New Risk • Jul 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.21b (US$99.8m) 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 Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (NT$3.21b market cap, or US$99.8m). New Risk • Mar 23
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 449% Dividend yield: 1.7% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 449% Minor Risk Profit margins are more than 30% lower than last year (4.2% net profit margin). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.02 (vs NT$1.65 in FY 2024) Full year 2025 results: EPS: NT$1.02 (down from NT$1.65 in FY 2024). Revenue: NT$1.24b (up 1.2% from FY 2024). Net income: NT$51.4m (down 39% from FY 2024). Profit margin: 4.2% (down from 6.8% 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 2% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 06
Dividend reduced to NT$0.87 Dividend of NT$0.87 is 38% lower than last year. Ex-date: 1st October 2026 Payment date: 30th October 2026 Dividend yield will be 0.9%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio) nor is it covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 14% to bring the payout ratio under control, which is less than the 63% EPS growth achieved over the last 5 years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.20 (vs NT$0.23 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.20 (down from NT$0.23 in 3Q 2024). Revenue: NT$298.0m (down 2.0% from 3Q 2024). Net income: NT$10.3m (down 11% from 3Q 2024). Profit margin: 3.5% (down from 3.8% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 26
Upcoming dividend of NT$1.42 per share Eligible shareholders must have bought the stock before 03 October 2025. Payment date: 31 October 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.8%). New Risk • Sep 24
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 6.7% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.33 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.23 (down from NT$0.33 in 2Q 2024). Revenue: NT$304.4m (up 4.0% from 2Q 2024). Net income: NT$11.4m (down 32% from 2Q 2024). Profit margin: 3.7% (down from 5.7% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year and the company’s share price has also increased by 26% per year. New Risk • Jun 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 93% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: NT$0.30 (vs NT$0.44 in 1Q 2024) First quarter 2025 results: EPS: NT$0.30 (down from NT$0.44 in 1Q 2024). Revenue: NT$290.8m (down 1.9% from 1Q 2024). Net income: NT$15.0m (down 32% from 1Q 2024). Profit margin: 5.2% (down from 7.5% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.17b (US$96.3m) 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$69.30, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 17x in the Healthcare industry in Taiwan. Total returns to shareholders of 102% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$1.65 (vs NT$1.56 in FY 2023) Full year 2024 results: EPS: NT$1.65 (up from NT$1.56 in FY 2023). Revenue: NT$1.22b (up 8.4% from FY 2023). Net income: NT$83.7m (up 6.8% from FY 2023). Profit margin: 6.8% (down from 7.0% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Jan 08
BIONET Corp., Annual General Meeting, Jun 20, 2025 BIONET Corp., Annual General Meeting, Jun 20, 2025. Location: 6-5 floor no,28 ln.78, hsing ai rd., neihu district, taipei city Taiwan Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$82.00, the stock trades at a trailing P/E ratio of 74.6x. Average trailing P/E is 19x in the Healthcare industry in Taiwan. Total returns to shareholders of 129% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.23 (vs NT$0.37 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.23 (down from NT$0.37 in 3Q 2023). Revenue: NT$303.9m (up 5.1% from 3Q 2023). Net income: NT$11.6m (down 38% from 3Q 2023). Profit margin: 3.8% (down from 6.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 18
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to NT$109. The fair value is estimated to be NT$88.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 44%. Upcoming Dividend • Sep 12
Upcoming dividend of NT$0.71 per share Eligible shareholders must have bought the stock before 19 September 2024. Payment date: 25 October 2024. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (4.5%). Lower than average of industry peers (3.0%). Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$0.35 (vs NT$0.67 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.35 (down from NT$0.67 in 2Q 2023). Revenue: NT$292.8m (down 1.0% from 2Q 2023). Net income: NT$16.8m (down 47% from 2Q 2023). Profit margin: 5.7% (down from 11% 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 44% per year but the company’s share price has only increased by 37% 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 17% After last week's 17% share price decline to NT$114, the stock trades at a trailing P/E ratio of 69.3x. Average trailing P/E is 22x in the Healthcare industry in Taiwan. Total returns to shareholders of 151% over the past three years. Buy Or Sell Opportunity • Jul 19
Now 23% undervalued Over the last 90 days, the stock has risen 147% to NT$146. 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 9.9% over the last 3 years. Earnings per share has grown by 51%. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$96.10, the stock trades at a trailing P/E ratio of 58.7x. Average trailing P/E is 23x in the Healthcare industry in Taiwan. Total returns to shareholders of 133% over the past three years. New Risk • Jun 05
