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TTY Biopharm Company (4105) Fair Value & Analysis

Healthcare · TW · Market cap 19.4B TWD

TB TTY Biopharm Company 4105 · TWO
Price76.50 TWD
Fair Value109.90 TWD
Upside+43.7%
Quality79/100
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Healthy Growth
Highly profitable · 24.7% net margin
Low debt · generates free cash flow
5.78% dividend yield
Ranks above peers (12/14)
Wide moat 84/100
Evidence: Medium Range 83.13 TWD – 164.21 TWD Share as image

Fair value as of: Jul 21, 2026

From 26 valuation models · updated 19 days ago

Share price −0.9% over the past month.

A strong business, screening 44% undervalued on our models.

What matters now

  • The rarer combination: high quality (79/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (83.13 TWD). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (83.13 TWD to 164.21 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

86.30 TWD 58.48 TWD Fair Value 109.90 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range 58.48 TWD – 86.30 TWD · fair‑value band 83.13 TWD – 164.21 TWD · the 76.50 TWD price screens below the 109.90 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

TTY Biopharm Company (4105) currently trades at 76.50 TWD, while our model-based Fair Value estimate is 109.90 TWD, implying the stock looks roughly 43.7% undervalued today. The Quality Score stands at 79/100 (high quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, TTY Biopharm Company generated revenue of 6.5B TWD at a net margin of 24.7%. Revenue grew 4.2% year over year. It earns a return on equity of 23.9%. The balance sheet holds a net cash position of 706M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 83.13 TWD (bear case) to 164.21 TWD (bull case); at 76.50 TWD, the current price sits below 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 12% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at 44%, 4105 screens cheaper 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 BearBaseBull Evidence
Highest evidence
Growth DCF 86.89 TWD 127.38 TWD 186.82 TWD 80
Residual Income 38.90 TWD 47.82 TWD 133.11 TWD 76
Rev-Margin DCF 70.57 TWD 105.90 TWD 147.92 TWD 74
All 26 models by family
DCF Models
FCF DCF 86.03 TWD 132.79 TWD 206.53 TWD 38
Owner Earnings 85.74 TWD 132.32 TWD 205.78 TWD 31
5Y Revenue Exit 70.57 TWD 105.74 TWD 150.82 TWD 39
5Y EBITDA Exit 83.52 TWD 130.56 TWD 186.15 TWD 41
5Y P/E Exit 97.21 TWD 156.82 TWD 220.76 TWD 38
10Y Revenue Exit 73.66 TWD 107.54 TWD 153.79 TWD 36
10Y EBITDA Exit 83.70 TWD 125.01 TWD 181.39 TWD 37
10Y P/E Exit 92.52 TWD 143.48 TWD 208.42 TWD 35
Earnings-Based
Graham-Dodd 42.64 TWD 148.74 TWD 199.94 TWD 54
Lynch FV 34.59 TWD 49.41 TWD 64.23 TWD 50
PEG = 1.0 34.59 TWD 49.41 TWD 64.23 TWD 46
EPV 63.91 TWD 72.88 TWD 80.72 TWD 59
Dividend Discount
Gordon GGM 38.56 TWD 80.18 TWD 127.20 TWD 70
DDM Multi-Stage 38.56 TWD 67.28 TWD 84.15 TWD 61
Multiples
P/E Multiple 103.46 TWD 137.95 TWD 172.43 TWD 63
P/S Multiple 68.12 TWD 90.83 TWD 113.54 TWD 58
P/B Multiple 79.95 TWD 106.60 TWD 133.25 TWD 55
EV/EBIT 97.56 TWD 126.70 TWD 155.84 TWD 53
EV/EBITDA 90.43 TWD 117.19 TWD 143.96 TWD 54
EV/Revenue 64.64 TWD 87.99 TWD 111.35 TWD 43
Asset-Based
NCAV (Graham) 14.56 TWD 19.50 TWD 29.11 TWD 50
Growth DCF
Growth DCF 86.89 TWD 127.38 TWD 186.82 TWD 80
Rev-Margin DCF 70.57 TWD 105.90 TWD 147.92 TWD 74
Economic Profit
Residual Income 38.90 TWD 47.82 TWD 133.11 TWD 76
ROIC Compounder 68.15 TWD 83.30 TWD 100.59 TWD 72
Growth Earnings
Growth-Adj P/E 88.62 TWD 126.61 TWD 164.59 TWD 68

Widest divergence: DCF Models (130.56 TWD) versus Asset-Based (19.50 TWD). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 6.5B TWD
Revenue growth (YoY) +4.2%
Net margin 24.7%
Return on equity 23.9%
Free cash flow 1.6B TWD FY2025
P/E ratio 11.8
More key figures
Operating margin 32.2%
EPS (TTM) 6.26 TWD
Dividend yield 6.1%
EPS growth (YoY) +13.4%
Net cash 706M TWD FY2023

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 79/100

Of which business quality 76 · Market factors (momentum, volatility) 56

Profitability 70
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 93
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 34
Distance to the 52-week high (market factor)
Net Issuance 82
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

TTY Biopharm Company Limited, together with its subsidiaries, engages in the development and sale of pharmaceutical and chemical drugs in Taiwan, the United States, and internationally.

