SunMax Biotechnology Co. Ltd. (4728) AI Stock Analysis

SunMax Biotechnology Co. Ltd.

(TPEx:4728)

Select Model

Rating:79Outperform

Price Target:TWD 447.00▲(15.21% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily supported by excellent financial performance, including strong growth, profitability, balance-sheet strength, and cash generation. Attractive dividend income provides additional support, while mixed technical momentum and a relatively full P/E ratio limit the overall score. Earnings-call and corporate-event data were excluded because none was provided.

Positive Factors

Accelerating Revenue GrowthThe sharp 2025 revenue acceleration indicates materially expanding business activity after several years of steady growth. If sustained, this larger revenue base can support operating leverage, strengthen market positioning, and provide additional resources for reinvestment over the next several quarters.

Negative Factors

Gross Margin VolatilityThe sharp gross-margin decline in 2024 shows that profitability may be exposed to changes in product mix or costs, even though margins recovered in 2025. Further volatility could make earnings less predictable and reduce the durability of the company’s otherwise strong bottom-line performance.

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

Very strong financial profile, supported by rapid revenue growth, high profitability, low leverage, strong return on equity, and substantial operating and free cash flow. Margin compression and historical cash-flow volatility are the main weaknesses.

Income Statement

91Very Positive

Balance Sheet

94Very Positive

Cash Flow

90Very Positive

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4728 against its peers
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	79Outperform	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

TW:4728 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4728	SunMax Biotechnology Co. Ltd.	388.00	5.62	1.47%
TW:4105	TTY Biopharm Company Limited	82.10	7.64	10.26%
TW:4123	Center Laboratories, Inc.	28.40	-5.63	-16.55%
TW:4743	Oneness Biotech Co., Ltd.	46.25	-16.25	-26.00%
TW:6620	Handa Pharmaceuticals Inc	136.50	17.95	15.14%
TW:7686	A-Top Health Biotech Co., Ltd.	729.00	209.00	40.19%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

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

SunMax Biotechnology Co. Ltd. AI Stock Analysis