Buy Or Sell Opportunity • May 18
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to NT$51.90. The fair value is estimated to be NT$66.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has declined by 33%. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.16 (vs NT$1.00 in 1Q 2025) First quarter 2026 results: EPS: NT$0.16 (down from NT$1.00 in 1Q 2025). Revenue: NT$1.06b (down 7.0% from 1Q 2025). Net income: NT$18.8m (down 84% from 1Q 2025). Profit margin: 1.8% (down from 11% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. New Risk • Mar 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 29% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Mar 13
Formosa Laboratories, Inc., Annual General Meeting, Jun 24, 2026 Formosa Laboratories, Inc., Annual General Meeting, Jun 24, 2026. Location: b1 floor no,108, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$3.67 (vs NT$1.31 in FY 2024) Full year 2025 results: EPS: NT$3.67 (up from NT$1.31 in FY 2024). Revenue: NT$4.85b (up 2.5% from FY 2024). Net income: NT$441.1m (up 181% from FY 2024). Profit margin: 9.1% (up from 3.3% in FY 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$2.70 (up from NT$0.19 in 3Q 2024). Revenue: NT$1.16b (up 13% from 3Q 2024). Net income: NT$324.1m (up NT$301.7m from 3Q 2024). Profit margin: 28% (up from 2.2% in 3Q 2024). Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 47%. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: NT$1.25 loss per share (down from NT$2.36 profit in 2Q 2024). Revenue: NT$1.24b (up 2.3% from 2Q 2024). Net loss: NT$150.9m (down 153% from profit in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings have declined by 27% 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 27% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (97% payout ratio). Upcoming Dividend • Aug 14
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 21 August 2025. Payment date: 25 September 2025. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.5%). Declared Dividend • Jul 21
Dividend of NT$3.00 announced Shareholders will receive a dividend of NT$3.00. Ex-date: 21st August 2025 Payment date: 25th September 2025 Dividend yield will be 4.4%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not adequately covered by earnings (97% earnings payout ratio) nor is it covered by cash flows (124% cash payout ratio). The dividend has increased by an average of 4.1% 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 grow by 7.2% to bring the payout ratio under control. However, EPS has declined by 19% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 11
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: NT$1.00 (up from NT$0.80 loss in 1Q 2024). Revenue: NT$1.14b (flat on 1Q 2024). Net income: NT$120.5m (up NT$216.6m from 1Q 2024). Profit margin: 11% (up from net loss in 1Q 2024). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 5.7%. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • May 01
Formosa Laboratories, Inc. to Report Q1, 2025 Results on May 08, 2025 Formosa Laboratories, Inc. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$55.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 2.6% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$1.31 (up from NT$1.05 in FY 2023). Revenue: NT$4.73b (up 8.5% from FY 2023). Net income: NT$157.3m (up 25% from FY 2023). Profit margin: 3.3% (up from 2.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 78%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 13
Formosa Laboratories, Inc., Annual General Meeting, Jun 20, 2025 Formosa Laboratories, Inc., Annual General Meeting, Jun 20, 2025. Location: b1 floor no,108, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Announcement • Mar 06
Formosa Laboratories, Inc. to Report Q4, 2024 Results on Mar 12, 2025 Formosa Laboratories, Inc. announced that they will report Q4, 2024 results on Mar 12, 2025 New Risk • Dec 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 138% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.4% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (106% cash payout ratio). Large one-off items impacting financial results. Price Target Changed • Nov 26
Price target decreased by 13% to NT$118 Down from NT$135, the current price target is an average from 2 analysts. New target price is 50% above last closing price of NT$78.20. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$5.87 for next year compared to NT$1.05 last year. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.19 (vs NT$0.95 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.19 (up from NT$0.95 loss in 3Q 2023). Revenue: NT$1.03b (down 8.7% from 3Q 2023). Net income: NT$22.4m (up NT$136.9m from 3Q 2023). Profit margin: 2.2% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 62% growth forecast for the Pharmaceuticals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Nov 07
