New Risk • Jul 18
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$591.7m market cap, or US$18.2m). Reported Earnings • May 05
Full year 2025 earnings released: EPS: NT$1.09 (vs NT$0.034 in FY 2024) Full year 2025 results: EPS: NT$1.09 (up from NT$0.034 in FY 2024). Revenue: NT$222.7m (up 10% from FY 2024). Net income: NT$32.3m (up NT$31.2m from FY 2024). Profit margin: 14% (up from 0.5% in FY 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. 공고 • Mar 26
Bioray Biotech Co., Ltd, Annual General Meeting, Jun 24, 2026 Bioray Biotech Co., Ltd, Annual General Meeting, Jun 24, 2026. Location: 1 floor no,460, po ai 1st rd., gushan district, kaohsiung city Taiwan New Risk • Jan 22
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 8.6% 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 Risk Share price has been highly volatile over the past 3 months (8.6% average weekly change). Minor Risk Market cap is less than US$100m (NT$769.2m market cap, or US$24.3m). Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$26.00, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 30x in the Biotechs industry in Taiwan. Total loss to shareholders of 14% over the past three years. New Risk • Sep 04
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 8.1% 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 Risk Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risk Market cap is less than US$100m (NT$858.0m market cap, or US$27.9m). Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$29.30, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 35x in the Biotechs industry in Taiwan. Total loss to shareholders of 17% over the past three years. 공고 • Apr 01
Bioray Biotech Co., Ltd, Annual General Meeting, Jun 26, 2025 Bioray Biotech Co., Ltd, Annual General Meeting, Jun 26, 2025. Location: 1 floor no,460, po ai 1st rd., gushan district, kaohsiung city Taiwan 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 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 71% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (NT$686.2m market cap, or US$20.9m). New Risk • Dec 13
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 6.2% 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 71% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$607.1m market cap, or US$18.7m). 공고 • Mar 29
Bioray Biotech Co., Ltd, Annual General Meeting, Jun 24, 2024 Bioray Biotech Co., Ltd, Annual General Meeting, Jun 24, 2024. New Risk • Dec 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (NT$929.6m market cap, or US$30.3m). Upcoming Dividend • Aug 21
Inaugural dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 22 September 2023. The company last paid an ordinary dividend in . The average dividend yield among industry peers is 2.8%. New Risk • Aug 17
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2022. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported June 2022 fiscal period end). Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (NT$965.7m market cap, or US$30.2m). New Risk • Jul 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2022. 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 2022 fiscal period end). Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (NT$982.3m market cap, or US$31.7m). Reported Earnings • Apr 27
Full year 2021 earnings released: NT$0.27 loss per share (vs NT$0.002 loss in FY 2020) Full year 2021 results: NT$0.27 loss per share (down from NT$0.002 loss in FY 2020). Revenue: NT$148.0m (down 5.3% from FY 2020). Net loss: NT$7.19m (loss widened NT$7.13m from FY 2020). Is New 90 Day High Low • Feb 03
New 90-day low: NT$27.55 The company is down 3.0% from its price of NT$28.30 on 05 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is down 9.0% over the same period. Is New 90 Day High Low • Jan 18
New 90-day low: NT$28.00 The company is down 7.0% from its price of NT$30.20 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 5.0% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: NT$32.85 The company is up 4.0% from its price of NT$31.50 on 02 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is down 3.0% over the same period. Valuation Update With 7 Day Price Move • Oct 12
Market bids up stock over the past week After last week's 20% share price gain to NT$30.95, the stock is trading at a trailing P/E ratio of 58.6x, up from the previous P/E ratio of 48.9x. This compares to an average P/E of 48x in the Biotechs industry in Taiwan.