New Risk • Aug 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 369% Paying a dividend despite having no free cash flows. High level of non-cash earnings (27% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (2.9% net profit margin). Market cap is less than US$100m (NT$1.06b market cap, or US$33.2m). Reported Earnings • Aug 15
Second quarter 2026 earnings released: EPS: NT$0.23 (vs NT$0.081 in 2Q 2025) Second quarter 2026 results: EPS: NT$0.23 (up from NT$0.081 in 2Q 2025). Revenue: NT$150.4m (up 3.7% from 2Q 2025). Net income: NT$6.21m (up 187% from 2Q 2025). Profit margin: 4.1% (up from 1.5% in 2Q 2025). 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 4% per year, which means it has not declined as severely as earnings. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Independent Director Pui Kwan Chan was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.80 (vs NT$2.05 in FY 2024) Full year 2025 results: EPS: NT$0.80 (down from NT$2.05 in FY 2024). Revenue: NT$603.1m (down 8.9% from FY 2024). Net income: NT$21.4m (down 61% from FY 2024). Profit margin: 3.5% (down from 8.3% in FY 2024). 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 increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 03
Genetics Generation Advancement Corp., Annual General Meeting, Jun 17, 2026 Genetics Generation Advancement Corp., Annual General Meeting, Jun 17, 2026. Location: 6-5 floor no,28 ln.78, hsing ai rd., neihu district, taipei city Taiwan Buy Or Sell Opportunity • Jan 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.4% to NT$54.80. The fair value is estimated to be NT$45.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 17%. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.72 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.02 (down from NT$0.72 in 3Q 2024). Revenue: NT$145.5m (down 14% from 3Q 2024). Net income: NT$454.0k (down 98% from 3Q 2024). Profit margin: 0.3% (down from 11% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 26
Upcoming dividend of NT$1.85 per share Eligible shareholders must have bought the stock before 03 October 2025. Payment date: 31 October 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (1.0%). New Risk • Sep 24
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 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 154% Cash payout ratio: 137% Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (NT$1.58b market cap, or US$52.1m). Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: NT$0.08 (vs NT$0.68 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.08 (down from NT$0.68 in 2Q 2024). Revenue: NT$145.1m (down 14% from 2Q 2024). Net income: NT$2.16m (down 88% from 2Q 2024). Profit margin: 1.5% (down from 11% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 34% per year and the company’s share price has also increased by 34% per year. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$59.50, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 31x in the Biotechs industry in Taiwan. Total returns to shareholders of 181% over the past three years. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: NT$0.29 (vs NT$0.53 in 1Q 2024) First quarter 2025 results: EPS: NT$0.29 (down from NT$0.53 in 1Q 2024). Revenue: NT$143.4m (down 14% from 1Q 2024). Net income: NT$7.65m (down 46% from 1Q 2024). Profit margin: 5.3% (down from 8.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. New Risk • Apr 10
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 90% Dividend yield: 3.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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: Minor Risks Dividend is not well covered by earnings (90% payout ratio). Market cap is less than US$100m (NT$1.27b market cap, or US$38.6m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$52.10, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 28x in the Biotechs industry in Taiwan. Total returns to shareholders of 138% over the past three years. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: NT$2.05 (vs NT$1.07 in FY 2023) Full year 2024 results: EPS: NT$2.05 (up from NT$1.07 in FY 2023). Revenue: NT$661.9m (up 12% from FY 2023). Net income: NT$54.7m (up 92% from FY 2023). Profit margin: 8.3% (up from 4.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year whereas the company’s share price has increased by 46% per year. Tillkännagivande • Mar 11
