Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$0.84 (vs NT$1.07 in 1Q 2025) First quarter 2026 results: EPS: NT$0.84 (down from NT$1.07 in 1Q 2025). Revenue: NT$4.84b (up 3.7% from 1Q 2025). Net income: NT$125.2m (down 22% from 1Q 2025). Profit margin: 2.6% (down from 3.4% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Announcement • Mar 02
Great Tree Pharmacy Co., Ltd., Annual General Meeting, May 29, 2026 Great Tree Pharmacy Co., Ltd., Annual General Meeting, May 29, 2026, at 10:00 Taipei Standard Time. Location: 17 floor no,186, fu hsing rd., taoyuan district, taoyuan city Taiwan Reported Earnings • Feb 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NT$4.01 (down from NT$4.57 in FY 2024). Revenue: NT$18.9b (up 9.4% from FY 2024). Net income: NT$600.4m (down 12% from FY 2024). Profit margin: 3.2% (down from 3.9% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Consumer Retailing industry in Asia. 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 26% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.88 (vs NT$1.12 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.88 (down from NT$1.12 in 3Q 2024). Revenue: NT$4.61b (up 6.2% from 3Q 2024). Net income: NT$131.1m (down 22% from 3Q 2024). Profit margin: 2.8% (down from 3.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Price Target Changed • Sep 19
Price target decreased by 13% to NT$127 Down from NT$146, the current price target is an average from 2 analysts. New target price is 5.9% below last closing price of NT$135. Stock is down 19% over the past year. The company posted earnings per share of NT$4.57 last year. Buy Or Sell Opportunity • Aug 29
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at NT$140. The fair value is estimated to be NT$175, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 32% in the next 2 years. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$1.21 (vs NT$1.29 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.21 (down from NT$1.29 in 2Q 2024). Revenue: NT$4.79b (up 13% from 2Q 2024). Net income: NT$160.4m (down 5.8% from 2Q 2024). Profit margin: 3.4% (down from 4.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.1% to NT$161. The fair value is estimated to be NT$201, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 4.7%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. Upcoming Dividend • Jun 24
Upcoming dividend of NT$3.30 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 24 July 2025. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.7%). Buy Or Sell Opportunity • Jun 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to NT$149. The fair value is estimated to be NT$188, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 4.7%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. Declared Dividend • Jun 05
Dividend of NT$3.30 announced Shareholders will receive a dividend of NT$3.30. Ex-date: 1st July 2025 Payment date: 24th July 2025 Dividend yield will be 2.1%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$1.21 (vs NT$1.28 in 1Q 2024) First quarter 2025 results: EPS: NT$1.21 (down from NT$1.28 in 1Q 2024). Revenue: NT$4.67b (up 11% from 1Q 2024). Net income: NT$159.9m (down 5.4% from 1Q 2024). Profit margin: 3.4% (down from 4.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 4% per year. Announcement • May 01
Great Tree Pharmacy Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Great Tree Pharmacy Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Buy Or Sell Opportunity • Apr 21
Now 21% undervalued Over the last 90 days, the stock has risen 1.4% to NT$150. The fair value is estimated to be NT$190, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 9.6%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. 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 6.8% 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 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 (6.8% average weekly change). Buy Or Sell Opportunity • Mar 31
Now 24% undervalued Over the last 90 days, the stock has risen 9.6% to NT$160. The fair value is estimated to be NT$210, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 9.6%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • Mar 04
Great Tree Pharmacy Co., Ltd., Annual General Meeting, May 29, 2025 Great Tree Pharmacy Co., Ltd., Annual General Meeting, May 29, 2025, at 10:00 Taipei Standard Time. Location: 17 floor no,186, fu hsing rd., taoyuan district, taoyuan city Taiwan Reported Earnings • Mar 01
