United Orthopedic Corporation (4129 TT, NT$90.60) -Double-digit growth continues, but valuation under pressure

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United Orthopedic Corporation (4129 TT, NT$90.60) -Double-digit growth continues, but valuation under pressure

nce of non-US

Source: CMoney brands in Europe, UOC continues to expand in aging countries such as the UK, Germany,

Belgium, and Switzerland, with a clear trend of rising penetration. We forecast FY26 EMEAWhat's changed

New Old % sales will grow 21.7% YoY; 2) In the Americas, the company maintains high GM through a

Rating Neutral Buy direct sales model, gradually entering various levels of medical institutions such as

Target price 101 145 -30 medium and large hospitals and ASCs by offering a more complete size inventory and

EPS forecast 7.27 7.28 -0 supply flexibility. We forecast FY26 sales growth of 22.5% YoY; 3) In Japan, stable

Target PE 13.9 19.9 shipment is ensured through cooperation with local top-10 player Kyocera. Given Japan’s

Financial summary Year-end: Dec 31 world-leading aging population and solid joint replacement demand, we forecast FY26

NT$mn FY25 FY26F FY27F sales growth of 25% YoY; 4) In Taiwan, UOC’s market share has reached 30%, ranking

Net sales 5,655 6,702 8,095 alongside international giant Zimmer as a market leader. Following J&J’s exit from the

YoY growth (%) 21.5 18.5 20.8

domestic market, UOC is expected to further expand its market share with a

Op profit 741 946 1,206

YoY growth (%) 21.6 27.7 27.5 comprehensive product line and real-time support. We forecast FY26 sales will grow 23%

Net profit 562 701 885 YoY; and 5) In China, affected by VBP policy, prices remain low. UOC’s strategy is to

YoY growth (%) 23.2 24.6 26.2 maintain channel visibility without additional investment. We forecast FY26 sales will

EPS (NT$) 5.83 7.27 9.18

decline in the single-digit percentage YoY.

DPS (NT$) 4.5 5.8 7.3

PE (x) 15.5 12.5 9.9