Genetics Generation Advancement Corp., Annual General Meeting, Jun 13, 2025 Genetics Generation Advancement Corp., Annual General Meeting, Jun 13, 2025. Location: 6-5 floor no,28 ln.78, hsing ai rd., neihu district, taipei city Taiwan New Risk • Dec 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% 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 Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$2.36b market cap, or US$73.0m). Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.72 (vs NT$0.18 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.72 (up from NT$0.18 in 3Q 2023). Revenue: NT$170.2m (up 9.9% from 3Q 2023). Net income: NT$19.2m (up 294% from 3Q 2023). Profit margin: 11% (up from 3.2% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 57% per year whereas the company’s share price has increased by 53% per year. Upcoming Dividend • Sep 12
Upcoming dividend of NT$0.51 per share Eligible shareholders must have bought the stock before 19 September 2024. Payment date: 25 October 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (4.5%). Lower than average of industry peers (2.7%). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.72 (vs NT$0.37 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.72 (up from NT$0.37 in 2Q 2023). Revenue: NT$169.6m (up 17% from 2Q 2023). Net income: NT$18.2m (up 95% from 2Q 2023). Profit margin: 11% (up from 6.4% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year and the company’s share price has also increased by 65% per year. Declared Dividend • Aug 09
Dividend of NT$0.51 announced Shareholders will receive a dividend of NT$0.51. Ex-date: 19th September 2024 Payment date: 25th October 2024 Dividend yield will be 0.5%, which is lower than the industry average of 2.6%. Payout Ratios Payout ratio: 37%. Cash payout ratio: 23%. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$109, the stock trades at a trailing P/E ratio of 78.1x. Average trailing P/E is 42x in the Biotechs industry in Taiwan. Total returns to shareholders of 375% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$110, the stock trades at a trailing P/E ratio of 78.8x. Average trailing P/E is 43x in the Biotechs industry in Taiwan. Total returns to shareholders of 373% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to NT$97.50, the stock trades at a trailing P/E ratio of 70.2x. Average trailing P/E is 42x in the Biotechs industry in Taiwan. Total returns to shareholders of 339% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$68.00, the stock trades at a trailing P/E ratio of 49x. Average trailing P/E is 42x in the Biotechs industry in Taiwan. Total returns to shareholders of 213% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.56 (vs NT$0.29 in 1Q 2023) First quarter 2024 results: EPS: NT$0.56 (up from NT$0.29 in 1Q 2023). Revenue: NT$166.9m (up 24% from 1Q 2023). Net income: NT$14.2m (up 90% from 1Q 2023). Profit margin: 8.5% (up from 5.6% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$50.50, the stock trades at a trailing P/E ratio of 44.9x. Average trailing P/E is 47x in the Biotechs industry in Taiwan. Total returns to shareholders of 117% over the past three years. Tillkännagivande • Mar 31
Genetics Generation Advancement Corp., Annual General Meeting, Jun 18, 2024 Genetics Generation Advancement Corp., Annual General Meeting, Jun 18, 2024. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: NT$1.12 (vs NT$1.01 in FY 2022) Full year 2023 results: EPS: NT$1.12 (up from NT$1.01 in FY 2022). Revenue: NT$592.5m (up 8.2% from FY 2022). Net income: NT$28.6m (up 11% from FY 2022). Profit margin: 4.8% (up from 4.7% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.19 (vs NT$0.31 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.19 (down from NT$0.31 in 3Q 2022). Revenue: NT$154.8m (up 17% from 3Q 2022). Net income: NT$4.88m (down 38% from 3Q 2022). Profit margin: 3.2% (down from 5.9% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 07
Upcoming dividend of NT$0.48 per share at 1.1% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 20 October 2023. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (2.7%). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.38 (vs NT$0.036 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.38 (up from NT$0.036 in 2Q 2022). Revenue: NT$145.4m (up 8.3% from 2Q 2022). Net income: NT$9.31m (up NT$8.44m from 2Q 2022). Profit margin: 6.4% (up from 0.6% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$47.90, the stock trades at a trailing P/E ratio of 51.6x. Average trailing P/E is 50x in the Biotechs industry in Taiwan. Total returns to shareholders of 74% over the past three years. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$44.00, the stock trades at a trailing P/E ratio of 47.4x. Average trailing P/E is 45x in the Biotechs industry in Taiwan. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$35.25, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 41x in the Biotechs industry in Taiwan. Total returns to shareholders of 40% over the past three years. Board Change • Jan 10
