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BIONET Corp (1784) Fair Value & Analysis

Healthcare · TW · Market cap 3.0B TWD

BC BIONET Corp 1784 · TWO
Price61.80 TWD
Fair Value17.56 TWD
Upside-71.6%
Quality48/100
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Mixed Growth
Thin margins · 3.9% net margin
generates free cash flow
1.43% dividend yield
Trails peers (4/12)
Narrow moat 22/100
Evidence: Medium Range 13.17 TWD – 21.95 TWD Share as image

Fair value as of: Jul 23, 2026

From 22 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 16.66 TWD to 17.56 TWD (+5.4%) since Jul 7, 2026. Share price −10.6% over the past month.

Below-average quality, and screening another 72% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (21.95 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

161.50 TWD 35.10 TWD Fair Value 17.56 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 35.10 TWD – 161.50 TWD · fair‑value band 13.17 TWD – 21.95 TWD · the 61.80 TWD price screens above the 17.56 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

BIONET Corp (1784) currently trades at 61.80 TWD, while our model-based Fair Value estimate is 17.56 TWD, implying the stock looks roughly 71.6% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, BIONET Corp generated revenue of 1.3B TWD at a net margin of 3.9%. Revenue grew 8.2% year over year. It earns a return on equity of -0.2%. The balance sheet holds a net cash position of 193M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 13.17 TWD (bear case) to 21.95 TWD (bull case); at 61.80 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 48% below its 52-week high, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -48% fair-value upside, at -72%, 1784 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 18.98 TWD 19.00 TWD 17.17 TWD 76
Growth DCF 8.66 TWD 10.32 TWD 12.62 TWD 72
Gordon GGM 12.36 TWD 24.62 TWD 37.29 TWD 70
All 22 models by family
DCF Models
FCF DCF 8.62 TWD 10.53 TWD 13.35 TWD 38
5Y Revenue Exit 8.17 TWD 9.90 TWD 12.11 TWD 39
5Y EBITDA Exit 12.44 TWD 17.98 TWD 24.55 TWD 41
5Y P/E Exit 16.13 TWD 24.95 TWD 34.37 TWD 38
10Y Revenue Exit 8.22 TWD 9.82 TWD 11.98 TWD 36
10Y EBITDA Exit 10.98 TWD 15.34 TWD 21.35 TWD 37
10Y P/E Exit 13.29 TWD 20.09 TWD 28.74 TWD 35
Earnings-Based
Graham-Dodd 7.02 TWD 22.94 TWD 30.66 TWD 54
Lynch FV 5.14 TWD 7.34 TWD 9.55 TWD 50
PEG = 1.0 5.14 TWD 7.34 TWD 9.55 TWD 46
Dividend Discount
Gordon GGM 12.36 TWD 24.62 TWD 37.29 TWD 70
DDM Multi-Stage 12.36 TWD 20.52 TWD 25.99 TWD 61
Multiples
P/E Multiple 17.04 TWD 22.72 TWD 28.40 TWD 63
P/S Multiple 13.17 TWD 17.56 TWD 21.95 TWD 58
P/B Multiple 13.17 TWD 17.56 TWD 21.95 TWD 55
EV/EBITDA 15.73 TWD 19.26 TWD 22.79 TWD 54
EV/Revenue 8.04 TWD 9.28 TWD 10.52 TWD 43
Asset-Based
NCAV (Graham) 12.77 TWD 17.12 TWD 25.55 TWD 50
Growth DCF
Growth DCF 8.66 TWD 10.32 TWD 12.62 TWD 72
Rev-Margin DCF 8.17 TWD 9.91 TWD 11.95 TWD 67
Economic Profit
Residual Income 18.98 TWD 19.00 TWD 17.17 TWD 76
Growth Earnings
Growth-Adj P/E 14.26 TWD 20.37 TWD 26.48 TWD 68

Widest divergence: Dividend Discount (20.52 TWD) versus Earnings-Based (7.34 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 1.3B TWD
Revenue growth (YoY) +8.2%
Net margin 3.9%
Return on equity -0.2%
Free cash flow 15.9M TWD FY2025
P/E ratio 59.4
More key figures
Operating margin -1.6%
EPS (TTM) 1.02 TWD
Dividend yield 1.4%
EPS growth (YoY) -16.9%
Net cash 193M TWD FY2023

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 51 · Market factors (momentum, volatility) 31

Profitability 29
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 42
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 43
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 77
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

BIONET Corp. engages in the cell therapy business in Taiwan and internationally. The company offers stem cell banking services, such as stem cell storage, mesenchymal stem cell storage, dental stem cell storage, adipose stem cell, and PBSC and immune cells; and genetic testing services.

