Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.57 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$1.52b (up 4.2% from 1Q 2025). Net income: NT$443.1m (up 13% from 1Q 2025). Profit margin: 29% (up from 27% in 1Q 2025). Declared Dividend • Mar 11
Dividend increased to NT$4.50 Dividend of NT$4.50 is 7.1% higher than last year. Ex-date: 26th March 2026 Payment date: 27th April 2026 Dividend yield will be 5.5%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has increased by an average of 5.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Price Target Changed • Nov 27
Price target increased by 13% to NT$88.00 Up from NT$78.00, the current price target is an average from 2 analysts. New target price is 7.8% above last closing price of NT$81.60. Stock is up 9.2% over the past year. The company is forecast to post earnings per share of NT$6.77 for next year compared to NT$5.83 last year. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$2.33 (vs NT$1.50 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.33 (up from NT$1.50 in 3Q 2024). Revenue: NT$1.82b (up 19% from 3Q 2024). Net income: NT$580.2m (up 56% from 3Q 2024). Profit margin: 32% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 04
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: NT$1.15 (up from NT$1.05 in 2Q 2024). Revenue: NT$1.51b (up 10.0% from 2Q 2024). Net income: NT$284.7m (up 8.8% from 2Q 2024). Profit margin: 19% (in line with 2Q 2024). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.6%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: NT$1.14 (vs NT$1.05 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.14 (up from NT$1.05 in 2Q 2024). Revenue: NT$1.51b (up 10.0% from 2Q 2024). Net income: NT$284.7m (up 8.8% from 2Q 2024). Profit margin: 19% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 30
TTY Biopharm Company Limited Approves Cash Dividend for the Year 2024 TTY Biopharm Company Limited at its AGM held on May 29, 2025, approved year 2024 profit distribution, TWD 4.2 cash dividend per share. Reported Earnings • May 15
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: NT$1.57 (up from NT$1.13 in 1Q 2024). Revenue: NT$1.46b (up 14% from 1Q 2024). Net income: NT$391.1m (up 39% from 1Q 2024). Profit margin: 27% (up from 22% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 07
TTY Biopharm Company Limited to Report Q1, 2025 Results on May 14, 2025 TTY Biopharm Company Limited announced that they will report Q1, 2025 results on May 14, 2025 Upcoming Dividend • Mar 20
Upcoming dividend of NT$4.20 per share Eligible shareholders must have bought the stock before 27 March 2025. Payment date: 25 April 2025. Payout ratio is a comfortable 72% and the cash payout ratio is 86%. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (4.6%). Higher than average of industry peers (2.5%). Declared Dividend • Feb 27
Dividend increased to NT$4.20 Dividend of NT$4.20 is 20% higher than last year. Ex-date: 27th March 2025 Payment date: 25th April 2025 Dividend yield will be 5.3%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has increased by an average of 6.4% 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 decline by 14% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.0% EPS decline seen over the last 5 years. Announcement • Feb 18
TTY Biopharm Company Limited to Report Q4, 2024 Results on Feb 25, 2025 TTY Biopharm Company Limited announced that they will report Q4, 2024 results on Feb 25, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.50 (vs NT$1.51 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.50 (down from NT$1.51 in 3Q 2023). Revenue: NT$1.53b (up 7.0% from 3Q 2023). Net income: NT$372.6m (down 1.0% from 3Q 2023). Profit margin: 24% (down from 26% 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 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Nov 06
TTY Biopharm Company Limited to Report Q3, 2024 Results on Nov 13, 2024 TTY Biopharm Company Limited announced that they will report Q3, 2024 results on Nov 13, 2024 Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: NT$1.05 (vs NT$1.24 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.05 (down from NT$1.24 in 2Q 2023). Revenue: NT$1.37b (up 9.0% from 2Q 2023). Net income: NT$261.7m (down 15% from 2Q 2023). Profit margin: 19% (down from 25% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Aug 02
TTY Biopharm Company Limited to Report Q2, 2024 Results on Aug 08, 2024 TTY Biopharm Company Limited announced that they will report Q2, 2024 results on Aug 08, 2024 Buy Or Sell Opportunity • Jun 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.5% to NT$77.00. The fair value is estimated to be NT$96.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 15%. Price Target Changed • May 25
Price target decreased by 9.3% to NT$78.00 Down from NT$86.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$77.40. Stock is up 3.1% over the past year. The company is forecast to post earnings per share of NT$4.90 for next year compared to NT$4.54 last year. Buy Or Sell Opportunity • May 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.4% to NT$77.30. The fair value is estimated to be NT$96.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 5.5% in a year. Earnings are forecast to grow by 22% in the next year. Reported Earnings • May 11
