Subsidiaries creating a solid earnings outlook
Coland was less favored by institutional investors in the past three years given a high net profit contribution from disposal gains. However, it has been acquiring regional distributors to offset slower growth; it acquired Tongze, Guozhen, and Quan Yuan in the past three years. Business model adjustments and refocusing have borne fruit, and earnings growth is back on track. These three subsidiaries accounted for 51% of Coland’s 1Q16 sales, relieving pressure from falling Adefovir sales. 1Q16 sales of NT$710 mn were up 12% YoY, while op profit hit a new high at NT$140 mn, up 27% YoY; EPS of NT$0.97 was solely from core businesses.
Coland Holdings Limited is a Taiwan-based company principally engaged in the development and distribution of pharmaceuticals. The Company provides products for the treatment of hepatitis, respiratory system diseases, urinary systems, cardiovascular and nervous system diseases. The Company also offers medical equipment, spinal instrumentations and antibiotics. Its products include Adefovir Dipivoxil Tablets, Mycophenolate Mofetil Dispersible Tablets, Tiotropium Bromide Powder For Inhalation, Amoxicillin Sodium and Clavulanate Potassium for Injection and Lamivudine Tablets. The Company operates its businesses primarily in Mainland China.
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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