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$5.16 (up from NT$5.13 in FY 2023). Revenue: NT$17.3b (up 7.0% from FY 2023). Net income: NT$680.8m (up 2.2% from FY 2023). Profit margin: 3.9% (down from 4.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Mar 01
Great Tree Pharmacy Co., Ltd. announced that it expects to receive TWD 1 billion in funding Great Tree Pharmacy Co., Ltd. announced a private placement of 3rd domestic unsecured convertible corporate bonds for the gross proceeds of TWD 1,000,000,000 on February 27, 2025. The bonds will have a zero coupon rate. The transaction has been approved by the shareholders of the company. Announcement • Feb 20
Great Tree Pharmacy Co., Ltd. to Report Fiscal Year 2024 Results on Feb 27, 2025 Great Tree Pharmacy Co., Ltd. announced that they will report fiscal year 2024 results on Feb 27, 2025 Price Target Changed • Dec 18
Price target decreased by 18% to NT$158 Down from NT$194, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$153. Stock is down 48% over the past year. The company is forecast to post earnings per share of NT$5.03 for next year compared to NT$5.13 last year. Reported Earnings • Nov 11
Third quarter 2024 earnings released: EPS: NT$1.27 (vs NT$1.26 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.27 (up from NT$1.26 in 3Q 2023). Revenue: NT$4.34b (up 7.0% from 3Q 2023). Net income: NT$167.1m (up 2.3% from 3Q 2023). Profit margin: 3.9% (down from 4.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 16% per year. New Risk • Aug 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$1.29 (vs NT$1.29 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.29 (in line with 2Q 2023). Revenue: NT$4.23b (up 3.8% from 2Q 2023). Net income: NT$170.2m (up 2.0% from 2Q 2023). Profit margin: 4.0% (down from 4.1% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 25% per year. Announcement • Aug 02
Great Tree Pharmacy Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Great Tree Pharmacy Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jul 03
Upcoming dividend of NT$3.60 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 31 July 2024. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.1%). Declared Dividend • Jun 13
Dividend of NT$3.60 announced Shareholders will receive a dividend of NT$3.60. Ex-date: 9th July 2024 Payment date: 31st July 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 34% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 13
Great Tree Pharmacy Co., Ltd. Announces Cash Dividend , Payable on July 31, 2024 Great Tree Pharmacy Co., Ltd. announced cash dividends. Type and monetary amount of dividend distribution: Cash dividends to common shareholders TWD 405,514,325. Ex-rights (Ex-dividend) date is July 9, 2024. Ex-rights (Ex-dividend) record date is July 15, 2024. Payment date of cash dividend distribution is July 31, 2024. Date of the resolution by the board of directors or shareholders meeting, or of the decision by the company is June 11, 2024. Reported Earnings • May 18
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: NT$1.50 (up from NT$1.42 in 1Q 2023). Revenue: NT$4.21b (up 10% from 1Q 2023). Net income: NT$169.0m (up 7.7% from 1Q 2023). Profit margin: 4.0% (down from 4.1% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • May 14
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$19.4b to NT$18.7b. EPS estimate also fell from NT$7.53 per share to NT$6.56 per share. Net income forecast to grow 33% next year vs 14% growth forecast for Consumer Retailing industry in Taiwan. Consensus price target broadly unchanged at NT$262. Share price was steady at NT$284 over the past week. Announcement • May 03
Great Tree Pharmacy Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Great Tree Pharmacy Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Board Change • Apr 03
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Min-Hsiung Pan was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 06
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$6.00 (down from NT$6.40 in FY 2022). Revenue: NT$16.1b (up 11% from FY 2022). Net income: NT$666.0m (down 4.9% from FY 2022). Profit margin: 4.1% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 3.1%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Consumer Retailing industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Dec 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$1.47 (down from NT$1.55 in 3Q 2022). Revenue: NT$4.05b (up 12% from 3Q 2022). Net income: NT$163.5m (down 3.5% from 3Q 2022). Profit margin: 4.0% (down from 4.7% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 45% 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. Announcement • Aug 11
