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Handa Pharmaceuticals, Inc (6620) Fair Value & Analysis

Healthcare · TW · Market cap 14.0B TWD

HP Handa Pharmaceuticals, Inc 6620 · TWO
Price78.60 TWD
Fair Value78.42 TWD
Upside-0.2%
Quality53/100
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Mixed Growth
Highly profitable · 44.4% net margin
generates free cash flow
2.30% dividend yield
Ranks above peers (10/13)
Wide moat 77/100
Evidence: High Range 52.36 TWD – 103.19 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 18 days ago

Share price −21.0% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (52.36 TWD to 103.19 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

199.28 TWD 23.50 TWD Fair Value 78.42 TWD Feb 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 23.50 TWD – 199.28 TWD · fair‑value band 52.36 TWD – 103.19 TWD · the 78.60 TWD price screens above the 78.42 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Handa Pharmaceuticals, Inc (6620) currently trades at 78.60 TWD, while our model-based Fair Value estimate is 78.42 TWD, implying the stock looks roughly 0.2% fairly valued today. The Quality Score stands at 53/100 (solid 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: high).

Over the trailing twelve months, Handa Pharmaceuticals, Inc generated revenue of 1.8B TWD at a net margin of 44.4%. Revenue grew 15.9% year over year. It earns a return on equity of 18.6%. The stock trades on a trailing P/E of 14.1. Fundamentals as of Jul 23, 2026

Our scenario range runs from 52.36 TWD (bear case) to 103.19 TWD (bull case); at 78.60 TWD, the current price sits within 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 49% below its 52-week high and 23% 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 0%, 6620 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 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 33.32 TWD 41.56 TWD 102.28 TWD 76
Growth DCF 33.18 TWD 54.92 TWD 90.53 TWD 72
Gordon GGM 13.35 TWD 27.76 TWD 44.03 TWD 70
All 26 models by family
DCF Models
FCF DCF 34.58 TWD 48.03 TWD 90.88 TWD 38
Owner Earnings 97.74 TWD 208.23 TWD 440.19 TWD 31
5Y Revenue Exit 32.61 TWD 49.15 TWD 83.85 TWD 39
5Y EBITDA Exit 67.30 TWD 119.31 TWD 221.63 TWD 41
5Y P/E Exit 69.80 TWD 154.20 TWD 271.27 TWD 38
10Y Revenue Exit 32.74 TWD 60.51 TWD 78.78 TWD 36
10Y EBITDA Exit 58.90 TWD 135.22 TWD 273.97 TWD 37
10Y P/E Exit 60.72 TWD 140.61 TWD 276.69 TWD 35
Earnings-Based
Graham-Dodd 31.37 TWD 218.77 TWD 307.00 TWD 54
Lynch FV 113.02 TWD 161.46 TWD 209.90 TWD 50
PEG = 1.0 113.02 TWD 161.46 TWD 209.90 TWD 46
EPV 54.36 TWD 61.57 TWD 67.88 TWD 59
Dividend Discount
Gordon GGM 13.35 TWD 27.76 TWD 44.03 TWD 70
DDM Multi-Stage 13.35 TWD 23.40 TWD 29.13 TWD 61
Multiples
P/E Multiple 69.20 TWD 92.26 TWD 115.33 TWD 63
P/S Multiple 19.95 TWD 26.60 TWD 33.25 TWD 58
P/B Multiple 58.82 TWD 78.42 TWD 98.03 TWD 55
EV/EBIT 88.71 TWD 114.58 TWD 140.44 TWD 53
EV/EBITDA 77.01 TWD 98.97 TWD 120.93 TWD 54
EV/Revenue 29.74 TWD 37.72 TWD 45.70 TWD 43
Asset-Based
NCAV (Graham) 17.41 TWD 23.33 TWD 34.83 TWD 50
Growth DCF
Growth DCF 33.18 TWD 54.92 TWD 90.53 TWD 72
Rev-Margin DCF 34.90 TWD 54.61 TWD 95.79 TWD 67
Economic Profit
Residual Income 33.32 TWD 41.56 TWD 102.28 TWD 76
ROIC Compounder 70.84 TWD 104.90 TWD 127.37 TWD 67
Growth Earnings
Growth-Adj P/E 145.64 TWD 208.05 TWD 270.47 TWD 68

