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JONBUR Research · Initiation

Samil Pharmaceutical · 000520 · Biotech & Pharma

Samil Pharmaceutical: Share Price Rebounds While Losses Deepen and Leverage Stays High

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Samil Pharmaceutical shares closed at ₩8,180 on 2026-10-16, up 16.4% over one month and 32.4% over three months, but still down 16.7% over one year. Filed statements show revenue of about ₩207.3B over the latest twelve months with an operating loss of ₩28.4B.

Written Oct 18, 2026 · Data as of Oct 16, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a price recovery that is not matched by improving earnings. The stock sits well above its 52-week low of ₩5,500 and below its high of ₩12,860, while trailing operating margin is -13.7% and net margin is -18.1%. Revenue is broadly stable near ₩200B+, so the weakness is in profitability rather than sales scale.

What the data does not show: any explanation for the loss widening, company guidance, or news coverage (no recent headlines are available). Foreign ownership slipped from 4.3% to 3.5% over 60 days, and 20-day flows show small net selling by foreign investors (₩467M) and institutions (₩23M) against net retail buying (₩561M). A convertible bond issue decision in June 2026 and changes in the largest shareholder's holdings suggest capital and ownership activity worth watching, though the filings' details are not in the data.

Business overview

Samil Pharmaceutical is a KOSPI-listed company in the Biotech & Pharma sector, founded in 1947 and listed in 1985. It has 21,691,811 listed shares and a market capitalisation of about ₩177.4B. Enterprise value is about ₩222.5B. Revenue grew from ₩134.2B in 2021 to ₩179.7B in 2022 (+33.8%), ₩196.3B in 2023 (+9.3%) and ₩219.7B in 2024 (+11.9%), then fell 4.3% to ₩210.3B in 2025. The CEO listed in the data is 허승범.

Financial analysis

These figures come from filed financial statements. Operating income was ₩6.5B in 2023 (3.3% margin), roughly break-even at ₩0.1B in 2024, and a loss of ₩22.2B in 2025 (-10.6% margin). Net income moved from ₩1.7B in 2023 to losses of ₩5.6B in 2024 and ₩34.7B in 2025. For the twelve months to H1 2026, the operating loss was ₩28.4B and the net loss ₩37.6B, with return on equity of -24.9% (2025: -22.4%).

The balance sheet is stretched: liabilities to equity are 198.5%, borrowings are ₩51.1B and cash is only ₩6.1B. Free cash flow over the period was -₩2.2B, which is small relative to the net loss, so the cash drain is far smaller than the accounting loss.

Valuation

The price-to-earnings ratio and EV/EBITDA are not meaningful because earnings are negative. Price-to-book is 1.4 (year-end 1.6 in both 2024 and 2025, 1.1 in 2023), and price-to-sales is 0.9. No dividend is paid (yield 0.0%).

Peers in the data trade at much higher levels: price-to-book of 2.5 for Celltrion and Yuhan, 5.6 for SK biopharmaceuticals, 7.2 for Samsung Biologics and 30.4 for Alteogen, with P/E ratios of 14.3 to 84.4. These companies are far larger and profitable, so the comparison is limited. A valuation model estimate per share is not available (fair_value_model is null), so no comparison with the share price can be made.

Catalysts

  • A 5%+ holding report was filed on 2026-10-12, following another on 2026-07-21, indicating changes in significant shareholdings.
  • The half-year report for June 2026 was filed on 2026-08-14 and shows continued losses; the next set of results will show whether the loss is narrowing.
  • A convertible bond issue decision on 2026-06-11 and an issuance results filing on 2026-06-19 point to financing activity that could affect the share count.
  • Filings in June 2026 recorded changes in the largest shareholder's holdings and several insider shareholding reports.

Risks

  • Operating and net losses widened from 2024 to 2025 and remain deep in the latest twelve months (net margin -18.1%).
  • Liabilities are 198.5% of equity with ₩51.1B of borrowings against ₩6.1B of cash, leaving limited financial cushion.
  • Convertible bond issuance could dilute existing shareholders if converted.
  • The recent price rise of 32.4% over three months is not backed by improving earnings, and the 20-day flows show foreign and institutional net selling.
  • Revenue fell 4.3% in 2025 after three years of growth, and no information on the cause is available in the data.

Closing view

The data shows a company with a stable revenue base but deteriorating profitability, thin cash and high leverage, whose share price has recovered sharply from its low without a visible earnings improvement. Price-to-book of 1.4 is lower than the larger peers shown, but those peers are profitable and not directly comparable. With no model estimate available and no news in the data, the evidence is mixed and the key things to follow are future results, financing filings and ownership changes.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 18, 2026InitiationStart of coverage (reader request)Samil Pharmaceutical: Share Price Rebounds While Losses Deepen and Leverage Stays High

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information