Sunmax Biotechnology Co Ltd (4728) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Sunmax Biotechnology Co Ltd stock TWD 435, price TWD 391, upside +11.3%, quality 86 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 53.96 TWD – 466.01 TWD · fair‑value band 304.99 TWD – 682.06 TWD · the 390.50 TWD price screens below the 434.50 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Sunmax Biotechnology Co., Ltd., a biomedical company, develops, manufactures, and markets biomedical grade collagen and skin care product in Taiwan and Mainland China. The company offers dermal fillers, including Sunmax Deusaderm VITAL and Sunmax Deusaderm LIDO Injectable Collagen Gel with Lidocaine.
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The company was founded in 2001 and is headquartered in Tainan City, Taiwan.
Stock analysis
Sunmax Biotechnology Co Ltd (4728) currently trades at 390.50 TWD, while our model-based Fair Value estimate is 434.50 TWD, implying the stock looks roughly 10% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 443.64 TWD per share, and 5 of the 26 models we run sit above the 390.50 TWD price.
Bear case: the Economic Profit group reads lowest at 115.04 TWD, and 21 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 304.99 TWD (bear) to 682.06 TWD (bull), the price of 390.50 TWD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 86/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Sunmax Biotechnology Co Ltd reported revenue of 2.0B TWD in FY2025 versus 1.0B TWD in FY2021, a compound +18.3%/yr. Reported net income was 726M TWD in FY2025, compounding +31.1%/yr from FY2021.
Key figures
Market cap 21.3B TWD (≈ $649M) Small · P/E ratio 26.2 · P/S ratio 9.69 · EPS (TTM) 14.88 TWD · Dividend yield 3.1% · Net margin 37.0% · Return on equity 60.7% · Return on assets (EBIT) 40.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 91 out of 100 (medium confidence).
What moves the price
The share trades about 5% below its 52-week high and 5% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at 11%, 4728 screens cheaper than that median.
Fair Value models
Bear304.99 TWDFair Value 434.50 TWDBull682.06 TWD
Price 390.50 TWD · Upside +11.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (2.38 TWD per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+11.4%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+13.1%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+18.8%
Start year 2020 (pandemic). Over 10 years: +33.6% a year
Revenue growth 10 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+33.6%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+28.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+25.0%
Dividend (yield on the price)3.1%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.41% → 49%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +18.4% a year for the price.
Compare Sunmax Biotechnology Co Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Biotechnology · 558 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score86 · Top 25%
Fair Value upside+11.3% · Top 25%
Profitability
Return on equity (12 months)60.7% · Top 25%
Return on assets34.2% · Top 25%
Net margin (12 months)37.0% · Top 25%
Operating margin (12 months)53.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)34.4% · Top 25%
Dividend yield (12 months)3.1% · Top 25%
Valuation Multiplesvs Biotechnology median · lower = cheaper
P/E (12 months)26.2× · Cheaper than median
P/B13.15× · Priciest 25%
P/S (12 months)9.69× · Pricier than median
Price / free cash flow (fiscal year)28.1× · Cheaper than median
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Cite: Fair Value Calculator (2026). "Sunmax Biotechnology Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/4728
Frequently asked questions
Is Sunmax Biotechnology Co Ltd (4728) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 434.50 TWD versus a price of 390.50 TWD, about +11% upside (undervalued).
What is the fair value of 4728?
Our model-based fair value for Sunmax Biotechnology Co Ltd is 434.50 TWD (as of Nov 3, 2026), built from audited fundamentals. The current price: 390.50 TWD.
What is the quality score of 4728?
Sunmax Biotechnology Co Ltd has a Quality Score of 86/100. 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 price target for Sunmax Biotechnology Co Ltd (4728)?
Our model-based price target is the fair value of 434.50 TWD (as of Nov 3, 2026) from 26 valuation models. Cautious scenario 304.99 TWD, optimistic scenario 682.06 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Sunmax Biotechnology Co Ltd stock forecast for 2026?
Our models put fair value at 434.50 TWD, about +11% upside versus a price of 390.50 TWD (undervalued). Cautious scenario 304.99 TWD, optimistic scenario 682.06 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Sunmax Biotechnology Co Ltd (4728)?
Sunmax Biotechnology Co Ltd reported trailing-twelve-month revenue of about 2.2B TWD (latest available figure, as of Nov 3, 2026).
Does Sunmax Biotechnology Co Ltd pay a dividend?
Sunmax Biotechnology Co Ltd currently shows a dividend yield of 3.10% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of Sunmax Biotechnology Co Ltd (4728) and when is the ex-dividend date?
Sunmax Biotechnology Co Ltd pays a dividend of 12.10 TWD per share a year, a dividend yield of 3.1%. The last ex-dividend date was Mar 31, 2026. A dividend has been paid every year since 2018. The payout ratio is 81.3% of earnings. Free cash flow covers the dividend 1.15 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Sunmax Biotechnology Co Ltd (4728)?
