Handa Pharmaceuticals Inc. (6620) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Handa Pharmaceuticals Inc. stock TWD 97.71, price TWD 105, that is 6.5% below the price, quality 54 out of 100. Rating: fairly valued. 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 9, 2026.
How to read this chart
60‑month range 24.85 TWD – 199.28 TWD · fair‑value band 46.25 TWD – 122.13 TWD · the 104.50 TWD price screens above the 97.71 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Handa Pharmaceuticals, Inc., a specialty pharmaceutical company, focuses on the development of drugs for various diseases in the United States.
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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.
Stock analysis
Handa Pharmaceuticals Inc. (6620) currently trades at 104.50 TWD, while our model-based Fair Value estimate is 97.71 TWD, so the stock looks roughly fairly valued today (gap 7.0%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 214.33 TWD per share, and 11 of the 26 models we run sit above the 104.50 TWD price.
Bear case: the Dividend Discount group reads lowest at 19.95 TWD, and 15 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 46.25 TWD (bear) to 122.13 TWD (bull), the price of 104.50 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 54/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap 17.0B TWD (≈ $517M) Small · P/E ratio 34.2 · P/S ratio 14.0 · EPS (TTM) 3.06 TWD · Dividend yield 1.9% · Net margin 40.5% · Return on equity 10.6% · Return on assets (EBIT) −2.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 71 out of 100 (medium confidence).
What moves the price
The share trades about 30% below its 52-week high and 58% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at −7%, 6620 screens cheaper than that median.
Fair Value models
Bear46.25 TWDFair Value 97.71 TWDBull122.13 TWD
Price 104.50 TWD · Downside -6.5%
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 (0.9090 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.
Best data coverage
FCF DCF30.62 TWD39.76 TWD67.21 TWD72
Residual Income31.51 TWD36.82 TWD50.55 TWD71
Growth DCF29.39 TWD43.05 TWD64.54 TWD70
All 26 models by family
DCF Models
FCF DCF30.62 TWD39.76 TWD67.21 TWD72
Owner Earnings46.42 TWD84.88 TWD156.93 TWD65
5Y Revenue Exit33.97 TWD52.06 TWD90.04 TWD63
5Y EBITDA Exit66.72 TWD118.22 TWD219.50 TWD64
5Y P/E Exit70.32 TWD155.64 TWD273.95 TWD60
10Y Revenue Exit32.13 TWD59.77 TWD78.18 TWD60
10Y EBITDA Exit55.04 TWD124.68 TWD251.10 TWD57
10Y P/E Exit57.46 TWD131.81 TWD258.31 TWD53
Earnings-Based
Graham-Dodd31.37 TWD218.77 TWD307.00 TWD59
Lynch FV113.02 TWD161.46 TWD209.90 TWD57
PEG = 1.0113.02 TWD161.46 TWD209.90 TWD53
EPV48.04 TWD53.17 TWD57.46 TWD68
Dividend Discount
Gordon GGM11.47 TWD20.91 TWD29.08 TWD63
DDM Multi-Stage11.47 TWD18.99 TWD22.31 TWD63
Multiples
P/E Multiple76.12 TWD101.49 TWD126.86 TWD63
P/S Multiple27.93 TWD37.24 TWD46.55 TWD58
P/B Multiple101.63 TWD135.50 TWD169.38 TWD55
EV/EBIT84.40 TWD108.83 TWD133.26 TWD63
EV/EBITDA82.07 TWD105.73 TWD129.38 TWD64
EV/Revenue33.46 TWD43.04 TWD52.61 TWD52
Asset-Based
NCAV (Graham)16.57 TWD25.10 TWD31.38 TWD52
Growth DCF
Growth DCF29.39 TWD43.05 TWD64.54 TWD70
Rev-Margin DCF36.43 TWD57.91 TWD102.72 TWD63
Economic Profit
Residual Income31.51 TWD36.82 TWD50.55 TWD71
ROIC Compounder58.26 TWD79.38 TWD91.87 TWD66
Growth Earnings
Growth-Adj P/E150.03 TWD214.33 TWD278.62 TWD63
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+108.2%
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.
+106.0%
’21
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
−2.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.8%
Dividend (yield on the price)1.9%
Profit margin 2021 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.−868% → 54%
Growth Forecast
Little optimism in the price
The price assumes less growth than 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).
+37.0%
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 +34.9% a year for the price.
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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.Drug Manufacturers - Specialty & Generic · 549 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside−6.5% · Above median
Profitability
Return on equity (12 months)10.6% · Above median
Return on assets12.7% · Top 25%
Net margin (12 months)40.5% · Top 25%
Operating margin (12 months)23.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−72.1% · Bottom 25%
Dividend yield (12 months)1.9% · Above median
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Handa Pharmaceuticals Inc. Fair Value". https://www.fairvalue-calculator.com/stock/6620
Frequently asked questions
Is Handa Pharmaceuticals Inc. (6620) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 97.71 TWD versus a price of 104.50 TWD, about 7% lower (fairly valued).
What is the fair value of 6620?
Our model-based fair value for Handa Pharmaceuticals Inc. is 97.71 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 104.50 TWD.
What is the quality score of 6620?
Handa Pharmaceuticals Inc. has a Quality Score of 54/100. 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 Handa Pharmaceuticals Inc. (6620)?
Our model-based price target is the fair value of 97.71 TWD (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 46.25 TWD, optimistic scenario 122.13 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Handa Pharmaceuticals Inc. stock forecast for 2026?
Our models put fair value at 97.71 TWD, about 7% lower versus a price of 104.50 TWD (fairly valued). Cautious scenario 46.25 TWD, optimistic scenario 122.13 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Handa Pharmaceuticals Inc. (6620)?
