Reported Earnings • Apr 20
Full year 2023 earnings released: EPS: NT$0.01 (vs NT$0.41 in FY 2022) Full year 2023 results: EPS: NT$0.01 (down from NT$0.41 in FY 2022). Revenue: NT$648.6m (up 2.3% from FY 2022). Net income: NT$803.0k (down 98% from FY 2022). Profit margin: 0.1% (down from 7.4% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$22.80, the stock trades at a trailing P/E ratio of 64.6x. Average trailing P/E is 48x in the Biotechs industry in Taiwan. Total loss to shareholders of 45% over the past year. New Risk • Apr 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.20b (US$98.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (6.4% net profit margin). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Market cap is less than US$100m (NT$3.20b market cap, or US$98.5m). 공고 • Mar 20
UBI Pharma Inc., Annual General Meeting, Jun 06, 2024 UBI Pharma Inc., Annual General Meeting, Jun 06, 2024. New Risk • Feb 27
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (6.4% net profit margin). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). New Risk • Dec 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% 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: Minor Risks Profit margins are more than 30% lower than last year (6.4% net profit margin). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Reported Earnings • Aug 17
First half 2023 earnings released: EPS: NT$0.12 (vs NT$0.18 in 1H 2022) First half 2023 results: EPS: NT$0.12 (down from NT$0.18 in 1H 2022). Revenue: NT$335.7m (up 5.2% from 1H 2022). Net income: NT$13.8m (down 28% from 1H 2022). Profit margin: 4.1% (down from 6.1% in 1H 2022). The decrease in margin was driven by higher expenses. New Risk • Aug 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.4% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Buying Opportunity • Jul 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be NT$44.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Jun 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be NT$44.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Apr 22
Full year 2022 earnings released: EPS: NT$0.43 (vs NT$0.23 in FY 2021) Full year 2022 results: EPS: NT$0.43 (up from NT$0.23 in FY 2021). Revenue: NT$633.8m (down 1.6% from FY 2021). Net income: NT$47.2m (up 111% from FY 2021). Profit margin: 7.4% (up from 3.5% in FY 2021). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 18% share price gain to NT$55.60, the stock trades at a trailing P/E ratio of 76.5x. Average trailing P/E is 40x in the Biotechs industry in Taiwan. Total returns to shareholders of 509% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Yau-Huei Wei was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 25% share price gain to NT$39.40, the stock trades at a trailing P/E ratio of 54.2x. Average trailing P/E is 35x in the Biotechs industry in Taiwan. Total returns to shareholders of 314% over the past three years. Reported Earnings • Aug 19
First half 2022 earnings released: EPS: NT$0.18 (vs NT$0.43 loss in 1H 2021) First half 2022 results: EPS: NT$0.18 (up from NT$0.43 loss in 1H 2021). Revenue: NT$319.0m (up 9.3% from 1H 2021). Net income: NT$19.3m (up NT$58.6m from 1H 2021). Profit margin: 6.1% (up from net loss in 1H 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Yau-Huei Wei was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 18
First half 2021 earnings released: NT$0.43 loss per share (vs NT$1.05 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: NT$291.8m (up 29% from 1H 2020). Net loss: NT$39.2m (loss narrowed 56% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth.