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JONBUR Research · Initiation

Aimed Bio · 0009K0 · Biotech & Pharma

Aimed Bio: High-Margin Earnings on a Small Base, With a Share Price Well Above the Model Estimate

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Aimed Bio, a KOSDAQ-listed biotech listed on 2025-12-04, closed at ₩22,200 for a market cap of about ₩1.4T. Filed financials show a 43.9% operating margin but only 10.6% net margin and 2.5% ROE, and the DCF model estimate per share is below the current price.

Written Oct 13, 2026 · Data as of Oct 12, 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 profitable company: TTM revenue of ₩47.3B, operating income of ₩20.8B and free cash flow of ₩17.5B. The balance sheet looks conservative, with liabilities at 3.7% of equity and ₩30.2B in cash. However, net income of ₩5.0B is far below operating income, and the data does not explain the gap. The market value is large relative to earnings, at a P/E of 283.6 and a P/S of 30.1. The share price is 72.3% below its 52-week high of ₩80,200 and 27.6% above its low of ₩17,400. Only one annual period is available, so growth and trend cannot be assessed. Investor flow, foreign ownership and short balance data are not available.

Business overview

Aimed Bio (에임드바이오) is a Biotech & Pharma company listed on KOSDAQ. It was founded on 2018-08-27 and listed on 2025-12-04, with 64,156,161 listed shares. CEO is 허남구. Enterprise value is about ₩1.39T. The data contains only one annual record (2025) and no revenue growth figure, and it does not describe products or pipeline. No recent news headlines are in the data.

Financial analysis

These figures come from filed financial statements (DART). For 2025, which equals the TTM figure shown as of H1 2026, revenue was ₩47.3B, operating income ₩20.8B (43.9% margin) and net income ₩5.0B (10.6% margin). ROE was 2.5% on the TTM measure (2.6% for 2025). Liabilities to equity stood at 3.7%. Cash was ₩30.2B and free cash flow ₩17.5B. Borrowings are not available. Revenue growth is not available because there is no prior-year comparison.

Valuation

At the current price, P/E is 283.6, P/B 7.0 and P/S 30.1. Year-end 2025 P/E was 735.8 and P/B 19.2, so current multiples are lower than at that point, though the history is only one data point. EV/EBITDA and dividend yield are not available. Peers show P/E of 24.5 to 63.9 (Celltrion 24.5, Hanmi Pharm 28.0, Samsung Biologics 43.1, Alteogen 63.9; HLB not available) and P/B of 2.2 to 23.0. Aimed Bio's P/E is well above all of these, while its P/B of 7.0 sits within the peer range. The DCF model estimate, using a 4.7% rate on TTM to H1 2026, is ₩10,404 per share in the base case, ₩6,516 bear and ₩19,370 bull. This is a model estimate based on the assumptions shown, not a target. The current price of ₩22,200 is above even the bull case.

Catalysts

  • The half-year report for June 2026, filed 2026-08-12, is the latest full set of results behind the current numbers.
  • Repeated amended filings on a major management matter (2026-07-15 to 2026-09-22) show an ongoing item investors may want to read in detail, though the data does not describe its content.
  • An extraordinary shareholders' meeting result and a filing on independent director appointment or departure were filed on 2026-07-16, pointing to board changes.
  • An insider shareholding report was filed on 2026-09-18, which may show how insiders' holdings are changing.

Risks

  • The P/E of 283.6 means the price depends heavily on earnings rising well above the current ₩5.0B net income.
  • The large gap between a 43.9% operating margin and a 10.6% net margin is unexplained in the data and could signal non-operating items affecting earnings quality.
  • The price is above the bull case of the model estimate (₩19,370), so the market is assuming more than the model's assumptions.
  • The price is volatile, with a 52-week range of ₩17,400 to ₩80,200, and a short listing history limits the data available.
  • Investor flows, foreign ownership and short interest are not available, and the repeated amended filings add uncertainty about the underlying management matter.

Closing view

The filed numbers show a profitable, cash-generating company with very little debt, but returns on equity are low at 2.5% and valuation multiples are high against both peers and the model estimate. With only one annual period, no growth history and limited flow data, the evidence is incomplete. Investors would need to look closely at the amended management filings and the reasons for the operating-to-net profit gap before drawing conclusions.

Model estimate of fair value

Bear
₩6,516
-67%
Base
₩10,404
-48%
Bull
₩19,370
-2%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 4.7%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Aimed Bio: High-Margin Earnings on a Small Base, With a Share Price Well Above the Model Estimate

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