Widest divergence: Growth Earnings (208.05 TWD) versus Asset-Based (23.33 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 1.8B TWD
Revenue growth (YoY) +15.9%
Net margin 44.4%
Return on equity 18.6%
Free cash flow 227M TWD FY2025
P/E ratio 17.9
More key figures
Operating margin 27.6%
EPS (TTM) 4.83 TWD
Dividend yield 2.3%
EPS growth (YoY) +45.7%

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

Quality Score breakdown

Overall quality 53/100

Of which business quality 54 · Market factors (momentum, volatility) 41

Profitability 57
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 0
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

Handa Pharmaceuticals, Inc., a specialty pharmaceutical company, focuses on the development of drugs for various diseases in the United States.

Full company description

Handa Pharmaceuticals, Inc., a specialty pharmaceutical company, focuses on the development of drugs for various diseases in the United States. The company offers ONCORE, a proprietary drug delivery technology that was developed to improve the patient compliance and safety of the tyrosine kinase inhibitor of oncology drugs; Phyrago, an oral kinase inhibitor used to treat chronic myeloid leukemia and acute lymphoblastic leukemia; Tascenso ODT for the treatment of multiple sclerosis; and HND-033, HND-039, and HND-027 for oncology diseases. It also provides Quetiapine XR to treat Schizophrenia; Dexlansoprazole DR capsules to treat erosive esophagitis and heartburn associated with symptomatic non-erosive gastroesophageal reflux disease; HND-004 for treating diabetes; Varenicline tablet and HND-032 for smoking cessation; and HND-026, a GI drug. Handa Pharmaceuticals, Inc. was founded in 2014 and is headquartered in Tainan City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Handa Pharmaceuticals, Inc reported revenue of 1.7B TWD in FY2025 versus 29.2M TWD in FY2021, a compound +177.3%/yr. Reported net income was 750M TWD in FY2025.

Growth Quality 91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.7B TWD
Latest YoY
+108.2%
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.
+106.0%
Revenue +177.3%/yr
FY21 29.2M TWD
FY22 198M TWD
FY23 1.1B TWD
FY24 831M TWD
FY25 1.7B TWD
Net income
FY21 −248M TWD
FY22 −40.0M TWD
FY23 727M TWD
FY24 473M TWD
FY25 750M TWD

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Cite: Fair Value Calculator (2026). "Handa Pharmaceuticals, Inc Fair Value". https://www.fairvalue-calculator.com/stock/6620

Peer Group

Drug Manufacturers - Specialty & Generic · 623 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 53 · Below median
Fair Value upside −0% · Above median
Return on equity (TTM) 19% · Top 25%
Return on assets 13% · Top 25%
Net margin (TTM) 44% · Top 25%
Operating margin (TTM) 28% · Top 25%
Revenue growth 16% · Top 25%
Dividend yield (TTM) 2.3% · Above median

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

P/E (TTM) 17.9× · Cheaper than median
P/B 2.48× · Pricier than median
P/S (TTM) 7.98× · Pricier than 75% of peers
P/FCF 1.9× · Cheaper than median
EV/EBITDA 11.1× · 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 33 · sector 6
FUTURE 80 · sector 20
PAST 74 · sector 24
HEALTH 0 · sector 97
DIVIDEND 46 · 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 23, 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 Handa Pharmaceuticals, Inc (6620) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 78.42 TWD versus a price of 78.60 TWD, about −0% (fairly valued).
What is the fair value of 6620?
Our model-based fair value for Handa Pharmaceuticals, Inc is 78.42 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 78.60 TWD.
What is the quality score of 6620?
Handa Pharmaceuticals, Inc has a Quality Score of 53/100. 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 Handa Pharmaceuticals, Inc (6620)?
Handa Pharmaceuticals, Inc reported trailing-twelve-month revenue of about 1.8B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6620?
The net profit margin of Handa Pharmaceuticals, Inc is about 44.4%, meaning it keeps roughly 44.4% of revenue as net income. Based on the latest reported figures.
Does Handa Pharmaceuticals, Inc pay a dividend?
Handa Pharmaceuticals, Inc currently shows a dividend yield of about 2.94% 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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