Great Tree Pharmacy Co., Ltd. (6469) AI Stock Analysis

Great Tree Pharmacy Co., Ltd.

(TPEx:6469)

Select Model

Rating:56Neutral

Price Target:TWD 60.00▲(3.81% Upside)

Action:initiatedcoverage

Date:11/09/26

Great Tree Pharmacy scores in the middle of the range. Financial fundamentals are the dominant driver: strong revenue growth, improving gross margins and consistently positive free cash flow are genuine strengths, but shrinking operating and net margins, three straight years of lower net income, and debt at roughly 1.8x equity with weakening cash coverage are material risks. Technicals are the biggest drag — the shares sit well below all major moving averages with negative MACD, and while deeply oversold readings suggest the move is extended, there is no confirmation of a turn. Valuation provides the main offset, with a moderate 17.1x P/E and an attractive 5.46% dividend yield, although payout sustainability warrants monitoring given the earnings trend. Low beta (0.12) means the stock's weakness is company-specific rather than market-driven.

Positive Factors

Multi-year revenue growthSustained revenue expansion indicates that Great Tree continues to grow its community-pharmacy retail base and customer demand over multiple years. The additional increase in 2025 supports ongoing business momentum and provides a durable foundation for maintaining scale, funding operations, and supporting future profitability.

Negative Factors

Elevated and rising leverageRising debt relative to equity increases the company’s financial leverage and reduces flexibility if earnings soften. Because Great Tree operates in a defensive healthcare retail sector, the balance-sheet profile being more levered than ideal may constrain future investment choices and make periods of weaker performance harder to absorb.

Great Tree Pharmacy Co., Ltd. (6469) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 9.11B
Dividend Yield: 5.46%
Average Volume (3M): 401.78K
Price to Earnings (P/E): 16.6
Beta (1Y): 0.12
Revenue Growth: 4.00%
EPS Growth: -25.06%
Country: TW
Employees: 446
Sector: General
Sector Strength: 55
Industry: Medical - Pharmaceuticals

Great Tree Pharmacy Co., Ltd. Business Overview & Revenue Model

Company Description

Great Tree Pharmacy Co., Ltd. is a Taiwanese enterprise that operates an extensive chain of pharmacies throughout the island nation. These retail outlets offer a broad selection of goods, including prescription and over-the-counter medications, nutri...

Great Tree Pharmacy Co., Ltd. Financial Statement Overview

Summary

Mixed quality. Revenue has compounded at roughly 17% annually since 2020 (NT$8.6bn to NT$18.9bn) with gross margin improving to 28.7%, and cash generation is solid — operating cash flow of NT$1.17bn and a sixth straight year of positive free cash flow (NT$787m). Offsetting this, operating margin has fallen from 6.4% to 4.4%, net income has declined for three consecutive years, and leverage is elevated at ~1.8x debt-to-equity with equity funding only ~28% of assets. Return on equity remains respectable at 15.3% but has dropped sharply from 26.9% in 2022, indicating the store-expansion strategy is delivering diminishing returns.

Income Statement

64Positive

Balance Sheet

48Neutral

Cash Flow

69Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	19.02B	18.90B	17.27B	16.14B	14.56B	11.28B
Gross Profit	5.43B	5.42B	4.84B	4.49B	4.01B	2.94B
EBITDA	1.52B	1.71B	1.71B	1.60B	1.54B	1.04B
Net Income	515.77M	600.42M	680.77M	666.05M	700.07M	407.42M
Balance Sheet
Total Assets	14.02B	13.76B	12.13B	10.77B	10.12B	7.39B
Cash, Cash Equivalents and Short-Term Investments	2.53B	2.54B	2.23B	2.16B	2.48B	1.33B
Total Debt	6.44B	7.07B	6.00B	5.14B	5.13B	3.83B
Total Liabilities	10.28B	9.76B	8.48B	7.42B	7.49B	5.44B
Stockholders Equity	3.67B	3.92B	3.60B	3.28B	2.60B	1.93B
Cash Flow
Free Cash Flow	623.39M	787.01M	779.64M	564.03M	910.93M	823.18M
Operating Cash Flow	965.15M	1.17B	1.14B	890.33M	1.23B	1.08B
Investing Cash Flow	-684.52M	-880.71M	-881.37M	-416.53M	-465.58M	-268.43M
Financing Cash Flow	-597.02M	-409.63M	-499.08M	-795.84M	389.10M	-336.57M

Great Tree Pharmacy Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6469 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1203	70Outperform	TWD 10.47B	21.08	―	2.27%	-13.42%	12.83%
TW:6790	68Neutral	TWD 9.84B	11.96	―	7.19%	-3.83%	17.72%
TW:6534	67Neutral	TWD 8.35B	15.17	―	6.17%	6.31%	31.07%
TW:8436	62Neutral	TWD 10.68B	9.60	―	6.52%	-3.82%	2.23%
TW:6469	56Neutral	TWD 9.20B	16.65	―	5.46%	4.00%	-25.06%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1702	43Neutral	TWD 7.65B	46.74	―	5.19%	-0.31%	-90.22%

* General Sector Average

Performance Comparison

TW:6469 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6469	Great Tree Pharmacy Co., Ltd.	57.80	-36.31	-38.59%
TW:1203	Ve Wong Corporation	44.05	5.25	13.52%
TW:1702	Namchow Holdings Co., Ltd.	30.85	-6.87	-18.22%
TW:6534	CH Biotech R&D Co., Ltd.	86.00	-4.67	-5.15%
TW:6790	Yuen Foong Yu Consumer Products Co., Ltd.	36.85	1.42	4.02%
TW:8436	TCI Co., Ltd.	92.20	-24.45	-20.96%

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

Great Tree Pharmacy Co., Ltd. AI Stock Analysis