Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$61.30, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 15x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 30% over the past three years. New Risk • Mar 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.18b (US$99.6m) 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: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by earnings (95% payout ratio). Profit margins are more than 30% lower than last year (8.9% net profit margin). Market cap is less than US$100m (NT$3.18b market cap, or US$99.6m). Announcement • Mar 06
SunWay Biotech Co., LTD., Annual General Meeting, Jun 03, 2026 SunWay Biotech Co., LTD., Annual General Meeting, Jun 03, 2026. Location: r2 floor no,358, kung chien rd., sijhih district, new taipei city Taiwan New Risk • Mar 01
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 12% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by earnings (95% payout ratio). Profit margins are more than 30% lower than last year (8.9% net profit margin). Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$65.90, the stock trades at a trailing P/E ratio of 46.9x. Average trailing P/E is 18x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 57% over the past three years. New Risk • Sep 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.9% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (8.9% net profit margin). Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$75.20, the stock trades at a trailing P/E ratio of 53.5x. Average trailing P/E is 16x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$70.80, the stock trades at a trailing P/E ratio of 36.1x. Average trailing P/E is 18x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 51% over the past three years. Upcoming Dividend • Jul 09
Upcoming dividend of NT$1.33 per share Eligible shareholders must have bought the stock before 16 July 2025. Payment date: 12 August 2025. Payout ratio is a comfortable 68% but the company is paying out more than the cash it is generating. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.7%). Reported Earnings • Apr 27
Full year 2024 earnings released: EPS: NT$1.96 (vs NT$1.45 in FY 2023) Full year 2024 results: EPS: NT$1.96 (up from NT$1.45 in FY 2023). Revenue: NT$970.2m (up 70% from FY 2023). Net income: NT$118.6m (up 169% from FY 2023). Profit margin: 12% (up from 7.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$52.00, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 18x in the Pharmaceuticals industry in Taiwan. Total loss to shareholders of 4.9% over the past three years. Announcement • Mar 03
SunWay Biotech Co., LTD., Annual General Meeting, Jun 24, 2025 SunWay Biotech Co., LTD., Annual General Meeting, Jun 24, 2025. Location: r2 floor no,358, kung chien rd., sijhih district, new taipei city Taiwan 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 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 Risks Earnings have declined by 4.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (75% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (7.8% average weekly change). New Risk • Feb 03
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. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 4.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (75% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$81.00, the stock trades at a trailing P/E ratio of 49.1x. Average trailing P/E is 22x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 59% over the past three years. New Risk • Apr 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 77% 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 Risk Shareholders have been substantially diluted in the past year (77% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). 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 (6.4% average weekly change). Profit margins are more than 30% lower than last year (29% net profit margin). Upcoming Dividend • Apr 04
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 11 April 2024. Payment date: 15 May 2024. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (4.6%). Higher than average of industry peers (1.7%). Announcement • Mar 27
SunWay Biotech Co., LTD., Annual General Meeting, Jun 11, 2024 SunWay Biotech Co., LTD., Annual General Meeting, Jun 11, 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 Risks Share price has been highly volatile over the past 3 months (9.7% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 115% Cash payout ratio: 112% Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (29% net profit margin). Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$128, the stock trades at a trailing P/E ratio of 45.9x. Average trailing P/E is 24x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 179% over the past year. Announcement • Oct 21
SunWay Biotech Co., LTD., Annual General Meeting, Dec 06, 2023 SunWay Biotech Co., LTD., Annual General Meeting, Dec 06, 2023. Announcement • Aug 23
SunWay Biotech Co., LTD. (TPEX:1271) agreed to acquire Bora Health Inc from Bora Pharmaceuticals Co., LTD. (TPEX:6472). SunWay Biotech Co., LTD. (TPEX:1271) agreed to acquire Bora Health Inc from Bora Pharmaceuticals Co., LTD. (TPEX:6472) on August 21, 2023. The share transfer ratio is every 0.89 share of Bora Health will exchange for 1 share of SunWay Biotech. The board of director of Bora Pharmaceuticals approved the transaction. The transaction is expected to close on November 1, 2023. Siao-Yun Wu acted as legal advisor to Bora Pharmaceuticals. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to NT$75.00, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 22x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 45% over the past year. New Risk • Aug 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 115% Cash payout ratio: 112% Dividend yield: 5.4% 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: 115% Cash payout ratio: 112% Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (29% net profit margin). Market cap is less than US$100m (NT$2.03b market cap, or US$63.7m). New Risk • Aug 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 6.3% 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 (6.3% average weekly change). Market cap is less than US$100m (NT$2.01b market cap, or US$63.3m). Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$62.70, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 17x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 29% over the past year. Reported Earnings • Apr 22
Full year 2022 earnings released: EPS: NT$4.05 (vs NT$5.10 in FY 2021) Full year 2022 results: EPS: NT$4.05 (down from NT$5.10 in FY 2021). Revenue: NT$350.4m (down 7.9% from FY 2021). Net income: NT$135.2m (down 20% from FY 2021). Profit margin: 39% (down from 44% in FY 2021). The decrease in margin was primarily driven by lower revenue. Upcoming Dividend • Mar 16
Upcoming dividend of NT$3.24 per share at 8.4% yield Eligible shareholders must have bought the stock before 23 March 2023. Payment date: 19 April 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 8.4%. Within top quartile of Taiwanese dividend payers (6.1%). Higher than average of industry peers (2.0%). Reported Earnings • Aug 15
First half 2022 earnings released: EPS: NT$2.40 (vs NT$1.94 in 1H 2021) First half 2022 results: EPS: NT$2.40 (up from NT$1.94 in 1H 2021). Revenue: NT$176.1m (up 15% from 1H 2021). Net income: NT$79.7m (up 24% from 1H 2021). Profit margin: 45% (up from 42% in 1H 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 10
Upcoming dividend of NT$4.30 per share Eligible shareholders must have bought the stock before 17 June 2022. Payment date: 11 July 2022. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (5.9%). Higher than average of industry peers (2.8%). Reported Earnings • Apr 15
Full year 2021 earnings released: EPS: NT$5.10 (vs NT$4.02 in FY 2020) Full year 2021 results: EPS: NT$5.10 (up from NT$4.02 in FY 2020). Revenue: NT$380.4m (up 21% from FY 2020). Net income: NT$168.8m (up 34% from FY 2020). Profit margin: 44% (up from 40% in FY 2020). The increase in margin was driven by higher revenue. Reported Earnings • Aug 18
First half 2021 earnings released: EPS NT$1.94 (vs NT$2.10 in 1H 2020) The company reported a poor first half result with weaker earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: NT$153.4m (down 1.4% from 1H 2020). Net income: NT$64.2m (down 1.8% from 1H 2020). Profit margin: 42% (in line with 1H 2020).