Merdury Biopharmaceutical Corporation (6932) Fair Value & Analysis

Healthcare · TW · Market cap 2.4B TWD

Below-average quality, screening 46% undervalued on our models.

What matters now

• The large discount to fair value meets weak quality (37/100). That raises the risk this is a value trap rather than a bargain.
• The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
• A fairly wide model range (5.82 TWD to 11.32 TWD) leaves room in how you read the outcome.

Price vs Fair Value (4 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

44‑month range 5.02 TWD – 27.28 TWD · fair‑value band 5.82 TWD – 11.32 TWD · the 6.20 TWD price screens below the 9.05 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

Merdury Biopharmaceutical Corporation (6932) currently trades at 6.20 TWD, while our model-based Fair Value estimate is 9.05 TWD, implying the stock looks roughly 46.0% undervalued today. The Quality Score stands at 37/100 (below-average 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: low), always confirm before acting.

Trailing-twelve-month revenue stands at 246K TWD. Revenue declined 76.2% year over year. It earns a return on equity of -26.4%. The balance sheet holds a net cash position of 1.9M TWD. Fundamentals as of Jul 22, 2026

Our scenario range runs from 5.82 TWD (bear case) to 11.32 TWD (bull case); at 6.20 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 50% below its 52-week high and 25% 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 46%, 6932 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.

Key figures & financial health

Quality Score breakdown

About the company

Merdury Biopharmaceutical Corporation engages in the development of drugs for unmet needs in Taiwan. The company develops StackDose platform, a drug development technology platform that integrates drug formulation, 3D powder printing, and hardware and software technologies to create drug-specific 3D printing production equipment, which can be used as a …

Full company description

Merdury Biopharmaceutical Corporation engages in the development of drugs for unmet needs in Taiwan. The company develops StackDose platform, a drug development technology platform that integrates drug formulation, 3D powder printing, and hardware and software technologies to create drug-specific 3D printing production equipment, which can be used as a foundation for pharmaceutical companies to provide hosted services and in-house product development. It also offers formulation design and 3D pharmaceutical processing services. Merdury Biopharmaceutical Corporation was founded in 2019 and is headquartered in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Merdury Biopharmaceutical Corporation reported revenue of 0 TWD in FY2025 versus 0 TWD in FY2021. Reported net income was −67.2M TWD in FY2025.

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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.

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

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.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.