Coremax Corporation

Coremax Corporation

TTWSE:4739
80.20
TWD
-2.60
(-3.14%)
5.62EPS
21.70P/E
14.23BMarket Cap
Nov 06Next Earn
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
44.53
52.29
54.94
52.49
62.43
71.08
68.43
58.14
73.11
86.53
48.11
34.96
52.44
75.9
Basic EPS, GAAP
0.27
3.43
1.62
2.85
5.16
4.43
1.38
1.71
4.61
4.7
-0.92
1.44
1.56
5.28
Free Cash Flow per Basic Share
-1.58
-10.13
-1.37
0.5
-2.49
-10.79
9
-1.55
-10.61
9.77
3.91
4.45
-12.7
-9.04
Dividend per Share
0.4
0.45
1.05
1.49
2.46
2.84
3.09
1.19
1.17
2.96
2.89
0.8
0.95
- -
Book Value per Share
20.75
23.88
24.29
27.82
32.63
36.63
35.27
35
44.15
46.74
46.04
47.12
48.29
51.78
Tangible Book Value per Share
20.71
23.85
24.28
27.81
32.63
36.63
35.27
35
44.15
46.74
46.04
47.12
48.29
51.78
Basic Weighted Avg Shares
54
57
71
76
80
89
93
91
100
105
109
117
118
121
Sales/Revenue/Turnover
2,401
2,968
3,906
3,994
4,981
6,311
6,370
5,285
7,339
9,082
5,232
4,096
6,191
9,198
Operating Margin (%)
-0.49
1.54
5.8
3.33
10.68
8.8
3.75
4.09
8.25
6.42
-1.84
4.05
7.11
10.66
Depreciation Expense
93
111
148
159
174
214
237
274
290
289
311
324
353
403
Net Income, GAAP
15
195
115
217
412
393
128
155
463
493
-100
169
184
639
Effective Tax Rate (%)
33.61
6.29
25.32
12.93
16.6
20.17
32.88
19.76
25.95
27.75
- -
23.03
31.78
19.92
Profit Margin (%)
0.61
6.56
2.96
5.43
8.26
6.23
2.01
2.94
6.31
5.43
-1.92
4.13
2.98
6.95
Working Capital
186
-154
828
788
1,049
1,300
1,045
875
3,080
3,201
2,460
2,457
2,932
3,589
LT Debt
401
241
1,166
1,117
611
610
722
827
1,786
1,711
814
684
1,800
1,694
Total Equity
1,599
2,080
2,342
2,443
3,292
4,158
4,053
3,970
5,467
5,912
6,365
6,546
6,718
7,436
Return on Invested Capital (%)
-0.28
4.93
3.96
2.56
9.04
7.45
2.52
2.75
5.43
4.3
- -
1.41
2.92
7.12
Return on Capital (%)
0.74
5.46
2.06
5.05
8.45
6.6
2.03
2.53
6.25
5.1
- -
1.67
2.77
5.93
Return on Common Equity (%)
1.31
14.99
7.21
11.23
16.47
12.35
3.75
4.72
11.61
10.15
-1.93
3.09
3.26
10.83

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
2,820
3,592
3,148
LT Borrowings
1,797
1,710
1,684
LT Finance Leases
4
10
10
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
119
125
124
Market Capitalization
7,778
9,660
14,229

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
6,664
8,110
7,761
Cash, Cash Equivalents & STI
3,404
3,781
3,462
Accounts Receivable, Net
500
624
870
Inventories
1,944
2,763
2,145
Total Current Liabilities
3,732
4,785
4,172
Payables & Accruals
- -
- -
- -
ST Debt
2,820
3,592
3,148
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.98%
11.79%
2.62%
Free Cash Flow
-64.91%
6.89%
-387.98%
Net Income, GAAP
-4.82%
-35.01%
9.04%
Sales/Revenue/Turnover
8.72%
9.93%
51.17%
Total Cash Common Dividend
22.97%
24.76%
19.81%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,090
1,104
997
904
4,096
2025
1,054
1,451
1,760
1,927
6,191
2026
2,371
3,140
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.45
0.48
0.34
0.17
1.44
2025
-0.23
0.06
0.71
1.02
1.56
2026
1.51
2
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.8
2025
- -
- -
- -
- -
0.95
2026
- -
- -
- -
- -
- -

Company Description

CEO
Chi Chao Ho
Full Time Employees
568
Sector
Process industries
Industry
Chemicals: major diversified
Address
No.11, Wenhua Road Hsinchu HSQ Taiwan 303035
IPO Date
Dec 14, 2010
Business
Coremax Corporation (4739.TW), a Taiwan-based chemical manufacturer founded in 1992 and headquartered at 11 Wenhua Road, Hsinchu Industrial Park, Hsinchu County, Taiwan, specializes in the research, development, production, and marketing of metal-based specialty chemicals and electronic/battery materials; its core products encompass oxidation catalysts in liquid forms such as prime cobalt acetate, prime manganese acetate, prime cobalt manganese acetate, prime cobalt manganese bromide, prime cobalt bromide, prime manganese bromide, and regenerated cobalt manganese bromide solutions, as well as crystalline forms including cobalt acetate and manganese acetate; specialty chemicals for tires, pigments, paints, electronic industry applications like ITO etching, Cr etching, electronic-grade sulfuric acid, electronic-grade sodium carbonate solution, oxalic acid, tin (II) chloride dihydrate, and traditional industry uses; battery materials comprising cobalt sulfate, nickel sulfate, cobalt oxide, cobalt hydroxide, cobalt carbonate, and nickel/cobalt/manganese nitrate; and chemical fertilizers including organic and chemical compound varieties. The company operates production facilities in Taiwan (Hsinchu, Toufen, Taichung), mainland China (Ningbo, Zhangzhou), Thailand (Rayong), and serves global markets particularly in petrochemicals, lithium-ion batteries, electronics, and agriculture, with group subsidiaries such as Uranus Chemicals Co., Ltd. (fully acquired in 2016 for TFT LCD chemicals) and Heng-I Chemical (invested in 2009 for fertilizers and semiconductor materials). In recent developments, Coremax underwent an organizational restructuring in 2023, transferring its cobalt sulfate business to subsidiary Uranus Chemicals via a joint venture; it expanded internationally by launching the Vina CoreMax Vietnam project in Quang Ninh province in 2023 with operations inaugurated in 2025 as a $65.3 million battery materials plant; and continues capacity enhancements for high-demand battery precursors like nickel and cobalt sulfates to support electric vehicle supply chains.