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Size SunMax Biotechnology (4728.TWO) is a Taiwan Health Care company (Medical Specialties) with a market value of $643M, the 367th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$390.50 on 6 Nov 2026.
Performance Over six months the shares gained 0.5%, against -14.5% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 12.5% over the last twelve months (peer median +6.1%); the operating margin is 49.8% (peer median 9.2%).
Valuation It trades at 9.4× enterprise value to sales against a peer median of 3.9× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 112.3 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$2.19B | NT$2.03B | NT$1.82B | NT$1.69B | NT$1.40B |
| Revenue growth | — | +11% | +8% | +21% | — |
| Gross profit | NT$1.69B | NT$1.55B | NT$1.44B | NT$1.36B | NT$1.15B |
| EBITDA | NT$1.21B | NT$1.10B | NT$1.03B | NT$967M | NT$826M |
| Net income | NT$812M | NT$726M | NT$679M | NT$626M | NT$534M |
| Free cash flow | NT$870M | NT$766M | NT$534M | NT$743M | NT$494M |
| Capital expenditure | NT$104M | NT$79.0M | NT$39.7M | NT$140M | NT$155M |
| Total debt | NT$108M | NT$119M | NT$145M | NT$174M | NT$70.3M |
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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 | 4728.TWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.1% | -0.5% | 7th lowest of 21 |
| 6-month return | +0.5% | -14.5% | 8th highest of 21 |
| Distance from 52-week high | -9.5% | -34.3% | 3rd highest of 21 |
| Revenue growth (TTM) | +12.5% | +6.1% | 10th highest of 21 |
| Operating margin | 49.8% | 9.2% | highest of 21 |
| EV / Sales | 9.4× | 3.9× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.7% | 7.9% | 5th least demanding of 15 |
| Growth delivered (Del g) | +18.8% | +6.8% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -19.5 pp | -1.9 pp | 3rd least demanding of 15 |
| ROIC minus cost of capital | +112.3 pp | +1.2 pp | highest of 21 |
| EV / EBITDA | 17.1× | 15.8× | 5th cheapest of 9 |
| Net debt / EBITDA | -0.6× | -0.8× | 3rd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SunMax Biotechnology 4728.TWO | Taiwan | $643M | +1% | +12% | 50% | 9.4× | -0.7% | +18.8% |
| Cowealth Medical China 603122.SS | China | $648M | -28% | -18% | -5% | 6.8× | n/a | n/a |
| Xvivo Perfusion XVIVO.ST | Sweden | $635M | -29% | +18% | 12% | 6.3× | 35.7% | +35.2% |
| AK Medical 1789.HK | Hong Kong | $664M | -26% | +16% | 26% | 2.2× | -11.4% | +6.7% |
| Hangzhou AGS MedTech 688581.SS | China | $617M | -16% | -18% | 33% | 4.0× | 1.7% | +27.8% |
| Beijing Chunlizhengda Medical Instruments 1858.HK | Hong Kong | $671M | -27% | -9% | 31% | 2.6× | -8.0% | +1.5% |
| Jiangsu Hanvo Safety Product 300952.SZ | China | $681M | -21% | +6% | 8% | 3.8× | n/a | n/a |
| Ningbo David Medical Device 300314.SZ | China | $607M | +22% | +19% | 11% | 5.6× | n/a | n/a |
| Japan Lifeline 7575.T | Japan | $685M | +16% | +6% | 19% | 1.6× | -9.7% | +2.9% |
| Wuhan Huakang Century Clean Technology 301235.SZ | China | $603M | -42% | +28% | 7% | 1.7× | n/a | n/a |
| Medistim MEDI.OL | Norway | $601M | +30% | +19% | 29% | 6.8× | -1.8% | +14.5% |
| Contec Medical Systems 300869.SZ | China | $600M | -23% | -2% | -16% | 6.3× | 17.3% | -19.8% |
| Nanosonics NAN.AX | Australia | $599M | -13% | +3% | 7% | 3.6× | 34.4% | +6.7% |
| Shanghai Kinetic Medical 300326.SZ | China | $698M | -7% | -28% | 17% | 4.2× | 8.1% | -1.9% |
| Shanghai Sanyou Medical 688085.SS | China | $700M | -21% | +15% | 4% | 7.2× | 29.1% | +6.8% |
| Pacific Biosciences of California PACB | United States | $701M | +60% | +2% | -102% | 7.6× | n/a | n/a |
| Livsmed 491000.KS | South Korea | $706M | -47% | +89% | -59% | 17.2× | n/a | n/a |
| Tactile Systems Technology TCMD | United States | $583M | +1% | +14% | 9% | 1.5× | 7.8% | +12.0% |
| Zhejiang Gongdong Medical Technology 605369.SS | China | $581M | -10% | +6% | 9% | 2.8× | 11.6% | +6.5% |
| Synektik SNT.WA | Poland | $713M | +16% | +50% | 24% | 3.0× | 0.1% | +40.3% |
| Mesa Laboratories MLAB | United States | $718M | +23% | +3% | 9% | 3.4× | 21.1% | +13.2% |