Full company description

BIONET Corp. engages in the cell therapy business in Taiwan and internationally. The company offers stem cell banking services, such as stem cell storage, mesenchymal stem cell storage, dental stem cell storage, adipose stem cell, and PBSC and immune cells; and genetic testing services. It also provides storage and application of hematopoietic stem cells; regenerative medicine, analytical testing, clinical and preclinical research, and commercialized cell-derived products; and Exosome, a cell-free therapy. The company was founded in 1989 and is based in Taipei City, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BIONET Corp reported revenue of 1.2B TWD in FY2025 versus 921M TWD in FY2021, a compound +7.6%/yr. Reported net income was 51.4M TWD in FY2025, compounding +17.9%/yr from FY2021.

Growth Quality 64/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.2B TWD
Latest YoY
+1.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.0%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.9%
Avg. growth/yr (8Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.4%
Revenue +7.6%/yr
FY21 921M TWD
FY22 980M TWD
FY23 1.1B TWD
FY24 1.2B TWD
FY25 1.2B TWD
Net income +17.9%/yr
FY21 26.6M TWD
FY22 38.0M TWD
FY23 78.4M TWD
FY24 83.7M TWD
FY25 51.4M TWD

1784 screens 72% overvalued. Compare with Thermo Fisher Scientific Inc →

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Cite: Fair Value Calculator (2026). "BIONET Corp Fair Value". https://www.fairvalue-calculator.com/stock/1784

Peer Group

Diagnostics & Research · 135 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 48 · Below median
Fair Value upside −72% · Bottom 25%
Return on assets -0% · Below median
Net margin (TTM) 4% · Above median
Operating margin (TTM) -2% · Below median
Revenue growth 8% · Above median
Dividend yield (TTM) 1.4% · Above median

Valuation Multiples vs Diagnostics & Research median · lower = cheaper

P/E (TTM) 59.4× · Pricier than 75% of peers
P/B 2.37× · Pricier than median
P/S (TTM) 2.39× · Pricier than median
P/FCF 5.9× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 41 · sector 25
PAST 0 · sector 11
HEALTH 0 · sector 96
DIVIDEND 29 · sector 21

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Diagnostics & Research stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Thermo Fisher Scientific Inc TMO $543.19 $308.19 -43%
Danaher Corporation DHR $199.66 $103.88 -48%
WuXi AppTec Co 2359 HK$160.70 HK$125.20 -22%
Lonza Group LONN CHF 567.80 CHF 259.80 -54%
IDEXX Laboratories, Inc IDXX $567.44 $255.77 -55%
Agilent Technologies, Inc A $131.46 $62.70 -52%
Waters Corporation WAT $368.98 $121.96 -67%
IQVIA Holdings IQV $207.85 $134.18 -35%
Integrated Diagnostics Holdings IDHC $0.0050 $0.0053 +5%
Illumina, Inc ILMN $186.65 $95.51 -49%

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Frequently asked questions

Is BIONET Corp (1784) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 17.56 TWD versus a price of 61.80 TWD, about −72% (overvalued).
What is the fair value of 1784?
Our model-based fair value for BIONET Corp is 17.56 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 61.80 TWD.
What is the quality score of 1784?
BIONET Corp has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of BIONET Corp (1784)?
BIONET Corp reported trailing-twelve-month revenue of about 1.3B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 1784?
The net profit margin of BIONET Corp is about 3.9%, meaning it keeps roughly 3.9% of revenue as net income. Based on the latest reported figures.
Does BIONET Corp pay a dividend?
BIONET Corp currently shows a dividend yield of about 1.32% relative to its recent price (as of Jul 23, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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