Jacobson Pharma Corporation Limited (2633) AI Stock Analysis

• Market Cap: HK$2.39B
• Dividend Yield: 15.4%
• Average Volume (3M): 821.71K
• Price to Earnings (P/E): 5.1
• Beta (1Y): 0.06
• Revenue Growth: -1.88%
• EPS Growth: 17.57%
• Country: HK
• Employees: 1,730
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 0.07
• Shares Outstanding: 2,000,221,000
• 10 Day Avg. Volume: 1,775,382
• 30 Day Avg. Volume: 821,706
• PEG Ratio: 0.06
• Price to Book (P/B): 0.96
• Price to Sales (P/S): 1.49
• P/FCF Ratio: 8.42
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.15
• Revenue Forecast (FY): HK$1.56B

• Rating: 69 Neutral
• Price Target: HK$1.50 ▲(16.28% Upside)
• Action: Reiterated Date: 10/29/25
• Date: Action: Reiterated 10/29/25

Jacobson Pharma Corporation Limited has a strong financial foundation with solid profitability and effective cash management. The valuation is attractive with a reasonable P/E ratio and a high dividend yield. However, technical indicators suggest mixed market momentum, which could pose short-term challenges. The absence of recent earnings call data and corporate events limits further insights.

Positive Factors

Cash generation

Consistent strong operating cash flow and growing free cash flow provide durable internal funding for capex, working capital and shareholder returns. This cash generation reduces reliance on external financing, supports reinvestment in products and distribution, and enhances resilience through revenue cycles over the next several months.

Profitability and margins

Healthy gross and net margins indicate effective cost control and pricing power in both branded and generic segments. Sustained margin levels support operating leverage, fund R&D or marketing for launches, and help maintain profitability even if top-line growth softens, preserving long-term cash flows and shareholder returns.

Balance sheet strength

A strong equity base and favorable ROE signal capital strength and prudent financing. The balance sheet provides flexibility to absorb shocks, pursue selective M&A or product registrations, and sustain dividend policy. This structural financial stability supports operations and strategic choices over a multi-month horizon.

Negative Factors

Revenue trend

A modest year-over-year revenue decline points to demand pressure, product mix shifts, or distributor channel headwinds. If sustained, falling topline can limit reinvestment capacity and margin expansion, requiring management to secure new registrations, expand channels, or accelerate product launches to restore structural growth.

Moderate leverage

Moderate leverage reduces financial flexibility; higher debt levels can constrain capital allocation for R&D, manufacturing upgrades, or acquisitions. In a rising interest rate or regulatory cost environment, servicing debt could pressure cash flow and limit strategic investments over the coming months.

Geographic concentration risk

Heavy reliance on Hong Kong channels concentrates regulatory, reimbursement and demand risk regionally. Structural exposure to a single market can limit growth opportunities and raise vulnerability to local policy or hospital procurement changes; durable diversification would require expansion beyond the core market.

Jacobson Pharma Corporation Limited Business Overview & Revenue Model

Company Description

Jacobson Pharma Corporation Limited, through its subsidiaries, produces, markets, and sells generic drugs and branded healthcare products in Hong Kong, Mainland China, Macau, Singapore, and internationally. The company offers generic drugs for various therapeutic categories, including the respiratory, cardiovascular, central nervous system, gastrointestinal, genito-urinary, musculoskeletal, endocrine and metabolic, dermatological, anti-allergics, scar treatment, oral anti-diabetics, and anti-infective, as well as arsenic trioxide oral solutions, rosuvastatin tablets, and atorvastatin tablets. It also provides branded medicines; health and wellness products; and proprietary Chinese medicines, such as Po Chai pills, Ho Chai Kung Tji Thung San, Tong Tai Chung Woodlok oil, Flying Eagle Woodlok Oil, Saplingtan, Shiling oil, Contractubex, Doan's Ointment, and Col-gan tablets. In addition, it engages in the trading of medical supplies; procurement of packaging materials; sale of healthcare and herbal products; research and development; and property holding activities. Jacobson Pharma Corporation Limited sells its products to hospitals and clinics, and registered pharmacies, as well as to doctors in private and retail outlets, and trading companies. The company was incorporated in 2016 and is headquartered in Kwun Tong, Hong Kong. Jacobson Pharma Corporation Limited is a subsidiary of Kingshill Development Limited.

How the Company Makes Money

Jacobson Pharma Corporation Limited makes money primarily by selling pharmaceutical and healthcare products through Hong Kong’s healthcare supply chain. Key revenue streams typically include: (1) Sales of prescription pharmaceuticals (branded and/or generic) to hospitals, clinics, pharmacies and other healthcare providers; (2) Sales of over-the-counter medicines and healthcare products through retail pharmacy channels; (3) Revenue from distribution and marketing activities where the company commercializes products via its sales network (including, where applicable, products sourced from third parties) and earns product margins; and (4) Manufacturing-related income from producing medicines (including contract manufacturing where applicable) and capturing manufacturing margins. Significant earnings drivers generally include product portfolio breadth, the ability to secure and maintain product registrations/approvals, access to hospital and retail channels, and commercial arrangements with external principals/partners for in-licensed products and distribution rights. null

Jacobson Pharma Corporation Limited Financial Statement Overview

Summary

Jacobson Pharma Corporation Limited exhibits solid financial performance across its income statement, balance sheet, and cash flow statement. The company demonstrates strong profitability, efficient operations, and effective cash management. While growth trends are generally positive, attention to revenue fluctuations and debt levels will be crucial for sustaining long-term growth and stability.

