Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$91.20, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 19x in the Pharmaceuticals industry in Asia. Total loss to shareholders of 43% over the past three years. Declared Dividend • Jun 19
Dividend increased to NT$2.07 Dividend of NT$2.07 is 38% higher than last year. Ex-date: 6th July 2026 Payment date: 30th July 2026 Dividend yield will be 2.5%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but not covered by cash flows (103% cash payout ratio). The dividend has increased by an average of 41% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 53% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$81.80, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 18x in the Pharmaceuticals industry in Taiwan. Total loss to shareholders of 49% over the past three years. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: NT$0.46 (vs NT$0.31 in 1Q 2025) First quarter 2026 results: EPS: NT$0.46 (up from NT$0.31 in 1Q 2025). Revenue: NT$209.6m (up 16% from 1Q 2025). Net income: NT$76.2m (up 69% from 1Q 2025). Profit margin: 36% (up from 25% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2025 earnings released: EPS: NT$4.85 (vs NT$3.37 in FY 2024) Full year 2025 results: EPS: NT$4.85 (up from NT$3.37 in FY 2024). Revenue: NT$1.73b (up 108% from FY 2024). Net income: NT$749.8m (up 59% from FY 2024). Profit margin: 43% (down from 57% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Anuncio • Mar 13
Handa Pharmaceuticals, Inc., Annual General Meeting, Jun 17, 2026 Handa Pharmaceuticals, Inc., Annual General Meeting, Jun 17, 2026. Location: 2 floor no,12, chou tzu st., neihu district, taipei city Taiwan New Risk • Jan 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 135% Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Risk High level of non-cash earnings (38% accrual ratio). Minor Risks Dividend is not well covered by cash flows (135% cash payout ratio). Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$87.60, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 17x in the Pharmaceuticals industry in Taiwan. Total loss to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$100.00, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 17x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 8.5% over the past three years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$1.34 (vs NT$1.05 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.34 (up from NT$1.05 in 3Q 2024). Revenue: NT$489.5m (up 134% from 3Q 2024). Net income: NT$209.5m (up 43% from 3Q 2024). Profit margin: 43% (down from 70% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Anuncio • Nov 05
Handa Pharmaceuticals, Inc. has filed a Follow-on Equity Offering in the amount of TWD 1.232 billion. Handa Pharmaceuticals, Inc. has filed a Follow-on Equity Offering in the amount of TWD 1.232 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 11,200,000
Price(maximum): TWD 110 Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$139, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 17x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 153% over the past three years. New Risk • Sep 10
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 8.1% 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 High level of non-cash earnings (44% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to NT$106, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 17x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 94% over the past three years. New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 44% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 25
Upcoming dividend of NT$1.51 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to NT$60.20, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 18x in the Pharmaceuticals industry in Taiwan. Negligible returns to shareholders over past three years. New Risk • Mar 03
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 Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Profit margins are more than 30% lower than last year (46% net profit margin). Anuncio • Feb 20
Handa Pharmaceuticals, Inc. announced that it expects to receive TWD 1.156 billion in funding from ScinoPharm Taiwan, Ltd. Handa Pharmaceuticals, Inc. announced a private placement of 17,000,000 shares at a price of TWD 68 per share for the gross proceeds of TWD 1,156,000,000 on February 18, 2025. The transaction will include participation from ScinoPharm Taiwan, Ltd. The transaction has been approved by investor's boards of directors. Anuncio • Feb 19
Handa Pharmaceuticals, Inc., Annual General Meeting, Jun 17, 2025 Handa Pharmaceuticals, Inc., Annual General Meeting, Jun 17, 2025. Location: 2 floor no,1, sec.3 chung hsiao e. rd., da-an district, taipei city Taiwan Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$60.60, the stock trades at a trailing P/E ratio of 18.9x. Average forward P/E is 12x in the Pharmaceuticals industry in Taiwan. Negligible returns to shareholders over past three years. New Risk • Dec 20
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 6.3% 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: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (46% net profit margin). New Risk • Oct 25
