Coremax Corporation (4739) AI Stock Analysis

Coremax Corporation

(TWSE:4739)

Select Model

Rating:47Neutral

Price Target:TWD 65.00▼(-8.45% Downside)

Action:initiatedcoverage

Date:11/09/26

Weak financial performance driven by volatile cash flows and inconsistent results is the primary drag, followed by bearish technical indicators. Reasonable valuation offers limited support.

Positive Factors

Revenue RecoveryThe strong 2025 revenue rebound indicates improving demand or volume after the prior downturn. If this recovery persists, higher sales can improve operating leverage, support reinvestment, and provide a broader base for rebuilding profitability over the next several quarters.

Negative Factors

Severe Cash-Flow DeteriorationLarge negative operating and free cash flow despite positive net income raises concerns about earnings quality, working-capital demands, or investment intensity. Sustained cash burn could require additional funding, limit reinvestment flexibility, and amplify pressure from existing debt.

Coremax Corporation (4739) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 8.67B
Dividend Yield: 1.41%
Average Volume (3M): 1.24M
Price to Earnings (P/E): 13.4
Beta (1Y): 1.26
Revenue Growth: 98.05%
EPS Growth: 725.72%
Country: TW
Employees: 213
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

Coremax Corporation Business Overview & Revenue Model

Company Description

Coremax Corporation, established in 1992 and headquartered in Hsinchu City, Taiwan, specializes in the research, development, manufacturing, and distribution of metal-based specialty chemicals and materials for the electronics and battery sectors thr...

Coremax Corporation Financial Statement Overview

Summary

Revenue volatility and weak cash flows are key concerns despite balance sheet stability and recent profit recovery.

Income Statement

43Neutral

Balance Sheet

59Neutral

Cash Flow

24Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.20B	6.19B	4.10B	5.23B	9.08B	7.34B
Gross Profit	1.42B	848.66M	541.79M	176.12M	1.02B	943.37M
EBITDA	1.56B	789.56M	667.26M	335.32M	1.07B	919.51M
Net Income	639.36M	184.31M	169.04M	-100.23M	493.16M	462.93M
Balance Sheet
Total Assets	13.63B	12.58B	9.85B	9.92B	11.30B	10.21B
Cash, Cash Equivalents and Short-Term Investments	3.39B	3.33B	3.02B	2.92B	3.19B	1.93B
Total Debt	4.84B	4.62B	2.46B	2.76B	4.07B	3.87B
Total Liabilities	6.19B	5.86B	3.31B	3.56B	5.39B	4.74B
Stockholders Equity	6.43B	5.76B	5.54B	5.41B	5.00B	4.72B
Cash Flow
Free Cash Flow	-1.10B	-1.50B	520.80M	424.81M	1.02B	-1.07B
Operating Cash Flow	-252.95M	-564.08M	773.30M	1.12B	1.57B	-639.21M
Investing Cash Flow	-736.46M	-1.15B	-274.09M	-607.99M	-524.08M	-539.09M
Financing Cash Flow	1.87B	2.14B	-410.08M	-775.57M	130.61M	2.38B

Coremax Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4739 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%
TW:3152	66Neutral	TWD 7.57B	19.49	―	7.67%	1.88%	-26.76%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8942	52Neutral	TWD 7.77B	7.30	―	2.56%	-40.13%	47.76%
TW:4739	47Neutral	TWD 8.41B	13.42	―	1.41%	98.05%	725.72%
TW:4989	41Neutral	TWD 10.18B	-37.53	―	―	63.30%	87.48%

* General Sector Average

Performance Comparison

TW:4739 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4739	Coremax Corporation	71.00	-0.53	-0.74%
TW:3152	Advanced Ceramic X Corporation	193.00	-0.07	-0.04%
TW:4989	LCY Technology Corp.	60.90	13.39	28.18%
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%
TW:8942	Xxentria Technology Materials Co.,Ltd	39.00	3.00	8.34%

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

Coremax Corporation AI Stock Analysis