tsh biopharmoration Ltd (8432) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of tsh biopharmoration Ltd stock TWD 77.49, price TWD 61.40, upside +26.2%, quality 71 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 9, 2026.
How to read this chart
60‑month range 35.33 TWD – 69.80 TWD · fair‑value band 45.80 TWD – 94.11 TWD · the 61.40 TWD price screens below the 77.49 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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TSH Biopharm Corporation Limited develops and markets pharmaceutical products in Taiwan. The company offers prescription medication for cardiovascular, central nervous, gastrointestinal, and others.
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It also provides MPap, a methylation-specific qPCR technology to detect the methylation status of CDO1 and BHLHE22 genes using cervical scraping; AlphaLiquid Detect, a hybrid capture NGS-based liquid biopsy test designed for MRD detection and surveillance in stage I-III solid tumor patients; AlphaLiquid 100, a liquid biopsy test designed for patients with advanced solid cancers; AlphaLiquid HRR, AlphaSolid, and AlphaSolid HRR, a tissue biopsy test designed for patients with advanced solid cancers.
The company was founded in 2000 and is headquartered in Taipei, Taiwan. TSH Biopharm Corporation Limited operates as a subsidiary of TTY Biopharm Company Limited.
Stock analysis
tsh biopharmoration Ltd (8432) currently trades at 61.40 TWD, while our model-based Fair Value estimate is 77.49 TWD, implying the stock looks roughly 21% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 103.58 TWD per share, and 18 of the 26 models we run sit above the 61.40 TWD price.
Bear case: the Dividend Discount group reads lowest at 19.27 TWD, and 8 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 45.80 TWD (bear) to 94.11 TWD (bull), the price of 61.40 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 71/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
tsh biopharmoration Ltd reported revenue of 1.3B TWD in FY2025 versus 413M TWD in FY2021, a compound +34.1%/yr. Reported net income was 139M TWD in FY2025, compounding +31.1%/yr from FY2021.
Key figures
Market cap 2.4B TWD (≈ $71.8M) Micro · P/E ratio 14.1 · P/S ratio 2.18 · EPS (TTM) 4.35 TWD · Dividend yield 4.3% · Net margin 12.0% · Return on equity 13.4% · Return on assets (EBIT) 7.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 26% 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 26%, 8432 screens cheaper than that median.
Fair Value models
Bear45.80 TWDFair Value 77.49 TWDBull94.11 TWD
Price 61.40 TWD · Upside +26.2%
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 (1.49 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
+19.8%
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.
+21.7%
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.
+24.4%
Start year 2020 (pandemic)
Revenue growth 8 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.
+13.5%
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What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+27.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.1%
Dividend (yield on the price)4.3%
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.17% → 16%
2025 sits 125% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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).
+5.2%
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 +3.6% a year for the price.
Compare tsh biopharmoration 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.Drug Manufacturers - Specialty & Generic · 549 stocks
Beats the industry median on 12/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+32.0% · Top 25%
Profitability
Return on equity (12 months)13.4% · Above median
Return on assets9.6% · Top 25%
Net margin (12 months)16.1% · Top 25%
Operating margin (12 months)22.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)22.8% · Top 25%
Dividend yield (12 months)4.3% · Top 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/E (12 months)14.1× · Cheaper than median
P/B1.56× · Cheaper than median
P/S (12 months)2.18× · Cheaper than median
Price / free cash flow (fiscal year)23.6× · Pricier than median
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Is tsh biopharmoration Ltd (8432) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 77.49 TWD versus a price of 61.40 TWD, about +26% upside (undervalued).
What is the fair value of 8432?
Our model-based fair value for tsh biopharmoration Ltd is 77.49 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 61.40 TWD.
What is the quality score of 8432?
tsh biopharmoration Ltd has a Quality Score of 71/100. 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 tsh biopharmoration Ltd (8432)?
Our model-based price target is the fair value of 77.49 TWD (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 45.80 TWD, optimistic scenario 94.11 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the tsh biopharmoration Ltd stock forecast for 2026?
Our models put fair value at 77.49 TWD, about +26% upside versus a price of 61.40 TWD (undervalued). Cautious scenario 45.80 TWD, optimistic scenario 94.11 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of tsh biopharmoration Ltd (8432)?
tsh biopharmoration Ltd reported trailing-twelve-month revenue of about 1.4B TWD (latest available figure, as of Nov 9, 2026).
Does tsh biopharmoration Ltd pay a dividend?
tsh biopharmoration Ltd currently shows a dividend yield of 4.25% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of tsh biopharmoration Ltd (8432) and when is the ex-dividend date?
tsh biopharmoration Ltd pays a dividend of 2.61 TWD per share a year, a dividend yield of 4.3%. The last ex-dividend date was Jun 12, 2026. A dividend has been paid every year since at least 2012. The payout ratio is 60.0% of earnings. Free cash flow covers the dividend 1.29 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into tsh biopharmoration Ltd (8432)?
