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Winston Medical Supply Co (6817) Fair Value & Analysis

Healthcare · TW · Market cap 1.1B TWD

WM Winston Medical Supply Co 6817 · TWO
Price51.20 TWD
Fair Value126.25 TWD
Upside+146.6%
Quality76/100
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Healthy Growth
Solidly profitable · 16.8% net margin
Low debt · generates free cash flow
8.61% dividend yield
Ranks above peers (11/14)
Wide moat 65/100
Evidence: High Range 90.97 TWD – 159.22 TWD Share as image

Fair value as of: Jul 23, 2026

From 25 valuation models · updated 18 days ago

Share price −13.9% over the past month.

A strong business, screening 147% undervalued on our models.

What matters now

  • The rarer combination: high quality (76/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (90.97 TWD). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

114.27 TWD 40.03 TWD Fair Value 126.25 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 40.03 TWD – 114.27 TWD · fair‑value band 90.97 TWD – 159.22 TWD · the 51.20 TWD price screens below the 126.25 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Winston Medical Supply Co (6817) currently trades at 51.20 TWD, while our model-based Fair Value estimate is 126.25 TWD, implying the stock looks roughly 146.6% undervalued today. The Quality Score stands at 76/100 (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: high), always confirm before acting.

Over the trailing twelve months, Winston Medical Supply Co generated revenue of 700M TWD at a net margin of 16.8%. Revenue declined 6.6% year over year. It earns a return on equity of 27.1%. The balance sheet holds a net cash position of 197M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 90.97 TWD (bear case) to 159.22 TWD (bull case); at 51.20 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 48% below its 52-week high, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at 147%, 6817 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
Growth DCF 82.83 TWD 106.03 TWD 134.07 TWD 80
Residual Income 32.91 TWD 39.71 TWD 95.13 TWD 76
Rev-Margin DCF 78.89 TWD 112.21 TWD 149.04 TWD 74
All 25 models by family
DCF Models
FCF DCF 81.94 TWD 107.93 TWD 141.03 TWD 38
Owner Earnings 76.60 TWD 100.54 TWD 131.02 TWD 31
5Y Revenue Exit 78.89 TWD 111.49 TWD 151.82 TWD 39
5Y EBITDA Exit 88.20 TWD 128.36 TWD 173.65 TWD 41
5Y P/E Exit 91.44 TWD 134.22 TWD 177.51 TWD 38
10Y Revenue Exit 77.83 TWD 105.69 TWD 140.68 TWD 36
10Y EBITDA Exit 84.83 TWD 116.21 TWD 155.45 TWD 37
10Y P/E Exit 86.69 TWD 119.87 TWD 158.06 TWD 35
Earnings-Based
Graham-Dodd 43.31 TWD 114.21 TWD 149.16 TWD 54
PEG = 1.0 21.93 TWD 31.33 TWD 40.73 TWD 46
EPV 61.73 TWD 68.20 TWD 73.59 TWD 59
Dividend Discount
Gordon GGM 54.38 TWD 96.89 TWD 134.91 TWD 70
DDM Multi-Stage 54.38 TWD 79.15 TWD 102.12 TWD 61
Multiples
P/E Multiple 95.53 TWD 127.37 TWD 159.22 TWD 63
P/S Multiple 71.27 TWD 95.03 TWD 118.79 TWD 58
P/B Multiple 52.24 TWD 69.65 TWD 87.06 TWD 55
EV/EBIT 118.24 TWD 152.89 TWD 187.54 TWD 53
EV/EBITDA 103.55 TWD 133.31 TWD 163.06 TWD 54
EV/Revenue 80.80 TWD 109.31 TWD 137.82 TWD 43
Asset-Based
NCAV (Graham) 11.61 TWD 15.55 TWD 23.22 TWD 50
Growth DCF
Growth DCF 82.83 TWD 106.03 TWD 134.07 TWD 80
Rev-Margin DCF 78.89 TWD 112.21 TWD 149.04 TWD 74
Economic Profit
Residual Income 32.91 TWD 39.71 TWD 95.13 TWD 76
ROIC Compounder 62.98 TWD 71.00 TWD 78.57 TWD 72
Growth Earnings
Growth-Adj P/E 75.14 TWD 107.34 TWD 139.54 TWD 68

