TruePulse Capital Advisory Publishes Initiation of Coverage on Grape King Bio (1707 TT)
Taipei, Taiwan — January 28th, 2026 — TruePulse Capital Advisory, an independent capital-markets advisory firm, today published its Initiation of Coverage equity research report on Grape King Bio Ltd. (1707 TT), titled “Reshaping Growth Momentum Across Business Segments.”
Founded in 1969, Grape King Bio is a leading Taiwan health-supplement company built on vertically integrated fermentation capabilities, branded consumer products, and a fast-growing OEM/ODM platform. The group operates across four core business units—Taiwan own-brand, OEM/ODM, UVACO (direct selling), and Shanghai operations—supported by in-house R&D and decades of fermentation expertise. Its product portfolio spans functional mushrooms, probiotics, and clinically supported actives, serving both domestic consumers and international brands.
Key Highlights from the Report
OEM/ODM Emerges as the Primary Execution Platform for Global Expansion
Grape King’s OEM/ODM segment has become the group’s most visible growth engine, delivering 54% year-over-year growth in 2025 on strong customer demand and rising capacity utilization. Expansion into Europe and Japan is accelerating, supported by faster EU ingredient registration and a growing pipeline of patented, clinically validated actives. With increasing traction from international brands and enhanced multi-dosage manufacturing capabilities, OEM/ODM revenue is forecast to grow approximately 29% in 2026 and 35% in 2027, anchoring the group’s medium-term growth trajectory while expanding geographic reach and earnings visibility.
UVACO Positioned for Geographic and Category Expansion
UVACO enters its next growth phase with a stable domestic base and increasing optionality from both geographic expansion and category diversification. The launch of Antrodia Mycelium Beadlets in November 2025 reinforces demand for high-value functional products, with momentum expected to extend into 2026. More structurally, CordiBella marks UVACO’s first expansion beyond supplements into skincare, leveraging proprietary fermentation actives and aligning with a membership base that is over 80% female. Looking ahead, the planned Malaysia market entry in 2Q26 extends UVACO’s direct-selling model beyond domestic scale limits, adding a new platform for growth and cross-border network expansion.
Taiwan Own-Brand and Shanghai Businesses Enter a Stabilization Phase
Taiwan’s own-brand business has faced near-term pressure as consumers redirected spending toward overseas travel and as the company undertook grey-market channel clean-up. With the channel reset largely complete and new wellness products rolling out, a more stable operating environment is expected from 2026. In Shanghai, consumer down-trading continues to weigh on demand, though collaboration with Uni-President is expanding ComeBest distribution, and a new anhydrous collagen OEM product scheduled for launch in 2026 is expected to support utilization. Stabilization across these segments provides a firmer earnings base and improves forward visibility.
Stable Returns and Visible Re-Rating Potential
Under TruePulse’s initiation forecasts, Grape King is expected to deliver a 12.9% revenue CAGR and 18.7% EPS CAGR over 2025–2027, driven by OEM/ODM scaling, UVACO’s product-cycle recovery, and early overseas expansion. A strong balance sheet and a long dividend track record support downside resilience. Despite this, the stock trades at approximately 12.2x 2026E P/E, representing a 25–45% discount to Taiwan strategic peers and global consumer-health companies. The base-case valuation range of NT$140–160 per share implies meaningful re-rating potential as earnings visibility improves.
Availability
For further details and the full initiation of coverage report, please refer to www.truepulsecapital.com
About TruePulse Capital Advisory
TruePulse Capital Advisory is an independent capital-markets and investor-relations advisory firm based in Taiwan. The firm works with small- to mid-cap public companies to strengthen investor communications, refine equity narratives, and enhance long-term shareholder value through fundamental research, strategic positioning, and capital-markets advisory services.
Important Disclosures
This research report is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any securities. TruePulse Capital Advisory may provide advisory or investor-relations services to the subject company. Investors should refer to the full report for detailed disclosures and risk factors.
Media Contact
Jack Lin
TruePulse Capital Advisory
Email：contact@truepulsecapital.com