Formosa Laboratories, Inc. to Report Q3, 2024 Results on Nov 14, 2024 Formosa Laboratories, Inc. announced that they will report Q3, 2024 results on Nov 14, 2024 Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$104, the stock trades at a trailing P/E ratio of 48.9x. Average forward P/E is 18x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 78% over the past three years. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$2.36 (vs NT$0.69 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.36 (up from NT$0.69 in 2Q 2023). Revenue: NT$1.21b (up 12% from 2Q 2023). Net income: NT$283.9m (up 240% from 2Q 2023). Profit margin: 23% (up from 7.7% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 41% growth forecast for the Pharmaceuticals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Aug 03
Formosa Laboratories, Inc. to Report Q2, 2024 Results on Aug 09, 2024 Formosa Laboratories, Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 Declared Dividend • Jul 29
Dividend increased to NT$2.00 Dividend of NT$2.00 is 100% higher than last year. Ex-date: 13th August 2024 Payment date: 12th September 2024 Dividend yield will be 1.9%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not covered by earnings (434% earnings payout ratio). However, it is covered by cash flows (60% cash payout ratio). The dividend has remained flat since 9 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 382% to bring the payout ratio under control, which is more than the 3.3% EPS growth achieved over the last 5 years. Announcement • Jul 27
Formosa Laboratories, Inc. Announces Common Stock Dividend Distribution, Payable on September 12, 2024 Formosa Laboratories, Inc. announced the ex-dividend record date of cash dividends. Type and monetary amount of common stock dividend distribution: Cash dividends is TWD 240,511,926 (TWD 2 per share). Ex-rights (ex-dividend) trading date is August 13, 2024. Ex-rights (ex-dividend) record date is August 19, 2024. Payment date of common stock cash dividend distribution is September 12, 2024. Announcement • Jun 05
Formosa Laboratories, Inc. (TWSE : 4746) acquired SynChem, Inc. Formosa Laboratories, Inc. (TWSE : 4746) acquired SynChem, Inc. on June 3, 2024. SynChem will now operate under the new name SynChem-Formosa. As a now wholly-owned subsidiary of Formosa Laboratories, Dr. W. Paul Mar will continue as CEO of SynChem-Formosa, leading the company's operations and reporting directly to Dr. Cheng, Chairman and President of Formosa.
Formosa Laboratories, Inc. (TWSE : 4746) completed the acquisition of SynChem, Inc. on June 3, 2024. Reported Earnings • May 18
First quarter 2024 earnings released: NT$0.80 loss per share (vs NT$0.21 loss in 1Q 2023) First quarter 2024 results: NT$0.80 loss per share (further deteriorated from NT$0.21 loss in 1Q 2023). Revenue: NT$1.13b (up 22% from 1Q 2023). Net loss: NT$96.0m (loss widened 282% from 1Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 34% growth forecast for the Pharmaceuticals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • May 02
Formosa Laboratories, Inc. to Report Q1, 2024 Results on May 09, 2024 Formosa Laboratories, Inc. announced that they will report Q1, 2024 results on May 09, 2024 Announcement • Mar 13
Formosa Laboratories, Inc., Annual General Meeting, Jun 25, 2024 Formosa Laboratories, Inc., Annual General Meeting, Jun 25, 2024. Location: Monarch Skyline Hotel B1 Purple Cloud Hall 2 located at No.108, Sec 1, Nankan Rd, Luzhu Dist., Taoyuan City 338 Taoyuan City Taiwan Agenda: to consider 2023 business report; to consider audit committee's review report on 2023 financial results; to consider 2023 employees' and directors' remuneration distribution; to consider 2023 directors' remuneration report; to consider 2023 business report and financial statements; to consider 2023 earnings distribution; to authorize the board of directors to handle matters related of the cash capital increase of Formosa pharmaceuticals inc. within the next year; to consider the directors and their representatives from non-competition restrictions; and to consider other issues. Reported Earnings • Mar 13