Full company description

TTY Biopharm Company Limited, together with its subsidiaries, engages in the development and sale of pharmaceutical and chemical drugs in Taiwan, the United States, and internationally. The company operates through Oncology Business Unit, Intensive Care Business Unit, Healthcare Business Unit, Export and CDMO Business Unit, Other Business Unit, and Re-investment Business Unit segments. It offers oncology drugs for the treatment of anticancer and adjunctive therapies under the Lipo-Dox, Lonsurf, UFUR, TS-1, Pexeda, Gemmis, Oxalip, Irino, Epicin, Tynen, Anazo, Folina, Thado, Andason, Ivic, Asadin, Leavdo, Painkyl, Megest, Yondelis, Pemazyre, Pulmivex, Xpovio, Minjuvi, and Fustron names. The company also provides anti-infective drugs and anesthetics to treat second-line antimicrobial agents, influenza, and anesthetics under the Brosym, Bobimixyn, Colimycin, Cubicin, Lipo-AB, Flusine, Maxtam, Metacin, Flucelvax, Fluad, and Byfavo names; and healthcare products for the treatment of gastrointestinal health, bone health, and metabolic regulation under the Algitab, Alginos, Bio-Cal Plus, Sulfin names. In addition, it offers contract development and manufacturing (CDMO) services. The company was incorporated in 1960 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TTY Biopharm Company reported revenue of 6.5B TWD in FY2025 versus 4.5B TWD in FY2021, a compound +9.2%/yr. Reported net income was 1.6B TWD in FY2025, compounding +17.0%/yr from FY2021.

Growth Quality 88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
6.5B TWD
Latest YoY
+9.5%
Avg. growth/yr (3Y)
+8.4%
Avg. growth/yr (5Y)
+8.9%
Avg. growth/yr (8Y)
+5.9%
Revenue +9.2%/yr
FY21 4.5B TWD
FY22 5.1B TWD
FY23 5.5B TWD
FY24 5.9B TWD
FY25 6.5B TWD
Net income +17.0%/yr
FY21 832M TWD
FY22 1.1B TWD
FY23 1.1B TWD
FY24 1.4B TWD
FY25 1.6B TWD

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Cite: Fair Value Calculator (2026). "TTY Biopharm Company Fair Value". https://www.fairvalue-calculator.com/stock/4105

Peer Group

Drug Manufacturers - Specialty & Generic · 626 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 79 · Top 25%
Fair Value upside +44% · Top 25%
Return on equity (TTM) 24% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 25% · Top 25%
Operating margin (TTM) 32% · Top 25%
Revenue growth 4% · Above median
Dividend yield (TTM) 5.8% · Top 25%

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/E (TTM) 12.5× · Cheaper than 75% of peers
P/B 2.68× · Pricier than median
P/S (TTM) 2.98× · Pricier than median
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 8.6× · 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 92 · sector 7
FUTURE 21 · sector 20
PAST 96 · sector 23
HEALTH 100 · sector 97
DIVIDEND 100 · sector 34

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 Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.19 ¥25.94 -51%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,933 ₹989.50 -49%
Divi's Laboratories Limited DIVISLAB ₹7,316 ₹1,943 -73%
Torrent Pharmaceuticals Limited TORNTPHARM ₹4,763 ₹1,329 -72%
PharmaEssentia Corporation 6446 1,285 TWD 221.01 TWD -83%
Cipla Limited CIPLA ₹1,439 ₹1,001 -30%
Zydus Lifesciences Limited ZYDUSLIFE ₹1,151 ₹703.32 -39%
Lupin Limited LUPIN ₹2,443 ₹2,477 +1%
Mankind Pharma Limited MANKIND ₹2,484 ₹983.11 -60%
Dr. Reddy's Laboratories Limited DRREDDY ₹1,211 ₹874.79 -28%

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Frequently asked questions

Is TTY Biopharm Company (4105) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 109.90 TWD versus a price of 76.50 TWD, about +44% (undervalued).
What is the fair value of 4105?
Our model-based fair value for TTY Biopharm Company is 109.90 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 76.50 TWD.
What is the quality score of 4105?
TTY Biopharm Company has a Quality Score of 79/100. 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 TTY Biopharm Company (4105)?
TTY Biopharm Company reported trailing-twelve-month revenue of about 6.5B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 4105?
The net profit margin of TTY Biopharm Company is about 24.7%, meaning it keeps roughly 24.7% of revenue as net income. Based on the latest reported figures.
Does TTY Biopharm Company pay a dividend?
TTY Biopharm Company currently shows a dividend yield of about 6.05% relative to its recent price (as of Jul 21, 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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