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  2. •

    Process industries

  3. •

    Chemicals: major diversified
Coremax Corporation

Coremax Corporation

TTWSE:4739
80.20
TWD
-2.60
(-3.14%)
5.62EPS
21.70P/E
14.23BMarket Cap
Nov 06Next Earn
Coremax Corporation
TWSE:4739
(Taiwan Stock Exchange)

Recent

price

80.20

P/E

ratio

21.70

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TWD
65.84
64.42
47.96
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
Revenue per Share
2.38
1.63
0.05
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
Basic EPS, GAAP
-1.47
-4.6
0.42
-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
Free Cash Flow per Basic Share
0.46
1.07
1.32
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
- -
Dividend per Share
15.73
20.54
20.55
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
Book Value per Share
15.73
20.53
20.51
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
Tangible Book Value per Share
45
48
54
54
57
71
76
80
89
93
91
100
105
109
117
118
121
Basic Weighted Avg Shares
2,957
3,080
2,585
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
Sales/Revenue/Turnover
4.41
4.89
0.51
-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
Operating Margin (%)
96
98
96
93
111
148
159
174
214
237
274
290
289
311
324
353
403
Depreciation Expense
107
78
3
15
195
115
217
412
393
128
155
463
493
-100
169
184
639
Net Income, GAAP
20.44
17.48
39.01
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
Effective Tax Rate (%)
3.62
2.53
0.1
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
Profit Margin (%)
294
533
593
186
-154
828
788
1,049
1,300
1,045
875
3,080
3,201
2,460
2,457
2,932
3,589
Working Capital
247
200
427
401
241
1,166
1,117
611
610
722
827
1,786
1,711
814
684
1,800
1,694
LT Debt
1,183
1,598
1,595
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
Total Equity
5.1
5.04
0.29
-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 Invested Capital (%)
5.18
1.78
-0.41
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 Capital (%)
16.5
8.52
0.24
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
Return on Common Equity (%)

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
- -
- -
- -
- -
- -
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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.