For today's price to be fair in a discounted-cash-flow model, tsh biopharmoration Ltd would have to grow free cash flow by +5.2 % 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 +24.4 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 8432 use?
Our models discount tsh biopharmoration Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.31, 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 tsh biopharmoration Ltd that is +5.2 % 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 tsh biopharmoration Ltd (8432) delivered so far?
Over the past 5 years revenue at tsh biopharmoration Ltd grew +24.4 % a year. The price currently implies free-cash-flow growth of +5.2 % 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 tsh biopharmoration Ltd (8432) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into tsh biopharmoration Ltd (+5.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of tsh biopharmoration Ltd (8432)?
The free-cash-flow yield on the price is 5.48 %: that much free cash flow tsh biopharmoration 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 tsh biopharmoration Ltd (8432)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For tsh biopharmoration Ltd it is 77.49 TWD per share (as of Nov 9, 2026), against a price of 61.40 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 tsh biopharmoration Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 8432 trades below its calculated fair value: price 61.40 TWD, fair value 77.49 TWD, a gap of about +26% (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 8432?
No. The price is what the market pays today (61.40 TWD); the fair value is what the company's own numbers justify (77.49 TWD). For tsh biopharmoration Ltd the two are 16.09 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is tsh biopharmoration Ltd worth?
The market values tsh biopharmoration Ltd at about 2.4B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 61.40 TWD; our models calculate a fair value of 77.49 TWD per share.
What do the bullish and bearish scenarios say about 8432?
Our models span a range for tsh biopharmoration Ltd: cautious scenario 45.80 TWD, base 77.49 TWD, optimistic 94.11 TWD per share (as of Nov 9, 2026, price 61.40 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8432?
tsh biopharmoration Ltd trades at a price-to-earnings ratio of 14.1 (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 77.49 TWD is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 34.9. Other multiples: P/B 1.6, P/S 2.2, EV/EBITDA 9.0.
How solid is the balance sheet of tsh biopharmoration Ltd (8432)?
Balance-sheet figures for tsh biopharmoration Ltd (as of Nov 9, 2026): return on equity 13.4%. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is 8432 from its 52-week high?
tsh biopharmoration Ltd trades at 61.40 TWD, at its 52-week high of 61.40 TWD and 26% above the low of 48.80 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 77.49 TWD is for.
Which stocks are comparable to tsh biopharmoration Ltd?
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 tsh biopharmoration Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price 61.40 TWD, calculated fair value 77.49 TWD (+26%), Quality Score 71/100, 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 8432 calculated?
We run tsh biopharmoration 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 77.49 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. tsh biopharmoration Ltd currently trades 21% 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 tsh biopharmoration Ltd (8432)?
The closing price on Nov 9, 2026 was 61.40 TWD. Our model-based fair value is 77.49 TWD, about +26% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with tsh biopharmoration Ltd right now?
Solid quality (71/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (45.80 TWD to 94.11 TWD) leaves room in how you read the outcome.
Key figures of tsh biopharmoration Ltd
How large is the market capitalisation of tsh biopharmoration Ltd (8432)?
The market capitalisation of tsh biopharmoration Ltd is 2.4B TWD (≈ $71.8M). 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 tsh biopharmoration Ltd (8432)?
The price-to-sales ratio of tsh biopharmoration Ltd is 2.18 (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 tsh biopharmoration Ltd (8432)?
Earnings per share at tsh biopharmoration Ltd are 4.35 TWD (price ÷ EPS = P/E 14.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of tsh biopharmoration Ltd (8432)?
The dividend yield of tsh biopharmoration Ltd is 4.3% (payout 60.0%). 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 tsh biopharmoration Ltd (8432)?
The net margin of tsh biopharmoration Ltd is 12.0% (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 tsh biopharmoration Ltd (8432)?
The return on equity (ROE) of tsh biopharmoration Ltd is 13.4% (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 tsh biopharmoration Ltd (8432)?
On an EBIT basis the return on assets of tsh biopharmoration Ltd is 7.4% (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 tsh biopharmoration Ltd (8432)?
The operating margin of tsh biopharmoration Ltd is 22.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at tsh biopharmoration Ltd (8432)?
Revenue at tsh biopharmoration Ltd is growing +22.8% versus a year earlier (3y avg +21.7%). 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 tsh biopharmoration Ltd (8432)?
Earnings per share at tsh biopharmoration Ltd are growing +75.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does tsh biopharmoration Ltd (8432) hold?
tsh biopharmoration Ltd holds more cash than debt, 569M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 9, 2026