Whanin Pharm: Earnings Recovering From a 2025 Dip While Shares Trade Below Book Value

Thesis

The data supports a picture of a profitable, low-debt company whose earnings fell in 2025 and have partly rebounded. Trailing operating margin is 8.2%, up from 5.1% in 2025, and net income of ₩20.5B compares with ₩13.6B for 2025. Free cash flow is ₩17.7B.

What the data does not support is a clear return to earlier profitability. Operating margin was 17.6% in 2021 and 13.1% in 2023, and trailing ROE of 5.1% is below the 8.6% of 2023. Revenue fell 1.7% in 2025 after three years of double-digit growth. The low multiples may reflect these weaker returns. No recent news headlines are available, so the reasons behind the swings are not visible in the data.

Business overview

Whanin Pharm is a KOSPI-listed company in the biotech and pharma sector, founded in 1982 and listed in 1996. It has two co-CEOs, 이광식 and 이원범, and 18,600,070 listed shares. Market capitalisation is about ₩193.3B.

Revenue grew from ₩177.8B in 2021 to ₩259.6B in 2024, then eased to ₩255.2B in 2025. Trailing revenue to H1 2026 is ₩273.5B, the highest in the data. Foreign ownership is 12.7%, up from 11.8% sixty days ago. Short balance is 0.0%.

Model estimate of fair value

Bear

₩22,693

+118%

Base

₩34,168

+229%

Bull

₩52,952

+409%

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 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

• Half-year report (Jun 2026)Aug 13, 2026
• Preliminary earnings (consolidated)Jul 29, 2026
• Disclosure of Corporate Governance ReportMay 29, 2026
• Quarterly report (Mar 2026)May 13, 2026
• 5%+ holding reportMay 11, 2026
• Preliminary earnings (consolidated)Apr 27, 2026
• Corporate value-up planMar 23, 2026
• Annual general meeting resultsMar 20, 2026
• Report on Appointment, Dismissal, or Mid-Term Resignation of Independent DirectorsMar 20, 2026
• Audit report submittedMar 12, 2026
• Annual report (Dec 2025)Mar 12, 2026
• Notice of shareholders' meetingMar 4, 2026
• Daily prices up to 2026-10-16
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of TTM to H1 2026

Report history

1. Oct 29, 2026Update noteEarningsWhanin Pharm Q3 2026 Preliminary Earnings: Operating Profit More Than Doubles Year on Year
2. Oct 19, 2026InitiationStart of coverage (reader request)Whanin Pharm: Earnings Recovering From a 2025 Dip While Shares Trade Below Book Value