Declared Dividend • Aug 07
Dividend of NT$1.30 announced Shareholders will receive a dividend of NT$1.30. Ex-date: 25th August 2026 Payment date: 22nd September 2026 Dividend yield will be 4.4%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 31% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2026 earnings released First quarter 2026 results: Revenue: NT$356.8m (up 12% from 1Q 2025). Net income: NT$53.9m (up 39% from 1Q 2025). Profit margin: 15% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$2.75 (vs NT$1.85 in FY 2024) Full year 2025 results: EPS: NT$2.75 (up from NT$1.85 in FY 2024). Revenue: NT$1.38b (up 18% from FY 2024). Net income: NT$164.3m (up 49% from FY 2024). Profit margin: 12% (up from 9.5% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Announcement • Mar 12
Chi Sheng Pharma & Biotech Co., Ltd, Annual General Meeting, Jun 10, 2026 Chi Sheng Pharma & Biotech Co., Ltd, Annual General Meeting, Jun 10, 2026. Location: no,3, shih chien rd., hukou township, hsinchu county Taiwan Board Change • Feb 24
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Shiyuan Chen was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.75 (vs NT$0.34 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.75 (up from NT$0.34 in 3Q 2024). Revenue: NT$342.1m (up 20% from 3Q 2024). Net income: NT$45.1m (up 124% from 3Q 2024). Profit margin: 13% (up from 7.1% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 22
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 26 August 2025. Payment date: 22 October 2025. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 11
Second quarter 2025 earnings released: EPS: NT$0.61 (vs NT$0.36 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.61 (up from NT$0.36 in 2Q 2024). Revenue: NT$367.8m (up 30% from 2Q 2024). Net income: NT$34.7m (up 69% from 2Q 2024). Profit margin: 9.4% (up from 7.3% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Declared Dividend • Aug 08
Dividend of NT$1.00 announced Dividend of NT$1.00 is the same as last year. Ex-date: 26th August 2025 Payment date: 22nd October 2025 Dividend yield will be 3.1%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$1.94 (vs NT$1.21 in FY 2023) Full year 2024 results: EPS: NT$1.94 (up from NT$1.21 in FY 2023). Revenue: NT$1.17b (up 9.9% from FY 2023). Net income: NT$110.6m (up 61% from FY 2023). Profit margin: 9.5% (up from 6.5% 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 21% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Mar 06
Chi Sheng Pharma & Biotech Co., Ltd, Annual General Meeting, Jun 11, 2025 Chi Sheng Pharma & Biotech Co., Ltd, Annual General Meeting, Jun 11, 2025. Location: no,3, shih chien rd., hukou township, hsinchu county Taiwan Board Change • Jan 30
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Shiyuan Chen was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.35 (vs NT$0.38 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.35 (down from NT$0.38 in 3Q 2023). Revenue: NT$284.3m (up 8.5% from 3Q 2023). Net income: NT$20.2m (down 7.7% from 3Q 2023). Profit margin: 7.1% (down from 8.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: NT$0.36 (vs NT$0.36 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.36. Revenue: NT$282.5m (up 6.3% from 2Q 2023). Net income: NT$20.6m (flat on 2Q 2023). Profit margin: 7.3% (down from 7.7% in 2Q 2023). The decrease in margin was driven by higher expenses. Declared Dividend • Aug 09
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 17% lower than last year. Ex-date: 23rd August 2024 Payment date: 20th September 2024 Dividend yield will be 3.8%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (78% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 9.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 30
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.0% to NT$27.40. The fair value is estimated to be NT$22.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 15%. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$32.05, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 31x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 60% over the past three years. Buy Or Sell Opportunity • May 20
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to NT$29.15. The fair value is estimated to be NT$22.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.41 (vs NT$0.33 in 1Q 2023) First quarter 2024 results: EPS: NT$0.41 (up from NT$0.33 in 1Q 2023). Revenue: NT$267.2m (up 1.5% from 1Q 2023). Net income: NT$23.1m (up 24% from 1Q 2023). Profit margin: 8.7% (up from 7.1% in 1Q 2023). 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 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$1.21 (vs NT$3.15 in FY 2022) Full year 2023 results: EPS: NT$1.21 (down from NT$3.15 in FY 2022). Revenue: NT$1.06b (down 7.2% from FY 2022). Net income: NT$68.7m (down 62% from FY 2022). Profit margin: 6.5% (down from 16% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Chi Sheng Pharma & Biotech Co., Ltd, Annual General Meeting, Jun 13, 2024 Chi Sheng Pharma & Biotech Co., Ltd, Annual General Meeting, Jun 13, 2024. New Risk • Nov 25
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: 11% 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: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 7x cash flows per share). Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (NT$1.50b market cap, or US$47.5m). Upcoming Dividend • Aug 15
Upcoming dividend of NT$1.20 per share at 4.5% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.7%). Higher than average of industry peers (1.6%). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.36 (vs NT$0.46 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.36 (down from NT$0.46 in 2Q 2022). Revenue: NT$265.9m (down 5.7% from 2Q 2022). Net income: NT$20.5m (down 22% from 2Q 2022). Profit margin: 7.7% (down from 9.4% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$36.05, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 57% over the past three years. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$3.14 (vs NT$1.42 in FY 2021) Full year 2022 results: EPS: NT$3.14 (up from NT$1.42 in FY 2021). Revenue: NT$1.14b (up 9.7% from FY 2021). Net income: NT$179.3m (up 122% from FY 2021). Profit margin: 16% (up from 7.8% in FY 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improved over the past week After last week's 19% share price gain to NT$28.15, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 19x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 31% over the past three years. Upcoming Dividend • Aug 15
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (6.5%). Higher than average of industry peers (2.7%). Reported Earnings • May 13
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: NT$0.46 (up from NT$0.22 in 1Q 2021). Revenue: NT$282.1m (up 18% from 1Q 2021). Net income: NT$26.1m (up 105% from 1Q 2021). Profit margin: 9.3% (up from 5.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.39 (vs NT$0.14 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$267.1m (up 13% from 3Q 2020). Net income: NT$22.3m (up 171% from 3Q 2020). Profit margin: 8.3% (up from 3.5% in 3Q 2020). The increase in margin was driven by higher revenue. 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. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.21 (vs NT$0.28 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$254.9m (up 7.7% from 2Q 2020). Net income: NT$11.8m (down 28% from 2Q 2020). Profit margin: 4.6% (down from 6.9% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Aug 13
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 20 August 2021. Payment date: 24 September 2021. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (2.2%). Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.22 (vs NT$0.46 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$239.5m (down 9.9% from 1Q 2020). Net income: NT$12.7m (down 51% from 1Q 2020). Profit margin: 5.3% (down from 9.8% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$1.04 (vs NT$1.27 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$979.4m (down 4.3% from FY 2019). Net income: NT$59.1m (down 18% from FY 2019). Profit margin: 6.0% (down from 7.1% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 27
New 90-day low: NT$22.80 The company is down 4.0% from its price of NT$23.70 on 30 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 16% over the same period. Is New 90 Day High Low • Jan 12
New 90-day low: NT$23.30 The company is down 2.0% from its price of NT$23.80 on 15 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 17% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.14 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$235.4m (down 8.2% from 3Q 2019). Net income: NT$8.22m (down 50% from 3Q 2019). Profit margin: 3.5% (down from 6.4% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Is New 90 Day High Low • Sep 24
New 90-day low: NT$24.00 The company is down 18% from its price of NT$29.15 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.