TSH Biopharm Corp. Ltd. (8432) AI Stock Analysis

TSH Biopharm Corp. Ltd.

(TPEx:8432)

Select Model

Rating:85Outperform

Price Target:TWD 69.00▲(12.20% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is driven primarily by strong financial performance, especially the exceptionally low leverage and solid profitability growth. Favorable technical momentum and attractive valuation provide additional support, while moderating margins and weaker recent cash generation are the main constraints.

Positive Factors

Very Low LeverageDebt-to-equity of about 0.02 indicates exceptionally low leverage, reducing solvency and refinancing pressure. This financial flexibility can help TSH Biopharm sustain product development, commercialization, and investment through changing market conditions.

Negative Factors

Margin CompressionAlthough current gross and net margins remain healthy, deterioration from the stronger 2020–2021 levels indicates pressure on product mix, pricing, or costs. If this trend persists, revenue growth may translate into slower earnings expansion and weaker operating leverage.

TSH Biopharm Corp. Ltd. (8432) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.35B
Dividend Yield: 4.24%
Average Volume (3M): 77.66K
Price to Earnings (P/E): 11.3
Beta (1Y): 0.20
Revenue Growth: 20.56%
EPS Growth: 67.85%
Country: TW
Employees: 80
Sector: General
Sector Strength: 55
Industry: Drug Manufacturers - Specialty & Generic

TSH Biopharm Corp. Ltd. Business Overview & Revenue Model

Company Description

TSH Biopharm Corporation Limited, a subsidiary of TTY Biopharm Company Limited, specializes in the development and commercialization of pharmaceutical products. Established in 1999 with its headquarters in Taipei, Taiwan, the company's market reach e...

TSH Biopharm Corp. Ltd. Financial Statement Overview

Summary

Strong financial profile supported by 19.8% revenue growth, 23.1% net-income growth, very low leverage, expanding equity, and positive free cash flow. Moderating margins and declining cash generation limit the score.

Income Statement

82Very Positive

Balance Sheet

94Very Positive

Cash Flow

73Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.40B	1.34B	1.12B	810.92M	741.07M	413.48M
Gross Profit	703.18M	657.13M	582.76M	399.90M	389.87M	247.36M
EBITDA	281.72M	245.11M	202.84M	99.35M	103.47M	71.31M
Net Income	182.90M	139.26M	113.09M	61.99M	61.89M	47.11M
Balance Sheet
Total Assets	2.03B	1.95B	1.84B	1.40B	1.44B	1.17B
Cash, Cash Equivalents and Short-Term Investments	1.07B	932.28M	897.36M	772.12M	815.77M	733.40M
Total Debt	15.80M	26.44M	36.96M	7.84M	63.86M	5.01M
Total Liabilities	348.66M	233.79M	219.22M	133.63M	222.46M	85.80M
Stockholders Equity	1.41B	1.44B	1.39B	1.11B	1.14B	1.08B
Cash Flow
Free Cash Flow	295.80M	150.29M	181.03M	28.32M	15.62M	68.33M
Operating Cash Flow	297.28M	154.81M	183.77M	33.87M	34.35M	68.71M
Investing Cash Flow	-81.07M	-171.37M	-110.38M	161.02M	33.40M	-10.06M
Financing Cash Flow	-141.70M	-107.24M	-61.69M	-107.18M	-89.40M	-73.46M

TSH Biopharm Corp. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8432 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8432	85Outperform	TWD 2.36B	11.34	―	4.24%	20.56%	67.85%
TW:8279	69Neutral	TWD 2.21B	10.79	―	6.12%	-3.92%	-29.93%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8403	49Neutral	TWD 2.55B	15.42	―	3.23%	6.25%	14.37%
TW:4108	47Neutral	TWD 2.06B	-48.21	―	―	3.62%	34.40%

* General Sector Average

Performance Comparison

TW:8432 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8432	TSH Biopharm Corp. Ltd.	61.50	9.01	17.17%
TW:4108	Phytohealth Corporation	10.35	-3.90	-27.37%
TW:6892	Taiwan Bio Therapeutics Co., Ltd.	26.05	-3.65	-12.30%
TW:6932	Merdury Biopharmaceutical Corporation	5.49	-4.76	-46.44%
TW:8279	Syngen Biotech Co., Ltd.	81.70	-42.41	-34.17%
TW:8403	ShareHope Medicine Co., Ltd.	18.55	-4.66	-20.09%

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 10, 2026

TSH Biopharm Corp. Ltd. AI Stock Analysis