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 6.5% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$77.30, the stock trades at a trailing P/E ratio of 47.2x. Average trailing P/E is 23x in the Healthcare industry in Taiwan. Total returns to shareholders of 86% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.47 (vs NT$0.49 in 1Q 2023) First quarter 2024 results: EPS: NT$0.47 (down from NT$0.49 in 1Q 2023). Revenue: NT$296.4m (up 15% from 1Q 2023). Net income: NT$22.2m (down 4.2% from 1Q 2023). Profit margin: 7.5% (down from 9.0% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$69.40, the stock trades at a trailing P/E ratio of 41.9x. Average trailing P/E is 21x in the Healthcare industry in Taiwan. Total returns to shareholders of 68% over the past three years. Announcement • Mar 30
BIONET Corp., Annual General Meeting, Jun 19, 2024 BIONET Corp., Annual General Meeting, Jun 19, 2024. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: NT$1.67 (vs NT$0.80 in FY 2022) Full year 2023 results: EPS: NT$1.67 (up from NT$0.80 in FY 2022). Revenue: NT$1.13b (up 15% from FY 2022). Net income: NT$78.4m (up 107% from FY 2022). Profit margin: 7.0% (up from 3.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.40 (vs NT$0.34 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.40 (up from NT$0.34 in 3Q 2022). Revenue: NT$289.3m (up 17% from 3Q 2022). Net income: NT$18.6m (up 18% from 3Q 2022). Profit margin: 6.4% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 24
Upcoming dividend of NT$0.70 per share at 1.0% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 28 September 2023. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (2.9%). Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: NT$0.67 (vs NT$0.15 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.67 (up from NT$0.15 in 2Q 2022). Revenue: NT$295.8m (up 22% from 2Q 2022). Net income: NT$31.5m (up 343% from 2Q 2022). Profit margin: 11% (up from 2.9% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. New Risk • Jul 19
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 8.3% 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. This is currently the only risk that has been identified for the company. 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. 3 experienced directors. 9 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Director George Huang was the last independent director to join the board, commencing their role in 2006. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Aug 29
Upcoming dividend of NT$0.49 per share Eligible shareholders must have bought the stock before 05 September 2022. Payment date: 30 September 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (2.8%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.15 (vs NT$0.25 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.15 (down from NT$0.25 in 2Q 2021). Revenue: NT$242.3m (down 1.3% from 2Q 2021). Net income: NT$7.10m (down 40% from 2Q 2021). Profit margin: 2.9% (down from 4.8% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.10 (vs NT$0.25 in 1Q 2021) First quarter 2022 results: EPS: NT$0.10 (down from NT$0.25 in 1Q 2021). Revenue: NT$229.7m (flat on 1Q 2021). Net income: NT$4.63m (down 61% from 1Q 2021). Profit margin: 2.0% (down from 5.1% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. 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. 3 experienced directors. 9 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Director George Huang was the last independent director to join the board, commencing their role in 2006. 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 • Apr 01
Full year 2021 earnings released: EPS: NT$0.56 (vs NT$0.27 in FY 2020) Full year 2021 results: EPS: NT$0.56 (up from NT$0.27 in FY 2020). Revenue: NT$921.4m (up 14% from FY 2020). Net income: NT$26.6m (up 109% from FY 2020). Profit margin: 2.9% (up from 1.6% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.11 (vs NT$0.033 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$226.8m (up 7.8% from 3Q 2020). Net income: NT$5.38m (up 242% from 3Q 2020). Profit margin: 2.4% (up from 0.7% 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 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.25 (vs NT$0.003 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$245.4m (up 34% from 2Q 2020). Net income: NT$11.9m (up NT$12.0m from 2Q 2020). Profit margin: 4.8% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 26
Upcoming dividend of NT$0.18 per share Eligible shareholders must have bought the stock before 02 August 2021. Payment date: 27 August 2021. Trailing yield: 0.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.9%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.25 (vs NT$0.11 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$230.1m (up 18% from 1Q 2020). Net income: NT$11.8m (up 126% from 1Q 2020). Profit margin: 5.1% (up from 2.7% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.27 (vs NT$0.14 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$806.6m (up 4.0% from FY 2019). Net income: NT$12.7m (up 87% from FY 2019). Profit margin: 1.6% (up from 0.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 22
New 90-day low: NT$35.85 The company is down 6.0% from its price of NT$38.25 on 23 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Healthcare industry, which is down 7.0% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: NT$42.95 The company is up 3.0% from its price of NT$41.70 on 04 September 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Healthcare industry, which is also up 3.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.03 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$210.3m (up 13% from 3Q 2019). Net income: NT$1.57m (up NT$1.80m from 3Q 2019). Profit margin: 0.7% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 17
New 90-day low: NT$38.35 The company is down 15% from its price of NT$44.95 on 17 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is up 7.0% over the same period. 