Great Tree Pharmacy Co., Ltd. Announces Convener of Audit Committee Changes Great Tree Pharmacy Co., Ltd. announced convener of Audit Committee changes. Name of the previous position holder: Tian-Dao Liu, Certified Public Accountant of Zhi-Dao Accounting Firm. Resume of the new position holder: Tian-Dao Liu, Certified Public Accountant of Zhi-Dao Accounting Firm. Effective date of the new member: August 10, 2023 to May 30, 2026. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: NT$1.52 (down from NT$2.23 in 2Q 2022). Revenue: NT$4.07b (up 2.8% from 2Q 2022). Net income: NT$166.8m (down 32% from 2Q 2022). Profit margin: 4.1% (down from 6.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 114% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Aug 11
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$6.92 to NT$5.66 per share. Revenue forecast steady at NT$16.6b. Net income forecast to grow 4.8% next year vs 16% growth forecast for Consumer Retailing industry in Taiwan. Consensus price target down from NT$273 to NT$258. Share price rose 13% to NT$366 over the past week. Upcoming Dividend • Jun 28
Upcoming dividend of NT$4.70 per share at 1.3% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.0%). Reported Earnings • Jun 07
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: NT$1.75 (up from NT$1.33 in 1Q 2022). Revenue: NT$3.81b (up 19% from 1Q 2022). Net income: NT$156.8m (up 33% from 1Q 2022). Profit margin: 4.1% (up from 3.7% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 6.1%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 98% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 06
Great Tree Pharmacy Co., Ltd. Announces Cash Dividend for the Year 2022, Payable on July 28, 2023 Great Tree Pharmacy Co., Ltd. announced cash dividend for the year 2022 of TWD 422,522,017. Ex-rights (Ex-dividend) date is July 5, 2023. Ex-rights (Ex-dividend) record date is July 11, 2023. Payment date of cash dividend distribution is July 28, 2023. Announcement • Jun 02
Great Tree Pharmacy Co., Ltd. Appoints Min-Hsiung Pan as Member of the Audit Committee and the Remuneration Committee Great Tree Pharmacy Co., Ltd. announced the appointment of Min-Hsiung Pan as member of the Audit Committee and the Remuneration Committee. Resume of the new position holder: Independent director Min-Hsiung Pan Professor and Director of the Institute of Food Science and Technology of NTU. Effective date of the new member is May 31, 2023. Announcement • Jun 01
Great Tree Pharmacy Co., Ltd. Elects Min-Hsiung Pan as Independent Director Great Tree Pharmacy Co., Ltd. announced that at its shareholders' meeting held on May 31, 2023, approved the election of Min-Hsiung Pan as Independent Director. Buying Opportunity • May 12
Now 23% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be NT$476, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 54%. Revenue is forecast to grow by 44% in 2 years. Earnings is forecast to grow by 42% in the next 2 years. Reported Earnings • Mar 01
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$7.85 (up from NT$4.64 in FY 2021). Revenue: NT$14.6b (up 29% from FY 2021). Net income: NT$700.1m (up 72% from FY 2021). Profit margin: 4.8% (up from 3.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.8%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 97% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Feb 24
Price target increased by 7.6% to NT$324 Up from NT$301, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$335. Stock is up 57% over the past year. The company is forecast to post earnings per share of NT$7.81 for next year compared to NT$4.64 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$1.90 (up from NT$1.20 in 3Q 2021). Revenue: NT$3.61b (up 24% from 3Q 2021). Net income: NT$169.3m (up 62% from 3Q 2021). Profit margin: 4.7% (up from 3.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Dai-Huang Kuo 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 • Nov 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$1.90 (up from NT$1.20 in 3Q 2021). Revenue: NT$3.61b (up 24% from 3Q 2021). Net income: NT$169.3m (up 62% from 3Q 2021). Profit margin: 4.7% (up from 3.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Oct 26