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$1.05 (down from NT$3.40 in FY 2022). Revenue: NT$4.36b (up 16% from FY 2022). Net income: NT$126.2m (down 69% from FY 2022). Profit margin: 2.9% (down from 11% in FY 2022). Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 74%. Revenue is forecast to grow 14% 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 fallen by 46% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$117, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 15x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 184% over the past three years. New Risk • Nov 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 67% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$99.00, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 108% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$62.50 per share. Announcement • Nov 12
Formosa Laboratories, Inc. Announces Change of Members of the Sustainable Development Committee Formosa Laboratories, Inc. announced change of members of the Sustainable Development Committee. Name of the previous position holder: Cheng Chen-Yu; Yang Chih-Ping; Wang Szu-Ching. Resume of the previous position holder: Cheng Chen-Yu/Chairman & President, Formosa Laboratories, Inc.; Yang Chih-Ping/Chief Executive Officer, Formosa Laboratories, Inc. and Wang Szu-Ching/Vice President of EN & SHE, Formosa Laboratories, Inc. Name of the new position holder: Cheng Chen-Yu; Lu Ta-Jung and Chaung Tza-Zen. Resume of the new position holder: Cheng Chen-Yu/Chairman & President, Formosa Laboratories, Inc. Lu Ta-Jung/Independent director of Formosa Laboratories, Inc. Chaung Tza-Ze/Independent director of Formosa Laboratories, Inc. Effective date of the new member is November 10, 2023. Upcoming Dividend • Aug 17
Upcoming dividend of NT$1.00 per share at 1.2% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 14% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (1.6%). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$0.69 (vs NT$0.071 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.69 (up from NT$0.071 loss in 2Q 2022). Revenue: NT$1.09b (up 30% from 2Q 2022). Net income: NT$83.4m (up NT$91.9m from 2Q 2022). Profit margin: 7.7% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 63% growth forecast for the Pharmaceuticals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Aug 11
Formosa Laboratories, Inc. Appoints Lin Chien-Fei as Chief Information Security Officer Formosa Laboratories, Inc. appointed Lin Chien-Fei/Assistant Vice President of Information Technology as Chief Information Security Officer. Effective date: August 10, 2023. Announcement • Aug 05
Formosa Laboratories, Inc. Announces Cash Dividend, Payable on September 22, 2023 Formosa Laboratories, Inc. announced cash dividend of TWD 120,255,963 (TWD 1 per share) of common stock. Ex-rights (ex-dividend) trading date is August 24, 2023; Ex-rights (ex-dividend) record date is September 01, 2023; Payment date of cash dividend distribution is September 22, 2023. Announcement • Jun 28
Formosa Laboratories, Inc. Approves Independent Directors Elections Formosa Laboratories, Inc. announced at annual shareholders meeting held on June 27, 2023, the shareholders approved election of Chaung,Tza-Zen and Chang,Ting-Jung as independent directors of the company. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$91.50, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 57% over the past three years. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$3.40 (vs NT$10.92 in FY 2021) Full year 2022 results: EPS: NT$3.40 (down from NT$10.92 in FY 2021). Revenue: NT$3.77b (up 20% from FY 2021). Net income: NT$409.4m (down 67% from FY 2021). Profit margin: 11% (down from 40% in FY 2021). 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 25% per year, which means it is well ahead of earnings. 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. 1 experienced director. 9 highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Zhe Ren Zhuang was the last independent director to join the board, commencing their role in 2013. 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 13
Third quarter 2022 earnings released: EPS: NT$4.09 (vs NT$3.20 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$4.09 (up from NT$3.20 loss in 3Q 2021). Revenue: NT$1.02b (up 49% from 3Q 2021). Net income: NT$492.1m (up NT$876.6m from 3Q 2021). Profit margin: 48% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2022 earnings released: NT$0.07 loss per share (vs NT$6.86 profit in 2Q 2021) Second quarter 2022 results: NT$0.07 loss per share (down from NT$6.86 profit in 2Q 2021). Revenue: NT$838.2m (up 1.3% from 2Q 2021). Net loss: NT$8.53m (down 101% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 17% per year. Upcoming Dividend • Jul 20
