New Risk • Jun 29
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 12% 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 46% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (NT$901.5m market cap, or US$28.3m). Reported Earnings • Apr 07
Full year 2025 earnings released: NT$0.79 loss per share (vs NT$0.11 profit in FY 2024) Full year 2025 results: NT$0.79 loss per share (down from NT$0.11 profit in FY 2024). Revenue: NT$398.9m (up 28% from FY 2024). Net loss: NT$21.3m (down NT$23.9m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 116 percentage points per year, which is a significant difference in performance. New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 42% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (8.4% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (NT$844.4m market cap, or US$26.9m). Announcement • Feb 25
Ttbio Corp., Annual General Meeting, May 14, 2026 Ttbio Corp., Annual General Meeting, May 14, 2026, at 14:00 Taipei Standard Time. Location: no,7, kung yeh ou 6th rd., hsi tun district, taichung city Taiwan New Risk • Aug 28
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 18% 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 Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 42% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (NT$885.0m market cap, or US$29.0m). New Risk • Aug 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% 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 Earnings have declined by 42% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (NT$558.9m market cap, or US$18.4m). Upcoming Dividend • Jul 22
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 28 July 2025. Payment date: 15 August 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.7%). Board Change • Jun 06
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. No independent directors (7 non-independent directors). Member of the Supervisory Board Liang Hong Ye was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 17
Full year 2024 earnings released: EPS: NT$0.11 (vs NT$0.28 in FY 2023) Full year 2024 results: EPS: NT$0.11 (down from NT$0.28 in FY 2023). Revenue: NT$312.1m (down 1.9% from FY 2023). Net income: NT$2.59m (down 61% from FY 2023). Profit margin: 0.8% (down from 2.1% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Mar 12
Ttbio Corp., Annual General Meeting, Jun 17, 2025 Ttbio Corp., Annual General Meeting, Jun 17, 2025. Location: no,7, kung yeh ou 6th rd., hsi tun district, taichung 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 28% per year over the past 5 years. 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 (1.5% net profit margin). Market cap is less than US$100m (NT$458.2m market cap, or US$13.9m). Board Change • Feb 05
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. No independent directors (7 non-independent directors). Member of the Supervisory Board Liang Hong Ye was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 11
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. No independent directors (7 non-independent directors). Member of the Supervisory Board Liang Hong Ye was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 15
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. No independent directors (7 non-independent directors). Member of the Supervisory Board Liang Hong Ye was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Jun 17
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 19 July 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.1%). Reported Earnings • Apr 18
Full year 2023 earnings released: EPS: NT$0.28 (vs NT$1.66 in FY 2022) Full year 2023 results: EPS: NT$0.28 (down from NT$1.66 in FY 2022). Revenue: NT$318.1m (down 24% from FY 2022). Net income: NT$6.68m (down 83% from FY 2022). Profit margin: 2.1% (down from 9.5% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. Announcement • Mar 26
Ttbio Corp., Annual General Meeting, Jun 24, 2024 Ttbio Corp., Annual General Meeting, Jun 24, 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: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Dividend is not well covered by earnings (118% payout ratio). Market cap is less than US$100m (NT$485.8m market cap, or US$15.4m). New Risk • Oct 21
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 5.8% 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: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (118% payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (NT$565.2m market cap, or US$17.5m). Upcoming Dividend • Jun 19
Upcoming dividend of NT$1.25 per share at 4.3% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 14 July 2023. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.4%). Reported Earnings • Apr 20
Full year 2022 earnings released: EPS: NT$1.65 (vs NT$0.48 in FY 2021) Full year 2022 results: EPS: NT$1.65 (up from NT$0.48 in FY 2021). Revenue: NT$418.9m (up 37% from FY 2021). Net income: NT$39.8m (up 245% from FY 2021). Profit margin: 9.5% (up from 3.8% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. No independent directors (7 non-independent directors). Member of the Supervisory Board Liang Hong Ye was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 16% share price gain to NT$28.15, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 17x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 18% over the past three years. Reported Earnings • Aug 15
First half 2022 earnings released: EPS: NT$0.70 (vs NT$0.083 in 1H 2021) First half 2022 results: EPS: NT$0.70 (up from NT$0.083 in 1H 2021). Revenue: NT$189.6m (up 41% from 1H 2021). Net income: NT$16.8m (up NT$14.8m from 1H 2021). Profit margin: 8.8% (up from 1.5% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 06
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 15 August 2022. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (3.5%). Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 7 highly experienced directors. No independent directors (7 non-independent directors). Member of the Supervisory Board Liang Hong Ye was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 14
Full year 2021 earnings released: EPS: NT$0.48 (vs NT$1.91 in FY 2020) Full year 2021 results: EPS: NT$0.48 (down from NT$1.91 in FY 2020). Revenue: NT$305.5m (up 71% from FY 2020). Net income: NT$11.5m (down 75% from FY 2020). Profit margin: 3.8% (down from 26% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Jan 30
Ttbio Corp., Annual General Meeting, May 26, 2022 Ttbio Corp., Annual General Meeting, May 26, 2022. Reported Earnings • Aug 18
First half 2021 earnings released: EPS NT$0.08 (vs NT$1.92 in 1H 2020) The company reported a mediocre first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: NT$134.5m (up 49% from 1H 2020). Net income: NT$2.00m (down 96% from 1H 2020). Profit margin: 1.5% (down from 51% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • Apr 27
Full year 2020 earnings released: EPS NT$1.91 (vs NT$1.58 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$179.0m (down 33% from FY 2019). Net income: NT$45.9m (up 21% from FY 2019). Profit margin: 26% (up from 14% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Mar 18
Ttbio Corp., Annual General Meeting, Jun 10, 2021 Ttbio Corp., Annual General Meeting, Jun 10, 2021. Is New 90 Day High Low • Feb 25
New 90-day high: NT$23.10 The company is up 13% from its price of NT$20.50 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 Medical Equipment industry, which is down 4.0% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: NT$19.60 The company is down 19% from its price of NT$24.20 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is down 9.0% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: NT$21.60 The company is down 18% from its price of NT$26.45 on 14 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 Medical Equipment industry, which is down 17% over the same period.