SunMax Biotechnology Co. Ltd. AI Stock Analysis
SunMax Biotechnology Co. Ltd. (4728) AI Stock Analysis
SunMax Biotechnology Co. Ltd.
(TPEx:4728)
SunMax Biotechnology earns a solid score driven primarily by its outstanding financial profile — industry-leading operating and net margins, consistent mid-40s return on equity, a virtually debt-free balance sheet and strong free cash flow conversion. Valuation is supportive, with a moderate 26x earnings multiple paired with a well-covered 6.1% dividend yield. The main drag is technical momentum: the price has slipped below its short-term moving averages with a negative MACD and subdued momentum readings, though it remains above its 100- and 200-day trends. Investors should also monitor the volatile reported gross margin and the sustainability of the recent cash flow surge.
SunMax Biotechnology Co. Ltd. (4728) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 21.13B
- Dividend Yield
- 6.11%
- Average Volume (3M)
- 13.38K
- Price to Earnings (P/E)
- 26.0
- Beta (1Y)
- -0.04
- Revenue Growth
- 12.50%
- EPS Growth
- 16.12%
- Country
- TW
- Employees
- 30
- Sector
- General
- Sector Strength
- 55
- Industry
- Biotechnology
SunMax Biotechnology Co. Ltd. Business Overview & Revenue Model
Company Description
Established in Tainan City, Taiwan, in 2001, Sunmax Biotechnology Co., Ltd. functions as a biomedical enterprise. The company specializes in the development, manufacturing, and commercialization of collagen-based medical devices across Taiwan and mai...
SunMax Biotechnology Co. Ltd. Financial Statement Overview
Summary
SunMax combines strong growth with exceptional profitability: revenue has compounded near 19% annually to NT$2.03 billion, with a 49% operating margin and 36% net margin in 2025. The balance sheet is essentially debt-free (debt-to-equity of 0.07) with equity funding 76% of assets and return on equity holding near 44–45%. Cash generation rebounded sharply, with operating cash flow doubling to NT$826 million and free cash flow converting at about 92% of net income. Offsetting these strengths are erratic reported gross margins (83% to 40% and back to 78%), lumpy free cash flow across years, and bottom-line growth (7%) trailing revenue growth, hinting at mild margin compression.
Income Statement
84Very PositiveBalance Sheet
90Very PositiveCash Flow
87Very Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.19B | 2.03B | 1.82B | 1.69B | 1.40B | 1.04B |
| Gross Profit | 1.71B | 1.59B | 735.15M | 1.40B | 1.19B | 894.45M |
| EBITDA | 1.37B | 1.10B | 911.19M | 985.16M | 836.35M | 415.70M |
| Net Income | 811.53M | 725.75M | 679.40M | 625.71M | 533.83M | 245.64M |
Balance Sheet | ||||||
| Total Assets | 2.00B | 2.12B | 1.85B | 2.16B | 1.79B | 1.48B |
| Cash, Cash Equivalents and Short-Term Investments | 793.19M | 961.59M | 333.22M | 961.79M | 816.67M | 679.34M |
| Total Debt | 108.37M | 119.33M | 60.34M | 169.02M | 70.33M | 109.06M |
| Total Liabilities | 570.43M | 505.60M | 337.82M | 732.99M | 468.00M | 460.44M |
| Stockholders Equity | 1.43B | 1.62B | 1.51B | 1.43B | 1.33B | 1.02B |
Cash Flow | ||||||
| Free Cash Flow | 862.24M | 757.58M | 360.75M | 738.16M | 489.40M | -12.14M |
| Operating Cash Flow | 959.28M | 825.92M | 397.37M | 848.56M | 644.57M | 243.28M |
| Investing Cash Flow | -467.23M | -239.96M | 308.86M | -16.04M | -376.62M | -285.17M |
| Financing Cash Flow | -1.32B | -663.13M | -604.92M | -549.80M | -281.21M | -131.97M |
SunMax Biotechnology Co. Ltd. Peers Comparison
Overall Rating
TW:410579Outperform- TW:472876Outperform
TW:662070Outperform
TW:412348Neutral
TW:474342Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:4105 | 79Outperform | TWD 20.44B | 12.48 | ― | 5.48% | 4.54% | -7.38% |
| TW:4728 | 76Outperform | TWD 21.13B | 26.04 | ― | 6.11% | 12.50% | 16.12% |
| TW:6620 | 70Outperform | TWD 20.83B | 66.76 | ― | 1.52% | ― | ― |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:4123 | 48Neutral | TWD 22.38B | 23.82 | ― | 6.15% | 3.63% | ― |
| TW:4743 | 42Neutral | TWD 22.59B | -102.60 | ― | ― | 14.79% | 84.54% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:4728 | SunMax Biotechnology Co. Ltd. | 388.00 | -2.62 | -0.67% | |
| TW:4105 | TTY Biopharm Company Limited | 82.10 | 7.54 | 10.12% | |
| TW:4123 | Center Laboratories, Inc. | 28.40 | -5.05 | -15.09% | |
| TW:4743 | Oneness Biotech Co., Ltd. | 46.25 | -16.55 | -26.35% | |
| TW:6620 | Handa Pharmaceuticals Inc | 136.50 | 16.48 | 13.73% | |
| TW:7686 | A-Top Health Biotech Co., Ltd. | 729.00 | 209.00 | 40.19% |
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Nov 09, 2026