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Size Center Laboratories (4123.TWO) is a Taiwan Health Care company (Pharmaceuticals: Major) with a market value of $676M, the 350th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$28.20 on 6 Nov 2026.
Performance Over six months the shares fell 27.9%, against -5.6% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 3.6% over the last twelve months (peer median +14.1%); the operating margin is 4.5% (peer median 9.9%).
Valuation It trades at 13.6× enterprise value to sales against a peer median of 2.5× (2nd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 51% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +35 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.7 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$1.66B | NT$1.52B | NT$1.62B | NT$1.39B | NT$768M |
| Revenue growth | — | -6% | +16% | +82% | — |
| Gross profit | NT$645M | NT$552M | NT$678M | NT$618M | NT$393M |
| EBITDA | NT$253M | NT$257M | NT$391M | NT$221M | NT$99.6M |
| Net income | NT$1.02B | NT$9.32B | -NT$1.10B | -NT$995M | NT$102M |
| Free cash flow | NT$254M | -NT$21.1M | NT$317M | -NT$774M | NT$226M |
| Capital expenditure | NT$158M | NT$208M | NT$178M | NT$172M | NT$8.43M |
| Total debt | NT$4.10B | NT$4.70B | NT$6.53B | NT$5.62B | NT$3.47B |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4123.TWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.6% | -4.9% | 10th lowest of 21 |
| 6-month return | -27.9% | -5.6% | 3rd lowest of 21 |
| Distance from 52-week high | -45.1% | -29.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +3.6% | +14.1% | 5th lowest of 17 |
| Operating margin | 4.5% | 9.9% | 6th lowest of 17 |
| EV / Sales | 13.6× | 2.5× | 2nd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 50.8% | 1.1% | most demanding of 10 |
| Growth delivered (Del g) | +16.2% | +7.9% | 3rd highest of 10 |
| Hurdle (Req g minus delivered) | +34.7 pp | +2.5 pp | most demanding of 10 |
| ROIC minus cost of capital | -4.7 pp | -1.8 pp | 6th lowest of 15 |
| EV / EBITDA | 89.4× | 8.2× | most expensive of 8 |
| Net debt / EBITDA | 1.0× | -1.2× | 2nd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Center Laboratories 4123.TWO | Taiwan | $676M | -28% | +4% | 5% | 13.6× | 50.8% | +16.2% |
| Hunan Fangsheng Pharmaceutical 603998.SS | China | $678M | -6% | +10% | 19% | 2.5× | -2.4% | +6.4% |
| FDC FDC.NS | India | $672M | +4% | +10% | 14% | 2.5× | 25.9% | +10.3% |
| Earth 4985.T | Japan | $682M | +6% | +6% | 4% | 0.6× | -2.5% | -1.8% |
| Hubei Biocause Heilen Pharmaceutical 301211.SZ | China | $682M | -5% | +13% | 4% | 6.2× | n/a | n/a |
| Nuvectis Pharma NVCT | United States | $683M | +79% | n/a | n/a | n/a | n/a | n/a |
| Mochida Pharmaceutical 4534.T | Japan | $683M | -6% | +15% | 9% | 0.7× | n/a | n/a |
| Immix Biopharma IMMX | United States | $668M | -17% | n/a | n/a | n/a | n/a | n/a |
| Zhejiang Wecome Pharmaceutical 300878.SZ | China | $666M | +10% | +40% | -65% | 19.0× | n/a | n/a |
| Jenkem Technology 688356.SS | China | $686M | -23% | +52% | 11% | 10.9× | 41.4% | +11.2% |
| Shandong Wit Dyne Health 000915.SZ | China | $687M | -33% | -36% | 36% | 2.5× | n/a | n/a |
| Sun Pharma Advanced Research SPARC.NS | India | $665M | +16% | +3,141% | 84% | 2.6× | n/a | n/a |
| Luoxin Pharmaceuticals Group Stock 002793.SZ | China | $664M | -26% | -10% | -9% | 2.2× | 0.3% | -17.9% |
| Lepu Biopharma 2157.HK | Hong Kong | $663M | -45% | +47% | 7% | 5.1× | n/a | n/a |
| Zevra Therapeutics ZVRA | United States | $690M | +4% | +75% | 31% | 3.4× | 0.0% | +51.6% |
| Shandong Jincheng Pharmaceutical 300233.SZ | China | $661M | -25% | +2% | 4% | 1.4× | 1.1% | -1.6% |
| Achieve Life Sciences ACHV | United States | $692M | +29% | n/a | n/a | n/a | n/a | n/a |
| Beijing Beilu Pharmaceutical 300016.SZ | China | $692M | -16% | +23% | 11% | 3.2× | 10.3% | +7.9% |
| Sagimet Biosciences SGMT | United States | $693M | +28% | n/a | n/a | n/a | n/a | n/a |
| Philogen PHIL.MI | Italy | $694M | -7% | +295% | 79% | 0.9× | n/a | n/a |
| GuiZhou SanLi Pharmaceutical 603439.SS | China | $657M | -4% | -6% | 5% | 2.9× | 23.2% | +21.9% |