Upcoming Dividend • May 28
Upcoming dividend of NT$1.25 per share Eligible shareholders must have bought the stock before 04 June 2026. Payment date: 03 July 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (0.5%). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$36.20, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 30x in the Biotechs industry in Taiwan. Total returns to shareholders of 126% over the past three years. New Risk • May 21
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: 12% Last year net profit margin: 17% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 112% Cash payout ratio: 136% Minor Risks Profit margins are more than 30% lower than last year (12% net profit margin). Market cap is less than US$100m (NT$2.99b market cap, or US$94.8m). Reported Earnings • May 21
First quarter 2026 earnings released: EPS: NT$0.40 (vs NT$0.63 in 1Q 2025) First quarter 2026 results: EPS: NT$0.40 (down from NT$0.63 in 1Q 2025). Revenue: NT$240.3m (up 15% from 1Q 2025). Net income: NT$38.5m (down 37% from 1Q 2025). Profit margin: 16% (down from 29% in 1Q 2025). The decrease in margin was driven by higher expenses. 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 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to NT$34.90, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 33x in the Biotechs industry in Taiwan. Total returns to shareholders of 117% over the past three years. New Risk • Mar 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 94% Dividend yield: 4.6% 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: 93% Cash payout ratio: 94% Minor Risk Market cap is less than US$100m (NT$2.59b market cap, or US$81.1m). Announcement • Feb 10
Allied Biotech Corporation, Annual General Meeting, May 20, 2026 Allied Biotech Corporation, Annual General Meeting, May 20, 2026. Location: no,6, kung yeh 6th rd., guanyin district, taoyuan city Taiwan New Risk • Jan 08
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 Dividend is not well covered by earnings (102% payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (NT$2.51b market cap, or US$79.6m). Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$24.20, the stock trades at a trailing P/E ratio of 47.7x. Average trailing P/E is 40x in the Biotechs industry in Taiwan. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$20.90, the stock trades at a trailing P/E ratio of 41.2x. Average trailing P/E is 34x in the Biotechs industry in Taiwan. Total returns to shareholders of 82% over the past three years. Buy Or Sell Opportunity • Nov 14
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to NT$20.90. The fair value is estimated to be NT$15.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has declined by 7.1%. New Risk • Sep 03
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: 6.1% Last year net profit margin: 14% 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: Minor Risks Dividend is not well covered by earnings (197% payout ratio). Profit margins are more than 30% lower than last year (6.1% net profit margin). Market cap is less than US$100m (NT$1.69b market cap, or US$55.0m). Upcoming Dividend • Jul 10
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 14 August 2025. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (1.1%). Reported Earnings • Jun 28
First quarter 2025 earnings released First quarter 2025 results: Revenue: NT$209.7m (down 10% from 1Q 2024). Net income: NT$60.8m (up 138% from 1Q 2024). Profit margin: 29% (up from 11% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Declared Dividend • Jun 22
Dividend increased to NT$1.00 Dividend of NT$1.00 is 18% higher than last year. Ex-date: 17th July 2025 Payment date: 14th August 2025 Dividend yield will be 5.4%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is well covered by cash flows (49% cash payout ratio). The dividend has increased by an average of 11% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 5.7% to bring the payout ratio under control. However, EPS has declined by 1.4% over the last 5 years so the company would need to reverse this trend. New Risk • Feb 24
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$1.75b market cap, or US$53.5m). Announcement • Feb 18
Allied Biotech Corporation, Annual General Meeting, May 22, 2025 Allied Biotech Corporation, Annual General Meeting, May 22, 2025. Location: no,6, kung yeh 6th rd., guanyin district, taoyuan city Taiwan Upcoming Dividend • Jul 11
Upcoming dividend of NT$0.85 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 14 August 2024. Payout ratio is on the higher end at 84%, and the cash payout ratio is above 100%. Trailing yield: 4.8%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.5%). New Risk • Apr 24
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: 14% Last year net profit margin: 20% 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 1.2% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (128% cash payout ratio). Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (NT$1.70b market cap, or US$52.1m). Reported Earnings • Apr 24
Full year 2023 earnings released: EPS: NT$1.02 (vs NT$1.54 in FY 2022) Full year 2023 results: EPS: NT$1.02 (down from NT$1.54 in FY 2022). Revenue: NT$720.4m (flat on FY 2022). Net income: NT$97.4m (down 34% from FY 2022). Profit margin: 14% (down from 21% in FY 2022). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. 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 5.9% per year over the past 5 years. 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. Market cap is less than US$100m (NT$1.65b market cap, or US$52.3m). Upcoming Dividend • Jul 06
Upcoming dividend of NT$1.20 per share at 6.6% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 09 August 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 6.6%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (2.1%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$1.54 (vs NT$0.14 in FY 2021) Full year 2022 results: EPS: NT$1.54 (up from NT$0.14 in FY 2021). Revenue: NT$716.7m (up 5.9% from FY 2021). Net income: NT$146.7m (up NT$133.7m from FY 2021). Profit margin: 21% (up from 1.9% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$18.65, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 39x in the Biotechs industry in Taiwan. Total returns to shareholders of 10% over the past three years. 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. 11 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . 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 29
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 04 August 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (2.5%). 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. 12 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . 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 • Mar 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$0.14 (down from NT$0.84 in FY 2020). Revenue: NT$676.8m (up 9.5% from FY 2020). Net income: NT$13.0m (down 84% from FY 2020). Profit margin: 1.9% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. 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 6% per year, which means it has not declined as severely as earnings. Buying Opportunity • Mar 04
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$18.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.4% per annum over the last 3 years. Earnings per share has declined by 28% per annum over the last 3 years. Announcement • Feb 24
Allied Biotech Corporation, Annual General Meeting, May 24, 2022 Allied Biotech Corporation, Annual General Meeting, May 24, 2022. Buying Opportunity • Jan 22
Now 20% undervalued Over the last 90 days, the stock is up 2.4%. The fair value is estimated to be NT$18.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.4% per annum over the last 3 years. Earnings per share has declined by 28% per annum over the last 3 years. Upcoming Dividend • Aug 25
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 29 September 2021. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 09
First half 2021 earnings released: EPS NT$0.14 (vs NT$0.44 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: NT$356.0m (up 6.3% from 1H 2020). Net income: NT$13.7m (down 68% from 1H 2020). Profit margin: 3.8% (down from 13% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 05
Full year 2020 earnings released: EPS NT$0.84 (vs NT$1.13 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$618.1m (down 3.3% from FY 2019). Net income: NT$79.5m (down 26% from FY 2019). Profit margin: 13% (down from 17% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Announcement • Feb 05
Allied Biotech Corporation, Annual General Meeting, May 25, 2021 Allied Biotech Corporation, Annual General Meeting, May 25, 2021. Is New 90 Day High Low • Jan 16
New 90-day low: NT$16.65 The company is down 6.0% from its price of NT$17.80 on 16 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 5.0% over the same period. 