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$1.13 (up from NT$0.96 in 1Q 2023). Revenue: NT$1.27b (up 9.2% from 1Q 2023). Net income: NT$280.8m (up 18% from 1Q 2023). Profit margin: 22% (up from 21% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 9.7%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 36% growth forecast for the Pharmaceuticals industry in Taiwan. 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 1% per year, which means it is significantly lagging earnings. Announcement • May 01
TTY Biopharm Company Limited to Report Q1, 2024 Results on May 07, 2024 TTY Biopharm Company Limited announced that they will report Q1, 2024 results on May 07, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 April 2024. Payout ratio and cash payout ratio are on the higher end at 77% and 86% respectively. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (4.7%). Higher than average of industry peers (1.7%). Reported Earnings • Mar 15
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: NT$4.53 (up from NT$4.40 in FY 2022). Revenue: NT$5.51b (up 8.8% from FY 2022). Net income: NT$1.13b (up 3.1% from FY 2022). Profit margin: 21% (down from 22% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 33% growth forecast for the Pharmaceuticals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 10
Dividend increased to NT$3.50 Dividend of NT$3.50 is 2.9% higher than last year. Ex-date: 28th March 2024 Payment date: 26th April 2024 Dividend yield will be 4.4%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (72% earnings payout ratio) but not covered by cash flows (111% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 05
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: NT$1.51 (up from NT$1.36 in 3Q 2022). Revenue: NT$1.43b (up 8.0% from 3Q 2022). Net income: NT$376.3m (up 11% from 3Q 2022). Profit margin: 26% (in line with 3Q 2022). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 5.9%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 59% growth forecast for the Pharmaceuticals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 27
Price target increased by 10% to NT$86.00 Up from NT$78.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$83.00. Stock is up 12% over the past year. The company is forecast to post earnings per share of NT$5.24 for next year compared to NT$4.40 last year. New Risk • Sep 19
New major risk - Revenue and earnings growth Earnings have declined by 9.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.1% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$1.24 (up from NT$1.14 in 2Q 2022). Revenue: NT$1.26b (up 8.2% from 2Q 2022). Net income: NT$308.7m (up 8.6% from 2Q 2022). Profit margin: 25% (in line with 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.5%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Pharmaceuticals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 29
Price target increased by 14% to NT$84.50 Up from NT$74.00, the current price target is an average from 2 analysts. New target price is 8.2% above last closing price of NT$78.10. Stock is up 8.8% over the past year. The company is forecast to post earnings per share of NT$4.79 for next year compared to NT$4.40 last year. Announcement • May 25
TTY Biopharm Company Limited Announces Decision Rendered by the Supreme Court for Validity of the Risperidone Development Agreement Between the Company and Center Laboratories, Inc TTY Biopharm Company Limited announced decision rendered by the Supreme Court for validity of the Risperidone Development Agreement between the Company and Center Laboratories Inc. Reference/Case number of relevant documents of the legal matter is 2023 Tai Shang Zi No. 765. Details of occurrence (including the matter under dispute): On August 20, 2010, TTY Biopharm Company Limited signed the Risperidone Development Agreement with Center Laboratories Inc. in which Center Lab engaged TTY for developing Risperidone product. TTY claimed that this agreement is invalid and Center Lab therefore filed a civil confirmation lawsuit against TTY. Handling procedure: Previously Taiwan High Court dismissed the claim of Center Lab and ruled that the above-mentioned agreement is invalid and the contractual relationship is not existing. Center Lab appealed to the Supreme Court and the Supreme Court had reversed the High Court's judgment and remanded the case to Taiwan High Court. Countermeasures and improvement status: TTY will discuss with legal counsels regarding the follow-up measures for this case. Buying Opportunity • Mar 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.3%. The fair value is estimated to be NT$99.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to grow by 8.0% in the next 2 years. Upcoming Dividend • Mar 23
Upcoming dividend of NT$3.40 per share at 4.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 05 May 2023. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (1.6%). Reported Earnings • Mar 15
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: NT$4.40 (up from NT$3.35 in FY 2021). Revenue: NT$5.06b (up 12% from FY 2021). Net income: NT$1.09b (up 32% from FY 2021). Profit margin: 22% (up from 18% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 47% growth forecast for the Pharmaceuticals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 9% per year. Price Target Changed • Jan 08
Price target decreased to NT$71.50 Down from NT$79.50, the current price target is an average from 2 analysts. New target price is 13% below last closing price of NT$81.90. Stock is up 20% over the past year. The company is forecast to post earnings per share of NT$4.67 for next year compared to NT$3.35 last year. Price Target Changed • Nov 23