Now 20% undervalued Over the last 90 days, the stock is up 4.9%. The fair value is estimated to be NT$329, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 49%. Revenue is forecast to grow by 45% in 2 years. Earnings is forecast to grow by 50% in the next 2 years. Announcement • Sep 17
Great Tree Pharmacy Co., Ltd. announced that it has received TWD 220 million in funding from Sugi Holdings Co.,Ltd. On September 15, 2022, the company closed the transaction. The company received NTD 220 million through unsecured convertible bonds Announcement • Sep 08
Great Tree Pharmacy Co., Ltd. announced that it expects to receive funding from Sugi Holdings Co.,Ltd. Great Tree Pharmacy Co., Ltd. announced that it will received funding on September 6, 2022. The transaction will include participation from returning investor Sugi Holdings Co.,Ltd. Major Estimate Revision • Aug 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from NT$6.63 to NT$7.45. Revenue forecast unchanged at NT$14.4b. Net income forecast to grow 19% next year vs 12% growth forecast for Consumer Retailing industry in Taiwan. Consensus price target broadly unchanged at NT$298. Share price was steady at NT$295 over the past week. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: NT$2.74 (up from NT$1.35 in 2Q 2021). Revenue: NT$3.97b (up 40% from 2Q 2021). Net income: NT$244.4m (up 106% from 2Q 2021). Profit margin: 6.2% (up from 4.2% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 51%. Over the next year, revenue is forecast to grow 20%, compared to a 17% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has increased by 92% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 20% share price gain to NT$319, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 17x in the Consumer Retailing industry in Asia. Total returns to shareholders of 538% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of NT$2.57 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 21 July 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (6.2%). Lower than average of industry peers (2.6%). Announcement • Jun 15
Great Tree Pharmacy Co., Ltd. Announces Cash Dividend, Payable on July 21, 2022 Great Tree Pharmacy Co., Ltd. announced cash dividend of TWD 182,241,423. Ex-rights (Ex-dividend) date is June 29, 2022. Ex-rights (Ex-dividend) record date is July 5, 2022. Payment date of cash dividend distribution is July 21, 2022. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 19% share price gain to NT$344, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 17x in the Consumer Retailing industry in Asia. Total returns to shareholders of 678% over the past three years. Board Change • May 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Dai-Huang Kuo 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 • May 14
First quarter 2022 earnings released: EPS: NT$1.67 (vs NT$1.04 in 1Q 2021) First quarter 2022 results: EPS: NT$1.67 (up from NT$1.04 in 1Q 2021). Revenue: NT$3.19b (up 29% from 1Q 2021). Net income: NT$118.0m (up 64% from 1Q 2021). Profit margin: 3.7% (up from 2.9% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 24%, compared to a 22% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$5.83 (up from NT$2.88 in FY 2020). Revenue: NT$11.3b (up 31% from FY 2020). Net income: NT$407.4m (up 110% from FY 2020). Profit margin: 3.6% (up from 2.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.6%. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 83% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 27
Great Tree Pharmacy Co., Ltd. Approves Dividend Distribution for the Year Ended December 31, 2021 Great Tree Pharmacy Co., Ltd. at the board meeting held on February 25, 2022, the company approved dividend distribution of TWD 2.57 per share for the year ended December 31, 2021. Announcement • Feb 26
Great Tree Pharmacy Co., Ltd., Annual General Meeting, May 31, 2022 Great Tree Pharmacy Co., Ltd., Annual General Meeting, May 31, 2022. Location: Great Tree Pharmacy Co., Ltd., 17F,No.186 ,Fuxing Rd.,Taoyuan Dist., Taoyuan City Taoyuan City Taiwan Agenda: To report the business report of 2021; to report the Audit Committee's review report of 2021; to report the compensation to employees and remuneration to directors of 2021; to accept the proposal for distribution of 2021 earnings (cash dividend); to accept 2021 Business Report and Financial Statments; to accept the proposal for distribution of 2021 earnings; and to consider other matters. