New Risk • May 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 40% 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. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 115% Cash payout ratio: 191% High level of non-cash earnings (40% accrual ratio). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Buy Or Sell Opportunity • Mar 31
Now 20% undervalued Over the last 90 days, the stock has risen 11% to NT$20.00. The fair value is estimated to be NT$25.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has declined by 14%. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$22.00, the stock trades at a trailing P/E ratio of 52.7x. Average forward P/E is 19x in the Personal Products industry in Taiwan. Total returns to shareholders of 24% over the past year. Buy Or Sell Opportunity • Mar 16
Now 21% undervalued Over the last 90 days, the stock has risen 20% to NT$19.30. The fair value is estimated to be NT$24.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has declined by 13%. New Risk • Mar 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 218% Cash payout ratio: 122% High level of non-cash earnings (31% accrual ratio). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$0.51 (vs NT$0.24 in FY 2024) Full year 2025 results: EPS: NT$0.51 (up from NT$0.24 in FY 2024). Revenue: NT$1.90b (up 39% from FY 2024). Net income: NT$337.9m (up 217% from FY 2024). Profit margin: 18% (up from 7.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Personal Products industry in Asia. Announcement • Mar 10
Daiken Biomedical Co., Ltd., Annual General Meeting, Jun 04, 2026 Daiken Biomedical Co., Ltd., Annual General Meeting, Jun 04, 2026, at 09:00 Taipei Standard Time. Location: 4 floor building. a no,187, chin hua st., da-an district, taipei city Taiwan Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$20.40, the stock trades at a trailing P/E ratio of 61.5x. Average forward P/E is 19x in the Personal Products industry in Taiwan. Total returns to shareholders of 20% over the past year. Buy Or Sell Opportunity • Jan 27
Now 24% undervalued Over the last 90 days, the stock has risen 56% to NT$26.05. The fair value is estimated to be NT$34.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 20%. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$26.05, the stock trades at a trailing P/E ratio of 78.6x. Average forward P/E is 22x in the Personal Products industry in Taiwan. Total returns to shareholders of 51% over the past year. New Risk • Jan 16
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. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 218% Cash payout ratio: 112% Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). New Risk • Nov 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% This is considered a major 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 218% Cash payout ratio: 152% Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Upcoming Dividend • Nov 17
Upcoming dividend of NT$1.70 per share Eligible shareholders must have bought the stock before 24 November 2025. Payment date: 30 December 2025. Payout ratio is a comfortable 75% and the cash payout ratio is 83%. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (5.6%). Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$1.06 (vs NT$0.80 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.06 (up from NT$0.80 in 3Q 2024). Revenue: NT$449.3m (up 53% from 3Q 2024). Net income: NT$69.4m (up 45% from 3Q 2024). Profit margin: 16% (in line with 3Q 2024). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Personal Products industry in Asia. Buy Or Sell Opportunity • Oct 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to NT$188. The fair value is estimated to be NT$239, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last year. Earnings per share has declined by 9.8%. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to NT$219, the stock trades at a trailing P/E ratio of 53.2x. Average trailing P/E is 17x in the Personal Products industry in Taiwan. Announcement • Aug 21
Daiken Biomedical Co., Ltd. has filed a Follow-on Equity Offering. Daiken Biomedical Co., Ltd. has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,615,000
Price\Range: TWD 158
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,512,000
Price(minimum): TWD 147.66 Upcoming Dividend • Aug 18
Upcoming dividend of NT$2.45 per share Eligible shareholders must have bought the stock before 25 August 2025. Payment date: 15 September 2025. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.6%). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.65 (vs NT$1.05 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.65. Revenue: NT$454.9m (up 61% from 2Q 2024). Net income: NT$38.8m (up 13% from 2Q 2024). Profit margin: 8.5% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to NT$319, the stock trades at a trailing P/E ratio of 78.8x. Average trailing P/E is 17x in the Personal Products industry in Taiwan. Upcoming Dividend • Jul 15
Upcoming dividend of NT$2.19 per share Eligible shareholders must have bought the stock before 22 July 2025. Payment date: 15 August 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.7%). New Risk • Jul 09
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 7.7% 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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (42% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$221, the stock trades at a trailing P/E ratio of 54.7x. Average trailing P/E is 17x in the Personal Products industry in Taiwan. Upcoming Dividend • Jun 10
Upcoming dividend of NT$3.32 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 04 July 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (5.2%). Reported Earnings • Apr 25
Full year 2024 earnings released: EPS: NT$2.43 (vs NT$10.32 in FY 2023) Full year 2024 results: EPS: NT$2.43 (down from NT$10.32 in FY 2023). Revenue: NT$1.36b (up 14% from FY 2023). Net income: NT$106.6m (down 34% from FY 2023). Profit margin: 7.8% (down from 14% in FY 2023). The decrease in margin was driven by higher expenses. New Risk • Apr 14
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 High level of non-cash earnings (25% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Announcement • Mar 08
Daiken Biomedical Co., Ltd., Annual General Meeting, Jun 10, 2025 Daiken Biomedical Co., Ltd., Annual General Meeting, Jun 10, 2025. Location: 4 floor building. a no,187, chin hua st., da-an district, taipei city Taiwan 