Widest divergence: DCF Models (111.49 TWD) versus Asset-Based (15.55 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 700M TWD
Revenue growth (YoY) -6.6%
Net margin 16.8%
Return on equity 27.1%
Free cash flow 138M TWD FY2025
P/E ratio 9.9
More key figures
Operating margin 17.7%
EPS (TTM) 6.37 TWD
Dividend yield 8.6%
EPS growth (YoY) -24.8%
Net cash 197M TWD FY2024

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

Quality Score breakdown

Overall quality 76/100

Of which business quality 76 · Market factors (momentum, volatility) 29

Profitability 77
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 84
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

Winston Medical Supply Co.,Ltd. develops, manufactures, and distributes pharmaceuticals, nutrition supplements, and cosmeceutical products in Taiwan and internationally.

Full company description

Winston Medical Supply Co.,Ltd. develops, manufactures, and distributes pharmaceuticals, nutrition supplements, and cosmeceutical products in Taiwan and internationally. The company offers sterile ophthalmic preparations comprising gels, suspensions, solutions, and emulsions; hormone preparations, which primarily cover birth control and oral suspension for cancer related cachexia; external use preparations comprising ointments; and other oral preparations that are in oral dosage forms, such as powders, troches, tablets, film coated tablets, chewables, and capsules for the treatment of colds, gastrointestinal issues, and other indications. It also offers medical equipment, medical beauty products, and health food. In addition, the company engages in import and export trade; and manufacturers' agency and bidding business activities. The company was founded in 1974 and is based in Tainan City, Taiwan. Winston Medical Supply Co., Ltd. is a subsidiary of Medigen Biotechnology Corp.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Winston Medical Supply Co reported revenue of 700M TWD in FY2025 versus 537M TWD in FY2021, a compound +6.9%/yr. Reported net income was 117M TWD in FY2025, compounding +6.2%/yr from FY2021.

Growth Quality 83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
700M TWD
Latest YoY
+0.7%
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.
+4.9%
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.
+6.7%
Avg. growth/yr (6Y) 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.
+11.5%
Revenue +6.9%/yr
FY21 537M TWD
FY22 607M TWD
FY23 709M TWD
FY24 695M TWD
FY25 700M TWD
Net income +6.2%/yr
FY21 92.1M TWD
FY22 111M TWD
FY23 159M TWD
FY24 132M TWD
FY25 117M TWD

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Cite: Fair Value Calculator (2026). "Winston Medical Supply Co Fair Value". https://www.fairvalue-calculator.com/stock/6817

Peer Group

Drug Manufacturers - Specialty & Generic · 624 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 76 · Top 25%
Fair Value upside +147% · Top 25%
Return on equity (TTM) 27% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 17% · Top 25%
Operating margin (TTM) 18% · Above median
Revenue growth -7% · Below median
Dividend yield (TTM) 8.6% · Top 25%
Debt / equity 0.08× · Higher than median

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

P/E (TTM) 9.0× · Cheaper than 75% of peers
P/B 2.47× · Pricier than median
P/S (TTM) 1.51× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 4.8× · Cheaper than 75% of peers

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 100 · sector 7
FUTURE 0 · sector 20
PAST 100 · sector 24
HEALTH 96 · 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 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 Winston Medical Supply Co (6817) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 126.25 TWD versus a price of 51.20 TWD, about +147% (undervalued).
What is the fair value of 6817?
Our model-based fair value for Winston Medical Supply Co is 126.25 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 51.20 TWD.
What is the quality score of 6817?
Winston Medical Supply Co has a Quality Score of 76/100. 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 Winston Medical Supply Co (6817)?
Winston Medical Supply Co reported trailing-twelve-month revenue of about 700M TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6817?
The net profit margin of Winston Medical Supply Co is about 16.8%, meaning it keeps roughly 16.8% of revenue as net income. Based on the latest reported figures.
Does Winston Medical Supply Co pay a dividend?
Winston Medical Supply Co currently shows a dividend yield of about 8.61% 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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