Price target increased to NT$79.50 Up from NT$73.00, the current price target is an average from 2 analysts. New target price is 5.8% below last closing price of NT$84.40. Stock is up 22% over the past year. The company is forecast to post earnings per share of NT$4.62 for next year compared to NT$3.35 last year. 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. 7 experienced directors. 1 highly experienced director. 3 independent directors (5 non-independent directors). Independent Director Ming-Ling Hsueh was the last independent director to join the board, commencing their role in 2016. 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 • Nov 06
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$1.36 (up from NT$1.02 in 3Q 2021). Revenue: NT$1.33b (up 25% from 3Q 2021). Net income: NT$338.0m (up 33% from 3Q 2021). Profit margin: 26% (up from 24% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Pharmaceuticals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Announcement • Nov 05
TTY Biopharm Company Limited Announces Internal Audit Officer Changes, Effective November 7, 2022 TTY Biopharm Company Limited announced that Kao, Jung-Liang will be replaced with Chiang, Yung-Min, Senior Manager of Finance Department of Synmosa Biopharma Corporation, as internal audit officer, effective November 7, 2022. Reported Earnings • Aug 07
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$1.14 (up from NT$0.13 in 2Q 2021). Revenue: NT$1.17b (up 12% from 2Q 2021). Net income: NT$284.2m (up NT$252.3m from 2Q 2021). Profit margin: 24% (up from 3.1% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 2.5%, compared to a 39% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 4% per year. Upcoming Dividend • Jul 12
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 19 July 2022. Payment date: 15 August 2022. Payout ratio and cash payout ratio are on the higher end at 87% and 86% respectively. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (2.8%). Announcement • Jul 02
TTY Biopharm Company Limited Announces Dividend Distribution, Payable on August 15, 2022 TTY Biopharm Company Limited announced dividend distribution of Cash dividend TWD 745,949,877, TWD 3 cash dividend per share. Ex-rights (Ex-dividend) date is July 19, 2022. Last date before book closure is July 20, 2022. Book closure starting date is July 21, 2022. Book closure ending date is July 25, 2022. Ex-rights (Ex-dividend) record date is July 25, 2022. Payment date of cash dividend distribution is August 15, 2022. Announcement • May 27
TTY Biopharm Company Limited Announces Cash Dividend for the Year 2021 TTY Biopharm Company Limited announced that at its AGM held on 26 May 2022, the company has approved cash dividend of TWD 3 per share for the year 2021. Price Target Changed • Apr 27
Price target decreased to NT$73.00 Down from NT$80.00, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$73.80. Stock is up 3.5% over the past year. The company is forecast to post earnings per share of NT$4.23 for next year compared to NT$3.35 last year. 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. 8 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Independent Director Ming-Ling Hsueh was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 01
TTY Biopharm Company Limited Announces the Resignation of Chou,Te-Yu as Member of Remuneration Committee TTY Biopharm Company Limited announced the resignation of Chou,Te-Yu as member of remuneration committee. Any other matters that need to be specified: Due to personal career planning, CHOU,TE-YU resigned the committee member of Remuneration committee as from March 31, 2022. Price Target Changed • Mar 17
Price target decreased to NT$73.67 Down from NT$80.00, the current price target is an average from 4 analysts. New target price is 9.0% above last closing price of NT$67.60. Stock is down 2.6% over the past year. The company is forecast to post earnings per share of NT$4.26 for next year compared to NT$3.35 last year. Reported Earnings • Mar 11
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$3.35 (down from NT$3.72 in FY 2020). Revenue: NT$4.54b (up 7.4% from FY 2020). Net income: NT$831.9m (down 10.0% from FY 2020). Profit margin: 18% (down from 22% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 4.1%, compared to a 20% growth forecast for the pharmaceuticals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 24% 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. Major Estimate Revision • Dec 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from NT$3.05 to NT$3.38. Revenue forecast steady at NT$4.47b. Net income forecast to grow 32% next year vs 34% growth forecast for Pharmaceuticals industry in Taiwan. Consensus price target of NT$80.60 unchanged from last update. Share price was steady at NT$69.00 over the past week. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.02 (vs NT$0.90 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.06b (up 3.5% from 3Q 2020). Net income: NT$253.4m (up 14% from 3Q 2020). Profit margin: 24% (up from 22% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 29% 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. Upcoming Dividend • Sep 07
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 14 September 2021. Payment date: 15 October 2021. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.3%). Price Target Changed • Aug 19
Price target increased to NT$80.00 Up from NT$74.20, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$77.50. Stock is up 17% over the past year. Major Estimate Revision • Aug 18