Handa Pharmaceuticals Inc. reported trailing-twelve-month revenue of about 1.2B TWD (latest available figure, as of Nov 9, 2026).
Does Handa Pharmaceuticals Inc. pay a dividend?
Handa Pharmaceuticals Inc. currently shows a dividend yield of 1.91% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Handa Pharmaceuticals Inc. (6620) and when is the ex-dividend date?
Handa Pharmaceuticals Inc. pays a dividend of 2.00 TWD per share a year, a dividend yield of 1.9%. The last ex-dividend date was Jul 6, 2026. The payout ratio is 65.4% of earnings. Free cash flow covers the dividend 0.70 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Handa Pharmaceuticals Inc. (6620)?
For today's price to be fair in a discounted-cash-flow model, Handa Pharmaceuticals Inc. would have to grow free cash flow by +37.0 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +177.3 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 6620 use?
Our models discount Handa Pharmaceuticals Inc. at 10.8 %: a base by market capitalisation (small), damped by beta 0.67, 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 Handa Pharmaceuticals Inc. that is +37.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has Handa Pharmaceuticals Inc. (6620) delivered so far?
Over the past 4 years revenue at Handa Pharmaceuticals Inc. grew +177.3 % a year. The price currently implies free-cash-flow growth of +37.0 % 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 Handa Pharmaceuticals Inc. (6620) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into Handa Pharmaceuticals Inc. (+37.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Handa Pharmaceuticals Inc. (6620)?
The free-cash-flow yield on the price is 1.29 %: that much free cash flow Handa Pharmaceuticals Inc. produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Handa Pharmaceuticals Inc. (6620)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Handa Pharmaceuticals Inc. it is 97.71 TWD per share (as of Nov 9, 2026), against a price of 104.50 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 Handa Pharmaceuticals Inc. stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 6620 trades above its calculated fair value: price 104.50 TWD, fair value 97.71 TWD, a gap of about −7% (fairly valued). 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 6620?
No. The price is what the market pays today (104.50 TWD); the fair value is what the company's own numbers justify (97.71 TWD). For Handa Pharmaceuticals Inc. the two are 6.79 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Handa Pharmaceuticals Inc. worth?
The market values Handa Pharmaceuticals Inc. at about 17.0B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 104.50 TWD; our models calculate a fair value of 97.71 TWD per share.
What do the bullish and bearish scenarios say about 6620?
Our models span a range for Handa Pharmaceuticals Inc.: cautious scenario 46.25 TWD, base 97.71 TWD, optimistic 122.13 TWD per share (as of Nov 9, 2026, price 104.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6620?
Handa Pharmaceuticals Inc. trades at a price-to-earnings ratio of 34.2 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 97.71 TWD is built from several models across several years. Other multiples: P/B 3.0, P/S 14.0, EV/EBITDA 25.1.
How solid is the balance sheet of Handa Pharmaceuticals Inc. (6620)?
Balance-sheet figures for Handa Pharmaceuticals Inc. (as of Nov 9, 2026): return on equity 10.6%. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 6620 from its 52-week high?
Handa Pharmaceuticals Inc. trades at 104.50 TWD, about 30% below its 52-week high of 149.00 TWD and 58% above the low of 66.08 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 97.71 TWD is for.
Which stocks are comparable to Handa Pharmaceuticals Inc.?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, 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 Handa Pharmaceuticals Inc. stock attractive at the current price?
The data as of Nov 9, 2026: price 104.50 TWD, calculated fair value 97.71 TWD (−7%), Quality Score 54/100, 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 6620 calculated?
We run Handa Pharmaceuticals Inc. 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 97.71 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 13.3% above its aggregate fair value. Handa Pharmaceuticals Inc. itself currently trades above fair value. 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 Handa Pharmaceuticals Inc. (6620)?
The closing price on Nov 6, 2026 was 104.50 TWD. Our model-based fair value is 97.71 TWD, about 7% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Handa Pharmaceuticals Inc. right now?
The model range is unusually wide (46.25 TWD to 122.13 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Key figures of Handa Pharmaceuticals Inc.
How large is the market capitalisation of Handa Pharmaceuticals Inc. (6620)?
The market capitalisation of Handa Pharmaceuticals Inc. is 17.0B TWD (≈ $517M). 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 Handa Pharmaceuticals Inc. (6620)?
The price-to-sales ratio of Handa Pharmaceuticals Inc. is 14.0 (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 Handa Pharmaceuticals Inc. (6620)?
Earnings per share at Handa Pharmaceuticals Inc. are 3.06 TWD (price ÷ EPS = P/E 34.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Handa Pharmaceuticals Inc. (6620)?
The dividend yield of Handa Pharmaceuticals Inc. is 1.9% (payout 65.4%). 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 Handa Pharmaceuticals Inc. (6620)?
The net margin of Handa Pharmaceuticals Inc. is 40.5% (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 Handa Pharmaceuticals Inc. (6620)?
The return on equity (ROE) of Handa Pharmaceuticals Inc. is 10.6% (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 Handa Pharmaceuticals Inc. (6620)?
On an EBIT basis the return on assets of Handa Pharmaceuticals Inc. is −2.2% (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 Handa Pharmaceuticals Inc. (6620)?
The operating margin of Handa Pharmaceuticals Inc. is 23.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Handa Pharmaceuticals Inc. (6620)?
Revenue at Handa Pharmaceuticals Inc. is growing −72.1% versus a year earlier (3y avg +106%). 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 Handa Pharmaceuticals Inc. (6620)?
Earnings per share at Handa Pharmaceuticals Inc. are growing −90.7% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Nov 9, 2026