
-12.15
-1.06
-0.4
- -
0.34
1.41
12.69
-0.79
-3.42
-3.71
-3.27
-2.66
22.31
22.31
Depreciation Expense
972
1,065
953
1,094
1,157
1,212
2,387
2,441
2,473
2,480
2,555
2,685
2,866
2,866
Net Income, GAAP
919
1,260
1,475
2,050
1,641
332
3,452
1,398
1,890
-5,090
-2,874
1,518
755
755
Effective Tax Rate (%)
3.71
1
25.7
4.08
11.18
- -
3.1
20.48
- -
- -
- -
- -
- -
- -
Profit Margin (%)
0.62
0.74
0.83
1.06
0.79
0.17
1.51
0.77
1.14
-3.45
-1.8
0.93
0.45
0.45
Working Capital
130,298
131,570
153,824
135,891
138,334
147,855
172,346
221,485
177,603
126,159
139,620
105,075
150,911
150,911
LT Debt
8,525
14,598
13,538
16,090
16,365
15,538
18,275
18,870
19,121
22,396
18,617
23,170
41,172
41,172
Total Equity
23,562
27,825
28,680
33,563
40,851
33,058
47,711
46,814
47,226
31,670
48,311
50,179
48,928
48,928
Return on Invested Capital (%)
-51.7
-4.95
-1.25
-0.47
1.13
- -
46.96
-1.19
- -
- -
- -
- -
- -
- -
Return on Capital (%)
0.38
0.09
-0.15
1.31
0.01
- -
0.58
0.53
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)
8.15
11.29
12.53
15.94
10.57
2.19
20.29
6.95
9.61
-34.05
-21.23
9.04
4.66
4.66

Capital Structure

TWD

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
5,369
5,888
3,873
LT Borrowings
19,706
22,580
37,752
LT Finance Leases
3,400
3,404
3,420
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,053
1,053
1,053
Market Capitalization
12,955
12,745
16,694

Working Capital

TWD

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
151,641
176,386
173,049
Cash, Cash Equivalents & STI
59,681
82,734
80,226
Accounts Receivable, Net
1,549
935
1,107
Inventories
6,169
6,766
5,980
Total Current Liabilities
20,870
18,978
22,138
Payables & Accruals
- -
- -
- -
ST Debt
5,369
5,888
3,873
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.4%
4.37%
-2.49%
Free Cash Flow
-1.21%
-80.43%
-128.98%
Net Income, GAAP
23.88%
-116.12%
-50.24%
Sales/Revenue/Turnover
0.01%
-1.12%
2.92%
Total Cash Common Dividend
37.44%
57.55%
29.83%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
41,656
39,362
37,538
41,443
160,000
2024
44,298
38,785
40,878
39,629
163,589
2025
39,517
37,312
44,347
47,191
168,368

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
-0.79
-0.57
1.26
-2.61
-3.09
2024
1.27
1.24
-0.94
-0.15
1.42
2025
0.12
-0.18
0.59
0.19
0.71

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
0.04
0.12
2024
- -
- -
- -
- -
0.47
2025
- -
- -
- -
- -
0.62

Company Description

CEO
Hsiang Li Chen
Full Time Employees
17,301
Sector
Finance
Industry
Life/Health insurance
Address
No. 145, Jianguo North Road Taipei TP Taiwan
IPO Date
Sep 19, 1988
Business
Mercuries & Associates Holding, Ltd. (2905.TW) operates as an investment holding company primarily engaged in life insurance, consumer goods and catering retail, pharmaceuticals, furniture and interior decoration, information services, and trade businesses; it offers a comprehensive range of life insurance products including lifetime, pension, foreign currency pension, hospitalization medical, cancer prevention, long-term and disability care, lifetime medical health, personal injury, online injury, travel safety, immediate, interest rate variable, deferred annuity, variable annuity, foreign currency variable, variable life, group one-year term life, group health, and group injury insurance through its subsidiary Mercuries Life Insurance Co., Ltd.; in catering retail, it manages fast-food chains such as Sanshang Qiaofu (beef noodles), Napoli Pizza and Fried Chicken, TonKaTsu (Japanese pork chops), Sanshang DonMono (donburi), Pin Chuan Lan (beef noodles), BANCO (Neapolitan pizza), Napoli Fried Chicken, Qiaofu Plus, and Tiger Dumplings, with approximately 168 Sanshang Qiaofu, 127 Napoli Pizza and Fried Chicken, 64 TonKaTsu, and other branded outlets across Taiwan as of late 2023; in consumer retail, it operates discount chains including Simple Mart (811 stores), Simple Mart Plus, Go Simple Mart online platform, Simple CITY Mart, and Simple Office unmanned shelves, alongside Family Shoe Mart (189 stores), En Route branded footwear, Sanor Co., Ltd. for brand distribution, and Tomod's Health Solutions drugstores (18 stores); its trade segment via Mercuries Liquor & Food Co., Ltd. handles daily commodities, food, alcohols, beverages, tobacco, household necessities, cooked food, fresh foods, medical supplies, infant products, cosmetics, beauty products, branded footwear, apparel, and accessories; in furniture, Mercuries Furniture provides sales and decoration of furniture, system cabinets, kitchenware, and mattresses (26 stores); pharmaceuticals through SCI Pharmtech manufactures active pharmaceutical ingredients such as valproic acid and allopurinol, API intermediates including diethyl dipropyl malonate and PENT-2 ethyl 2-allyl-2-cyano-3-methylhexanoate, and specialty chemicals like diethyl ketone; information services via Mercuries Data Systems offer software and hardware planning, development, integration, and maintenance for financial systems and public utilities, plus business management consultation; it also supports leisure through Mercuries General Media and foundations for Chinese Dietary Culture and Taiwan Masters Golf Tournament. Founded in 1965 and headquartered at No. 145, Section 2, Jianguo North Road, Taipei, Taiwan, the company primarily serves Taiwan markets with over 17,000 employees and operates about 1,400 stores group-wide, changed its name from Mercuries & Associates, Ltd. to Mercuries & Associates Holding, Ltd. in January 2015 upon restructuring as an investment holding company, and in recent developments authorized a share buyback plan on April 9, 2025 while its key subsidiary Mercuries Life Insurance (三商美邦人壽) agreed to a full share-swap merger into E.Sun Financial Holding Co., Ltd. (玉山金控) announced November 4, 2025 at approximately NT$483 billion valuation (0.2486 E.Sun shares per Mercuries Life share), pending regulatory approval expected by mid-2026, positioning E.Sun as Taiwan's fifth-largest financial holding company with combined assets over NT$5.8 trillion, during which Mercuries trading was halted from November 5, 2025; earlier in 2024-2025, it expanded retail by adding 32 outlets to reach 1,516 stores, integrated resources like full ownership of Sanyou Drugstores Ltd. and Asahi & Mercuries Co., Ltd. (renamed Mercuries Liquor & Food), launched new brands such as Qiaofu Plus and Tiger Dumplings, invested NT$86.25 million for 15% in Framosa Co., Ltd., and split/merged units including Simple Mart Retail listing in November 2021 and Mercuries F&B formation in 2019.