International CSRC Investment Holdings Co. Ltd. (2104) AI Stock Analysis

International CSRC Investment Holdings Co. Ltd.

(TWSE:2104)

Select Model

Rating:39Underperform

Price Target:TWD 9.50▼(-8.21% Downside)

Action:initiatedcoverage

Date:11/09/26

International CSRC Investment Holdings scores near the bottom of the range, driven primarily by severely deteriorating financial performance: falling revenue, negative gross and operating margins, a widening NT$4.1 billion net loss, and a third straight year of equity erosion alongside rising debt. Cash generation remains insufficient, with free cash flow negative for a second year despite an improvement in operating cash flow. Technicals reinforce the caution, as the stock trades below all key moving averages with negative MACD, though oversold RSI and Stochastic readings hint at possible near-term stabilisation. Valuation provides no offset, with a negative P/E and no dividend. The main sources of resilience are a still-serviceable capital structure, meaningful revenue scale that could deliver operating leverage if chemical margins recover, and a narrowing cash burn — but a clear cyclical turn is needed before the outlook improves.

Positive Factors

Moderate LeverageEquity remains sizable relative to debt and debt-to-equity has generally stayed below 0.7. This gives the company a meaningful solvency cushion and some capacity to withstand weak earnings, preserve operations, and pursue a recovery without immediately relying on aggressive leverage.

Negative Factors

Sustained Losses and Margin CompressionProfitability has deteriorated into sustained losses in 2023–2025, with 2025 reaching negative gross profit and deeper operating losses. This reflects weak earnings resilience and makes near-term internal reinvestment, debt service, and shareholder returns more difficult.

International CSRC Investment Holdings Co. Ltd. (2104) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 9.94B
Dividend Yield: ―
Average Volume (3M): 4.09M
Price to Earnings (P/E): -2.0
Beta (1Y): 0.59
Revenue Growth: -13.19%
EPS Growth: 45.83%
Country: TW
Employees: 1,537
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

International CSRC Investment Holdings Co. Ltd. Business Overview & Revenue Model

Company Description

International CSRC Investment Holdings Co., Ltd. (2104.TW) is a Taiwan-based company that specializes in the global production and distribution of carbon black. This critical material is extensively used in the manufacturing of tires and various othe...

International CSRC Investment Holdings Co. Ltd. Financial Statement Overview

Summary

Very weak. Revenue has fallen to roughly NT$15.3 billion, down about 15% year-over-year and nearly 38% from the 2021 peak, while gross margin has collapsed from 28.2% in 2021 to -5.9%, meaning product is being sold below production cost. Operating margin is -14.5% and the net loss widened to about NT$4.1 billion (-27.1% margin), the third consecutive loss-making year. The balance sheet is the relative bright spot — equity of about NT$24.1 billion still funds roughly half of the NT$49.2 billion asset base — but equity has shrunk about 28% in two years while debt rose to NT$16.1 billion, lifting debt-to-equity to 0.67x from 0.41x in 2021, and ROE is deeply negative at -17.2%. Cash flow showed a tentative green shoot, with operating cash flow turning positive at about NT$533 million versus an outflow a year earlier, but after roughly NT$1.07 billion of capex, free cash flow remained negative at about -NT$542 million, a second straight year of burn that must be funded with additional debt.

Income Statement

12Very Negative

Balance Sheet

40Negative

Cash Flow

32Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	13.84B	15.33B	18.06B	17.88B	23.37B	24.62B
Gross Profit	-1.49B	-909.37M	900.63M	1.47B	3.27B	6.94B
EBITDA	-1.91B	-806.73M	901.01M	1.91B	3.26B	6.60B
Net Income	-4.91B	-4.15B	-2.71B	-494.44M	679.38M	3.40B
Balance Sheet
Total Assets	48.20B	49.19B	54.80B	56.84B	58.41B	57.51B
Cash, Cash Equivalents and Short-Term Investments	14.89B	14.81B	14.32B	16.83B	18.40B	19.83B
Total Debt	16.48B	16.07B	13.56B	13.68B	15.13B	13.64B
Total Liabilities	24.07B	23.68B	21.43B	21.38B	22.85B	22.29B
Stockholders Equity	23.03B	24.13B	31.55B	33.57B	33.63B	33.46B
Cash Flow
Free Cash Flow	-646.82M	-541.65M	-1.49B	2.02B	-2.40B	484.01M
Operating Cash Flow	556.41M	532.89M	-493.25M	3.06B	761.46M	3.85B
Investing Cash Flow	-270.97M	644.86M	1.59B	-8.06B	2.07B	-4.28B
Financing Cash Flow	2.53B	2.63B	-1.94B	-2.18B	701.30M	3.86B

International CSRC Investment Holdings Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2104 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6509	69Neutral	TWD 9.02B	12.96	―	3.23%	2.00%	57.23%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4739	46Neutral	TWD 8.41B	13.42	―	1.41%	98.05%	725.72%
TW:4707	45Neutral	TWD 11.15B	21.39	―	0.92%	-9.16%	67.21%
TW:1727	39Underperform	TWD 11.75B	121.53	―	0.18%	20.16%	962.24%
TW:2104	39Underperform	TWD 9.80B	-2.04	―	―	-13.19%	45.83%

* General Sector Average

Performance Comparison

TW:2104 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2104	International CSRC Investment Holdings Co. Ltd.	10.35	0.30	2.99%
TW:1727	Chung Hwa Chemical Industrial Works Ltd.	84.10	47.51	129.83%
TW:4707	Pan Asia Chemical Corp.	27.30	17.85	188.80%
TW:4739	Coremax Corporation	71.00	-0.53	-0.74%
TW:6509	Taiwan Hopax Chemicals Manufacturing Co. Ltd.	43.20	10.94	33.93%
TW:7763	Johnson Fine Chemical Co Ltd	141.50	66.66	89.07%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

International CSRC Investment Holdings Co. Ltd. AI Stock Analysis