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 27 July 2022. Payment date: 25 August 2022. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (2.9%). Reported Earnings • May 16
First quarter 2022 earnings released: NT$3.33 loss per share (vs NT$9.84 profit in 1Q 2021) First quarter 2022 results: NT$3.33 loss per share (down from NT$9.84 profit in 1Q 2021). Revenue: NT$834.9m (up 13% from 1Q 2021). Net loss: NT$400.4m (down 138% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to NT$55.00 Down from NT$65.00, the current price target is provided by 1 analyst. New target price is 15% below last closing price of NT$64.90. Stock is up 13% over the past year. The company posted earnings per share of NT$10.92 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. 1 experienced director. 9 highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Zhe Ren Zhuang was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 18% share price gain to NT$68.10, the stock trades at a trailing P/E ratio of 6.6x. Average forward P/E is 17x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 61% over the past three years. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$10.92 (up from NT$3.79 in FY 2020). Revenue: NT$3.14b (up 2.2% from FY 2020). Net income: NT$1.25b (up 212% from FY 2020). Profit margin: 40% (up from 13% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2021 earnings released: NT$3.20 loss per share (vs NT$0.93 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$689.7m (down 15% from 3Q 2020). Net loss: NT$384.6m (down 481% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$6.86 (vs NT$4.99 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$827.3m (up 5.0% from 2Q 2020). Net income: NT$744.6m (up 39% from 2Q 2020). Profit margin: 90% (up from 68% in 2Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$66.80, the stock trades at a trailing P/E ratio of 4.6x. Average forward P/E is 21x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$83.60, the stock trades at a trailing P/E ratio of 5.8x. Average forward P/E is 20x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 28% share price gain to NT$74.40, the stock trades at a trailing P/E ratio of 5.1x. Average forward P/E is 20x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 41% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$9.84 (vs NT$1.03 loss in 1Q 2020) First quarter 2021 results: Revenue: NT$736.3m (up 11% from 1Q 2020). Net income: NT$1.07b (up NT$1.17b from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 60% 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 • Mar 23
Investor sentiment improved over the past week After last week's 15% share price gain to NT$56.60, the stock trades at a forward P/E ratio of 74x. Average forward P/E is 22x in the Pharmaceuticals industry in Taiwan. Total loss to shareholders of 2.9% over the past three years. Reported Earnings • Mar 06
Full year 2020 earnings released: EPS NT$3.78 (vs NT$0.12 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.08b (up 11% from FY 2019). Net income: NT$400.0m (up NT$388.4m from FY 2019). Profit margin: 13% (up from 0.4% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 16% share price gain to NT$54.80, the stock is trading at a trailing P/E ratio of 12.3x, up from the previous P/E ratio of 10.6x. This compares to an average P/E of 18x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders over the past three years are 8.7%. Is New 90 Day High Low • Feb 19
New 90-day high: NT$52.80 The company is up 6.0% from its price of NT$49.90 on 20 November 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 13% over the same period. Is New 90 Day High Low • Dec 07
New 90-day low: NT$47.80 The company is down 10.0% from its price of NT$53.20 on 08 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 7.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.93 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$814.7m (up 3.2% from 3Q 2019). Net income: NT$100.9m (down 41% from 3Q 2019). Profit margin: 12% (down from 22% in 3Q 2019). 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 whereas the company’s share price has fallen by 11% per year. Is New 90 Day High Low • Oct 28
New 90-day low: NT$48.40 The company is down 3.0% from its price of NT$50.10 on 30 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 13% over the same period.