New minor risk - Dividend sustainability The company has a short dividend paying track record. Continuous dividend paying years: 1 Dividend yield: 1.7% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (8.6% average weekly change). Profit margins are more than 30% lower than last year (46% net profit margin). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.73 (vs NT$1.90 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.73 (down from NT$1.90 in 2Q 2023). Revenue: NT$215.5m (down 24% from 2Q 2023). Net income: NT$102.4m (down 59% from 2Q 2023). Profit margin: 48% (down from 87% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$82.30, the stock trades at a trailing P/E ratio of 19.4x. Average forward P/E is 18x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 187% over the past three years. Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$109, the stock trades at a trailing P/E ratio of 25.6x. Average forward P/E is 13x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 317% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.83 (vs NT$1.90 in 1Q 2023) First quarter 2024 results: EPS: NT$0.83 (down from NT$1.90 in 1Q 2023). Revenue: NT$217.4m (down 23% from 1Q 2023). Net income: NT$117.1m (down 53% from 1Q 2023). Profit margin: 54% (down from 87% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$141, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 465% over the past three years. New Risk • Apr 20
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 7.0% 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: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Shareholders have been diluted in the past year (8.4% increase in shares outstanding). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$144, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 415% over the past three years. Anuncio • Apr 03
Handa Pharmaceuticals, Inc., Annual General Meeting, Jun 20, 2024 Handa Pharmaceuticals, Inc., Annual General Meeting, Jun 20, 2024. Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$5.41 (vs NT$0.32 loss in FY 2022) Full year 2023 results: EPS: NT$5.41 (up from NT$0.32 loss in FY 2022). Revenue: NT$1.11b (up 460% from FY 2022). Net income: NT$726.9m (up NT$766.9m from FY 2022). Profit margin: 66% (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 increased by 108% per year but the company’s share price has only increased by 79% per year, which means it is significantly lagging earnings growth. New Risk • Jan 30
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 5.4% 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 High level of non-cash earnings (79% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Shareholders have been diluted in the past year (8.4% increase in shares outstanding). Reported Earnings • Dec 28
Third quarter 2023 earnings released: EPS: NT$1.07 (vs NT$0.18 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.07 (up from NT$0.18 in 3Q 2022). Revenue: NT$240.0m (up 206% from 3Q 2022). Net income: NT$146.0m (up NT$122.8m from 3Q 2022). Profit margin: 61% (up from 30% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 70% p.a. on average during the next 2 years, compared to a 29% growth forecast for the Pharmaceuticals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 99% per year whereas the company’s share price has increased by 98% per year. New Risk • Nov 17
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 5.4% 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 High level of non-cash earnings (120% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Shareholders have been diluted in the past year (8.3% increase in shares outstanding). New Risk • Sep 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.9% 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 Risk High level of non-cash earnings (120% accrual ratio). Minor Risk Shareholders have been diluted in the past year (7.9% increase in shares outstanding). Reported Earnings • Apr 22
Full year 2022 earnings released: NT$0.32 loss per share (vs NT$2.10 loss in FY 2021) Full year 2022 results: NT$0.32 loss per share (improved from NT$2.10 loss in FY 2021). Revenue: NT$197.7m (up NT$168.4m from FY 2021). Net loss: NT$40.0m (loss narrowed 84% from FY 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 17
First half 2022 earnings released: NT$0.71 loss per share (vs NT$1.01 loss in 1H 2021) First half 2022 results: NT$0.71 loss per share (up from NT$1.01 loss in 1H 2021). Revenue: NT$41.0m (up 198% from 1H 2021). Net loss: NT$86.4m (loss narrowed 26% from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Apr 30
Full year 2021 earnings released: NT$2.10 loss per share (vs NT$2.44 loss in FY 2020) Full year 2021 results: NT$2.10 loss per share (up from NT$2.44 loss in FY 2020). Net loss: NT$247.7m (loss narrowed 12% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 18
First half 2021 earnings released: NT$1.01 loss per share (vs NT$1.26 loss in 1H 2020) First half 2021 results: Net loss: NT$116.6m (loss narrowed 20% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Anuncio • Mar 20
Handa Pharmaceuticals, Inc., Annual General Meeting, Jun 08, 2021 Handa Pharmaceuticals, Inc., Annual General Meeting, Jun 08, 2021. Is New 90 Day High Low • Feb 25
New 90-day high: NT$30.70 The company is up 15% from its price of NT$26.80 on 27 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 5.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: NT$28.15 The company is up 35% from its price of NT$20.90 on 07 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 12% over the same period. Is New 90 Day High Low • Nov 07
New 90-day high: NT$27.15 The company is up 1.0% from its price of NT$26.85 on 07 August 2020. The Taiwanese market is also up 1.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Pharmaceuticals industry, which is down 1.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: NT$22.05 The company is down 24% from its price of NT$29.15 on 23 June 2020. The Taiwanese market is up 8.0% 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.