Income Statement

Jacobson Pharma Corporation Limited has demonstrated a strong performance in its income statement. The gross profit margin is healthy, indicating effective cost management. The net profit margin reflects profitability, with consistent growth in net income over the years. Revenue growth has been positive, though there was a slight decline in the most recent year. EBIT and EBITDA margins are solid, showing operational efficiency. Overall, the company maintains a robust financial health in its income statement metrics.

Balance Sheet

The balance sheet of Jacobson Pharma indicates a stable financial position with a solid equity base. The debt-to-equity ratio suggests a moderate level of leverage, manageable within industry norms. Return on Equity (ROE) is favorable, showing effective use of equity capital to generate profits. The equity ratio is strong, signifying a substantial proportion of assets financed by shareholders' equity. However, the company should monitor its debt levels to ensure long-term financial flexibility.

Cash Flow

Cash flow analysis reveals a strong operating cash flow, indicating excellent cash generation capability. The free cash flow has grown consistently, supporting reinvestment opportunities and shareholder returns. Ratios of operating and free cash flow to net income demonstrate effective cash management. The company has improved its free cash flow generation, although capital expenditures have seen fluctuations. Overall, the cash flow statement highlights robust cash flow management.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	1.53B	1.58B	1.47B	1.79B	1.60B	1.45B
Gross Profit	679.27M	692.94M	620.48M	747.17M	620.52M	534.15M
EBITDA	551.15M	558.87M	475.11M	462.04M	415.49M	377.20M
Net Income	302.58M	300.83M	266.97M	251.04M	177.67M	173.71M
Balance Sheet
Total Assets	3.53B	3.65B	3.49B	5.38B	4.76B	4.87B
Cash, Cash Equivalents and Short-Term Investments	395.06M	509.05M	411.94M	1.04B	478.65M	480.35M
Total Debt	904.62M	773.21M	749.38M	1.60B	1.41B	1.65B
Total Liabilities	1.27B	1.17B	1.09B	2.12B	1.80B	2.01B
Stockholders Equity	2.23B	2.45B	2.37B	2.74B	2.49B	2.39B
Cash Flow
Free Cash Flow	269.04M	278.39M	354.85M	585.23M	345.89M	347.99M
Operating Cash Flow	495.89M	526.78M	484.36M	648.24M	409.76M	411.35M
Investing Cash Flow	-371.63M	-297.76M	43.34M	-44.09M	-52.75M	-375.40M
Financing Cash Flow	-245.49M	-131.30M	-1.05B	-45.64M	-357.89M	21.36M

Jacobson Pharma Corporation Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.29
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2633, the sentiment is Negative. The current price of 1.29 is above the 20-day moving average (MA) of 1.27, above the 50-day MA of 1.27, and below the 200-day MA of 1.36, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 47.41 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2633.

Jacobson Pharma Corporation Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6896	75 Outperform	HK$2.28B	8.85	21.47%	15.97%	-2.70%	2.19%
2161	75 Outperform	HK$2.29B	5.29	20.10%	9.98%	12.83%	36.12%
2877	73 Outperform	HK$6.96B	2.21	10.84%	5.80%	-20.64%	-25.39%
2348	72 Outperform	HK$1.73B	4.06	5.33%	5.16%	2.89%	-68.83%
2633	69 Neutral	HK$2.39B	5.13	12.97%	15.40%	-1.88%	17.57%
0950	64 Neutral	HK$824.37M	6.31	5.44%	2.92%	19.80%	55.09%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Jacobson Pharma Corporation Limited Corporate Events

Jacobson Pharma and JBM Renew Connected-Party Framework Deals to 2029

Jacobson Pharma and JBM (Healthcare) have renewed a set of framework agreements governing their continuing connected transactions, putting in place new 2026 Framework Agreements that will run for three years from 1 April 2026 to 31 March 2029. Among these, a logistics services agreement will see the Jacobson Group continue providing logistics services to the JBM Group, with payments in Hong Kong dollars and standard 30-day settlement terms.

Because both companies share a controlling shareholder and are deemed connected persons under Hong Kong listing rules, the renewed arrangements are classified as continuing connected transactions for each issuer. The size of the annual caps means the deals must comply with reporting, announcement and annual review requirements, but they are exempt from circular and independent shareholders’ approval, streamlining compliance while formalising ongoing intra-group operational support.

The most recent analyst rating on (HK:2633) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Jacobson Pharma Corporation Limited stock, see the HK:2633 Stock Forecast page.