Consensus EPS estimates fall to NT$2.87 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$4.71b to NT$4.40b. EPS estimate also fell from NT$4.05 to NT$2.87. Net income forecast to grow 17% next year vs 16% growth forecast for Pharmaceuticals industry in Taiwan. Consensus price target of NT$79.33 unchanged from last update. Share price was steady at NT$78.90 over the past week. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.13 (vs NT$0.75 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$1.04b (up 16% from 2Q 2020). Net income: NT$31.9m (down 83% from 2Q 2020). Profit margin: 3.1% (down from 21% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% 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. Price Target Changed • May 23
Price target increased to NT$80.20 Up from NT$74.20, the current price target is an average from 5 analysts. New target price is 6.1% below last closing price of NT$85.40. Stock is up 15% over the past year. Price Target Changed • May 17
Price target increased to NT$80.20 Up from NT$74.60, the current price target is an average from 4 analysts. New target price is 9.4% below last closing price of NT$88.50. Stock is up 18% over the past year. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 22% share price gain to NT$88.80, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 22x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 4.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$106 per share. Reported Earnings • May 07
First quarter 2021 earnings released: EPS NT$0.82 (vs NT$1.02 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$964.1m (down 12% from 1Q 2020). Net income: NT$203.1m (down 20% from 1Q 2020). Profit margin: 21% (down from 23% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% 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. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$3.72 (vs NT$3.62 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$4.22b (down 5.5% from FY 2019). Net income: NT$924.2m (up 2.7% from FY 2019). Profit margin: 22% (up from 20% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% 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. Price Target Changed • Feb 19
Price target lowered to NT$73.50 Down from NT$79.14, the current price target is an average from 5 analysts. The new target price is 18% above the current share price of NT$62.30. As of last close, the stock is down 21% over the past year. Announcement • Feb 06
TTY Biopharm Company Limited, Annual General Meeting, Jun 09, 2021 TTY Biopharm Company Limited, Annual General Meeting, Jun 09, 2021. Location: Building A, 2F., No. 19-10, Sanchong Rd., Nangang Dist. International Convention Center of Nangang Software Park Taipei City Taiwan Agenda: To consider the year 2020 business report; to consider the audit committee's review report on the year 2020 financial statements; to consider the report on employee and directors remuneration in year 2020; to consider the year 2020 business report and financial statements; to consider the year 2020 profit distribution; to consider the revising the policy of procedures for election of directors; to consider the release of non-competition restriction on new directors and its representatives; and to consider the other matters. Is New 90 Day High Low • Jan 29
New 90-day low: NT$61.40 The company is down 19% from its price of NT$76.20 on 30 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$118 per share. Is New 90 Day High Low • Jan 11
New 90-day low: NT$68.10 The company is down 19% from its price of NT$84.00 on 14 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$251 per share. Announcement • Nov 21
TTY Biopharm Company Limited Announces Executive Changes, with Effect from January 20, 2021 TTY Biopharm Company Limited replaced Tsai Shi-Hua with Hu Yu-Fang as research and development officer with effect from January 20, 2021. Analyst Estimate Surprise Post Earnings • Nov 04
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 9.2%. Over the next year, revenue is forecast to grow 40%, compared to a 68% growth forecast for the Pharmaceuticals industry in Taiwan. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS NT$0.89 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.02b (down 11% from 3Q 2019). Net income: NT$222.4m (down 30% from 3Q 2019). Profit margin: 22% (down from 28% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% 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. Valuation Update With 7 Day Price Move • Oct 15
Market bids up stock over the past week After last week's 25% share price gain to NT$84.30, the stock is trading at a trailing P/E ratio of 26.6x, up from the previous P/E ratio of 21.3x. This compares to an average P/E of 17x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders over the past three years are 5.3%. Is New 90 Day High Low • Oct 15
New 90-day high: NT$84.30 The company is up 15% from its price of NT$73.20 on 17 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$75.00 per share. Major Estimate Revision • Oct 14
Analysts lower revenue estimates to NT$4.14b The 2020 consensus revenue estimate decreased from NT$4.64b. Earning per share (EPS) estimate was also lowered from NT$4.57 to NT$3.79 for the same period. Net income is expected to grow by 40% next year compared to 44% growth forecast for the Pharmaceuticals industry in Taiwan. The consensus price target increased from NT$78.66 to NT$80.17. Share price is up 13% to NT$76.40 over the past week. Is New 90 Day High Low • Sep 24
New 90-day low: NT$66.20 The company is down 13% from its price of NT$76.20 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$75.71 per share.