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Director Yu Min Liang was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 18% share price gain to NT$28.60, the stock trades at a trailing P/E ratio of 38.8x. Average trailing P/E is 35x in the Biotechs industry in Taiwan. Total returns to shareholders of 5.0% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.32 (vs NT$0.15 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.32 (up from NT$0.15 in 3Q 2021). Revenue: NT$132.4m (down 3.3% from 3Q 2021). Net income: NT$7.83m (up 122% from 3Q 2021). Profit margin: 5.9% (up from 2.6% in 3Q 2021). 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 but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 29
Upcoming dividend of NT$0.29 per share Eligible shareholders must have bought the stock before 05 September 2022. Payment date: 30 September 2022. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (2.2%). Tillkännagivande • Aug 16
Genetics Generation Advancement Corp. Announces Cash Dividend, Payable on September 30, 2022 Genetics Generation Advancement Corp. announced cash dividend of TWD 0.29097003 per share, total amount is TWD 7,055,155. Ex-rights (Ex-dividend) date: September 5, 2022. Ex-rights (Ex-dividend) record date: September 11, 2022. Payment date of cash dividend distribution: September 30, 2022. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.44 (vs NT$0.019 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.44 (up from NT$0.019 loss in 1Q 2021). Revenue: NT$139.7m (up 16% from 1Q 2021). Net income: NT$10.7m (up NT$11.2m from 1Q 2021). Profit margin: 7.7% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: NT$0.32 (vs NT$0.65 loss in FY 2020) Full year 2021 results: EPS: NT$0.32 (up from NT$0.65 loss in FY 2020). Revenue: NT$519.5m (up 17% from FY 2020). Net income: NT$7.84m (up NT$23.5m from FY 2020). Profit margin: 1.5% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.15 (vs NT$0.19 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$137.0m (up 15% from 3Q 2020). Net income: NT$3.53m (up NT$8.08m from 3Q 2020). Profit margin: 2.6% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.26 (vs NT$0.096 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$140.9m (up 36% from 2Q 2020). Net income: NT$6.32m (up NT$8.65m from 2Q 2020). Profit margin: 4.5% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
First quarter 2021 earnings released: NT$0.02 loss per share (vs NT$0.01 profit in 1Q 2020) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: NT$120.2m (up 14% from 1Q 2020). Net loss: NT$463.0k (down 290% from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 31
Full year 2020 earnings released: NT$0.65 loss per share (vs NT$0.76 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: NT$443.1m (up 3.2% from FY 2019). Net loss: NT$15.7m (down 186% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 53% 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. Tillkännagivande • Mar 18
Genetics Generation Advancement Corp., Annual General Meeting, Jun 10, 2021 Genetics Generation Advancement Corp., Annual General Meeting, Jun 10, 2021. Location: 6F.-5, No.28, Ln. 78, Xingai Rd., Neihu Dist., Taipei City 114 Taiwan Taiwan Agenda: To consider 2020 Annual Business Report; to consider audit Committee's 2020 Review Report; and to consider withdrawal for a cash offering by private placement proposed on the 2020. Is New 90 Day High Low • Feb 04
New 90-day low: NT$23.05 The company is down 6.0% from its price of NT$24.50 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Biotechs industry, which is also down 6.0% over the same period. Is New 90 Day High Low • Jan 20
New 90-day low: NT$23.10 The company is down 6.0% from its price of NT$24.55 on 23 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 2.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: NT$25.50 The company is up 2.0% from its price of NT$25.05 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is up 1.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day low: NT$24.00 The company is down 7.0% from its price of NT$25.70 on 11 September 2020. The Taiwanese market is up 13% 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. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.19 loss per share The company reported a soft third quarter result with increased losses and weaker control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: NT$118.8m (up 14% from 3Q 2019). Net loss: NT$4.55m (loss widened NT$4.49m from 3Q 2019). 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 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 12
New 90-day low: NT$24.20 The company is down 16% from its price of NT$28.80 on 14 August 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 3.0% over the same period. 