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 16% share price gain to NT$262, the stock trades at a trailing P/E ratio of 52.3x. Average trailing P/E is 34x in the Consumer Retailing industry in Taiwan. Total returns to shareholders of 520% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$1.51 (vs NT$0.66 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$2.91b (up 30% from 3Q 2020). Net income: NT$104.8m (up 133% from 3Q 2020). Profit margin: 3.6% (up from 2.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorated over the past week After last week's 23% share price decline to NT$251, the stock trades at a trailing P/E ratio of 45.5x. Average trailing P/E is 30x in the Consumer Retailing industry in Taiwan. Total returns to shareholders of 361% over the past three years. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 19% share price gain to NT$283, the stock trades at a trailing P/E ratio of 51.3x. Average trailing P/E is 31x in the Consumer Retailing industry in Taiwan. Total returns to shareholders of 431% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$2.20 (vs NT$0.86 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.83b (up 43% from 2Q 2020). Net income: NT$118.5m (up 170% from 2Q 2020). Profit margin: 4.2% (up from 2.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improved over the past week After last week's 20% share price gain to NT$238, the stock trades at a trailing P/E ratio of 57.1x. Average trailing P/E is 27x in the Consumer Retailing industry in Taiwan. Total returns to shareholders of 353% over the past three years. Upcoming Dividend • Jul 15
Upcoming dividend of NT$0.99 per share Eligible shareholders must have bought the stock before 22 July 2021. Payment date: 13 August 2021. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 19% share price gain to NT$186, the stock trades at a trailing P/E ratio of 44.6x. Average trailing P/E is 27x in the Consumer Retailing industry in Taiwan. Total returns to shareholders of 221% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.34 (vs NT$0.92 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.48b (up 23% from 1Q 2020). Net income: NT$71.8m (up 56% from 1Q 2020). Profit margin: 2.9% (up from 2.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 21% share price gain to NT$124, the stock trades at a trailing P/E ratio of 33.1x. Average trailing P/E is 28x in the Consumer Retailing industry in Taiwan. Total returns to shareholders of 127% over the past three years. Announcement • Mar 20
Great Tree Pharmacy Co., Ltd. Approves Dividend Distribution Great Tree Pharmacy Co., Ltd. approved dividend distribution of TWD 1.00 per share for the year 2020. Announcement • Mar 19
Great Tree Pharmacy Co., Ltd., Annual General Meeting, Jun 24, 2021 Great Tree Pharmacy Co., Ltd., Annual General Meeting, Jun 24, 2021. Location: No.143,Chengzhang 4th St.,Zhongli Dist Taoyuan City Taiwan Agenda: To report the business report of 2020; to report the Audit Committee's review report; to report the compensation to employees and remuneration to directors of 2020; to consider status of the company's issuance of Domestic Unsecured Convertible Bonds; to accept 2020 business report and financial statements; the proposal for distribution of 2020 Earnings; to amendments to the company's articles of incorporation; to consider amendments to the company's procedures for election of directors; to consider amendments to the company's rules of procedure for shareholders' meetings; to consider amendments to the Company's Regulations Governing the Acquisition and Disposal of Assets; and to consider other matters. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$3.73 (vs NT$2.77 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$8.64b (up 31% from FY 2019). Net income: NT$194.3m (up 43% from FY 2019). Profit margin: 2.2% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 12
New 90-day high: NT$101 The company is up 4.0% from its price of NT$96.80 on 11 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Consumer Retailing industry, which is also up 4.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: NT$100.00 The company is up 10.0% from its price of NT$90.54 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 1.0% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS NT$0.86 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$2.25b (up 32% from 3Q 2019). Net income: NT$45.0m (up 21% from 3Q 2019). Profit margin: 2.0% (down from 2.2% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 15% per year.