Mercuries & Associates, Holding Ltd. (2905) AI Stock Analysis

Mercuries & Associates, Holding Ltd.

(TWSE:2905)

Select Model

Rating:58Neutral

Price Target:TWD 18.00▲(7.78% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by weak profitability and modest operating efficiency despite improving cash flow and leverage. Low valuation supports the result, while mixed technical momentum limits upside confidence.

Positive Factors

Revenue RecoveryThe sharp 2025 revenue rebound indicates that the business regained meaningful top-line momentum after a difficult period. If this recovery persists, greater operating scale can support earnings normalization and provide a stronger base for capital generation over the next several quarters.

Negative Factors

Thin ProfitabilityVery thin profitability means the recent revenue recovery is producing limited earnings for shareholders. The weak ROE also shows that the improved capital position is not yet translating into efficient returns, limiting the durability of earnings power and internal capital accumulation.

Mercuries & Associates, Holding Ltd. (2905) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 17.70B
Dividend Yield: 1.70%
Average Volume (3M): 1.50M
Price to Earnings (P/E): 6.5
Beta (1Y): 0.24
Revenue Growth: -5.93%
EPS Growth: ―
Country: TW
Employees: 17,301
Sector: General
Sector Strength: 55
Industry: Insurance - Life

Mercuries & Associates, Holding Ltd. Business Overview & Revenue Model

Company Description

Mercuries & Associates Holding, Ltd. operates as an investment holding company with diverse business interests spanning life insurance, retail of everyday commodities and food, pharmaceuticals, and information technology services. Its insurance divis...

Mercuries & Associates, Holding Ltd. Financial Statement Overview

Summary

Financial performance is recovering, supported by stronger cash flow and lower leverage, but profitability remains weak. Income statement, balance sheet, and cash flow scores are 48, 62, and 67, respectively.

Income Statement

48Neutral

Balance Sheet

62Positive

Cash Flow

67Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	140.28B	156.40B	163.59B	160.00B	147.54B	166.19B
Gross Profit	84.33B	75.19B	95.71B	100.41B	98.65B	80.64B
EBITDA	11.06B	4.40B	4.32B	-8.94B	-11.10B	3.23B
Net Income	2.86B	755.07M	1.52B	-2.87B	-5.09B	1.89B
Balance Sheet
Total Assets	1.69T	1.69T	1.66T	1.55T	1.49T	1.43T
Cash, Cash Equivalents and Short-Term Investments	72.08B	79.99B	31.60B	64.87B	50.38B	100.76B
Total Debt	46.83B	45.07B	27.40B	23.82B	25.80B	21.98B
Total Liabilities	1.52T	1.60T	1.61T	1.50T	1.45T	1.38T
Stockholders Equity	82.53B	52.72B	16.66B	20.17B	10.18B	19.72B
Cash Flow
Free Cash Flow	-1.52B	11.19B	-41.04B	-39.93B	-67.46B	61.38B
Operating Cash Flow	-25.19M	13.07B	-38.50B	-37.93B	-64.41B	66.48B
Investing Cash Flow	-2.74B	18.41B	5.37B	44.16B	6.86B	-112.57B
Financing Cash Flow	10.93B	15.97B	-151.74M	8.30B	7.44B	-1.78B

Mercuries & Associates, Holding Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2905 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2727	68Neutral	TWD 18.12B	12.44	―	7.20%	12.28%	20.10%
TW:2905	58Neutral	TWD 18.69B	6.49	―	1.70%	-5.93%	―
TW:2704	56Neutral	TWD 15.91B	16.30	―	1.15%	8.88%	310.88%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:5530	51Neutral	TWD 18.88B	14.06	―	―	-13.52%	-8.62%

* General Sector Average

Performance Comparison

TW:2905 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2905	Mercuries & Associates, Holding Ltd.	16.70	2.60	18.41%
TW:2704	Ambassador Hotel,Ltd.	43.80	1.47	3.48%
TW:2727	Wowprime Corp.	223.50	21.48	10.63%
TW:5530	Lungyen Life Service Corporation	44.90	-4.05	-8.27%
TW:5859	Farglory Life Insurance Co. Ltd.	14.35	-0.42	-2.82%
TW:7883	Feastogether Group Co. Ltd.	276.50	-51.14	-15.61%

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 10, 2026

Mercuries & Associates, Holding Ltd. AI Stock Analysis