For today's price to be fair in a discounted-cash-flow model, Sunmax Biotechnology Co Ltd would have to grow free cash flow by +20.3 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.8 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 4728 use?
Our models discount Sunmax Biotechnology Co Ltd at 11.8 %: a base by market capitalisation (small), country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Sunmax Biotechnology Co Ltd that is +20.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Sunmax Biotechnology Co Ltd (4728) delivered so far?
Over the past 5 years revenue at Sunmax Biotechnology Co Ltd grew +18.8 % a year. The price currently implies free-cash-flow growth of +20.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Sunmax Biotechnology Co Ltd (4728) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Sunmax Biotechnology Co Ltd (+20.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Sunmax Biotechnology Co Ltd (4728)?
The free-cash-flow yield on the price is 3.56 %: that much free cash flow Sunmax Biotechnology Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sunmax Biotechnology Co Ltd (4728)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sunmax Biotechnology Co Ltd it is 434.50 TWD per share (as of Nov 3, 2026), against a price of 390.50 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Sunmax Biotechnology Co Ltd stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 4728 trades below its calculated fair value: price 390.50 TWD, fair value 434.50 TWD, a gap of about +11% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 4728?
No. The price is what the market pays today (390.50 TWD); the fair value is what the company's own numbers justify (434.50 TWD). For Sunmax Biotechnology Co Ltd the two are 44.00 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Sunmax Biotechnology Co Ltd worth?
The market values Sunmax Biotechnology Co Ltd at about 21.3B TWD (market capitalisation, as of Nov 3, 2026). Per share that is 390.50 TWD; our models calculate a fair value of 434.50 TWD per share.
What do the bullish and bearish scenarios say about 4728?
Our models span a range for Sunmax Biotechnology Co Ltd: cautious scenario 304.99 TWD, base 434.50 TWD, optimistic 682.06 TWD per share (as of Nov 3, 2026, price 390.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4728?
Sunmax Biotechnology Co Ltd trades at a price-to-earnings ratio of 26.2 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 434.50 TWD is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 22.5. Other multiples: P/B 13.2, P/S 9.7, EV/EBITDA 17.5.
How solid is the balance sheet of Sunmax Biotechnology Co Ltd (4728)?
Balance-sheet figures for Sunmax Biotechnology Co Ltd (as of Nov 3, 2026): return on equity 60.7%. They feed the Quality Score of 86/100, which measures business quality independently of the share price.
How far is 4728 from its 52-week high?
Sunmax Biotechnology Co Ltd trades at 390.50 TWD, about 5% below its 52-week high of 409.00 TWD and 5% above the low of 373.00 TWD (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 434.50 TWD is for.
Which stocks are comparable to Sunmax Biotechnology Co Ltd?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Sunmax Biotechnology Co Ltd stock attractive at the current price?
The data as of Nov 3, 2026: price 390.50 TWD, calculated fair value 434.50 TWD (+11%), Quality Score 86/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 4728 calculated?
We run Sunmax Biotechnology Co Ltd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 434.50 TWD builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Sunmax Biotechnology Co Ltd currently trades 10% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Sunmax Biotechnology Co Ltd (4728)?
The closing price on Nov 5, 2026 was 390.50 TWD. Our model-based fair value is 434.50 TWD, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sunmax Biotechnology Co Ltd right now?
A fairly wide model range (304.99 TWD to 682.06 TWD) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Sunmax Biotechnology Co Ltd
How large is the market capitalisation of Sunmax Biotechnology Co Ltd (4728)?
The market capitalisation of Sunmax Biotechnology Co Ltd is 21.3B TWD (≈ $649M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Sunmax Biotechnology Co Ltd (4728)?
The price-to-sales ratio of Sunmax Biotechnology Co Ltd is 9.69 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Sunmax Biotechnology Co Ltd (4728)?
Earnings per share at Sunmax Biotechnology Co Ltd are 14.88 TWD (price ÷ EPS = P/E 26.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sunmax Biotechnology Co Ltd (4728)?
The dividend yield of Sunmax Biotechnology Co Ltd is 3.1% (payout 81.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Sunmax Biotechnology Co Ltd (4728)?
The net margin of Sunmax Biotechnology Co Ltd is 37.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Sunmax Biotechnology Co Ltd (4728)?
The return on equity (ROE) of Sunmax Biotechnology Co Ltd is 60.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Sunmax Biotechnology Co Ltd (4728)?
On an EBIT basis the return on assets of Sunmax Biotechnology Co Ltd is 40.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Sunmax Biotechnology Co Ltd (4728)?
The operating margin of Sunmax Biotechnology Co Ltd is 53.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sunmax Biotechnology Co Ltd (4728)?
Revenue at Sunmax Biotechnology Co Ltd is growing +34.4% versus a year earlier (3y avg +13.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Sunmax Biotechnology Co Ltd (4728)?
Earnings per share at Sunmax Biotechnology Co Ltd are growing +56.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Sunmax Biotechnology Co Ltd (4728) hold?
Sunmax Biotechnology Co Ltd holds more cash than debt, 681M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 3, 2026