Ankündigung • Mar 12
Anxo Pharmaceutical Co., Ltd., Annual General Meeting, May 29, 2026 Anxo Pharmaceutical Co., Ltd., Annual General Meeting, May 29, 2026. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 154% Earnings have declined by 54% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (NT$1.20b market cap, or US$38.3m). New Risk • Dec 19
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 154% Dividend yield: 2.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 154% Earnings have declined by 54% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.17b market cap, or US$37.2m). New Risk • Sep 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.2% average weekly change). Earnings have declined by 54% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.21b market cap, or US$39.9m). New Risk • May 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (NT$1.08b market cap, or US$36.1m). Reported Earnings • Apr 23
Full year 2024 earnings released: NT$1.03 loss per share (vs NT$0.43 profit in FY 2023) Full year 2024 results: NT$1.03 loss per share (down from NT$0.43 profit in FY 2023). Revenue: NT$895.3m (down 4.7% from FY 2023). Net loss: NT$57.2m (down 362% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (NT$1.02b market cap, or US$30.9m). New Risk • Mar 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 24% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (NT$1.29b market cap, or US$38.9m). Ankündigung • Mar 14
Anxo Pharmaceutical Co., Ltd., Annual General Meeting, May 28, 2025 Anxo Pharmaceutical Co., Ltd., Annual General Meeting, May 28, 2025, at 09:30 Taipei Standard Time. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (NT$1.38b market cap, or US$41.9m). New Risk • Sep 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (NT$1.98b market cap, or US$61.8m). Upcoming Dividend • Aug 19
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 26 August 2024. Payment date: 13 September 2024. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$30.00, the stock trades at a trailing P/E ratio of 76.4x. Average trailing P/E is 27x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 31% over the past three years. Reported Earnings • May 04
Full year 2023 earnings released: EPS: NT$0.43 (vs NT$0.26 loss in FY 2022) Full year 2023 results: EPS: NT$0.43 (up from NT$0.26 loss in FY 2022). Revenue: NT$939.9m (up 8.5% from FY 2022). Net income: NT$21.9m (up NT$34.4m from FY 2022). Profit margin: 2.3% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Ankündigung • Mar 08
Anxo Pharmaceutical Co., Ltd., Annual General Meeting, May 24, 2024 Anxo Pharmaceutical Co., Ltd., Annual General Meeting, May 24, 2024. New Risk • Feb 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.2% operating cash flow to total debt). Earnings have declined by 21% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (NT$2.73b market cap, or US$86.4m). New Risk • Sep 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.2% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.5% average weekly change). Earnings have declined by 21% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (NT$2.85b market cap, or US$89.0m). Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 25% share price gain to NT$21.50, the stock trades at a trailing P/E ratio of 53.8x. Average trailing P/E is 20x in the Pharmaceuticals industry in Taiwan. Total loss to shareholders of 36% over the past three years. Reported Earnings • May 02
Full year 2021 earnings released: EPS: NT$0.40 (vs NT$0.65 in FY 2020) Full year 2021 results: EPS: NT$0.40 (down from NT$0.65 in FY 2020). Revenue: NT$824.1m (down 4.9% from FY 2020). Net income: NT$19.2m (down 39% from FY 2020). Profit margin: 2.3% (down from 3.6% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 18
First half 2021 earnings released: EPS NT$0.02 (vs NT$0.28 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: NT$401.0m (down 4.9% from 1H 2020). Net income: NT$904.0k (down 93% from 1H 2020). Profit margin: 0.2% (down from 3.1% in 1H 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 25
Full year 2020 earnings released: EPS NT$0.69 (vs NT$0.56 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$866.1m (down 1.3% from FY 2019). Net income: NT$31.4m (up 30% from FY 2019). Profit margin: 3.6% (up from 2.7% in FY 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Jan 18
New 90-day low: NT$28.80 The company is down 2.0% from its price of NT$29.50 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 20% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: NT$28.90 The company is down 19% from its price of NT$35.50 on 29 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 13% over the same period. Is New 90 Day High Low • Sep 21
New 90-day low: NT$31.30 The company is down 14% from its price of NT$36.25 on 23 June 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 4.0% over the same period. 
