Hyundai Bioscience: Small Revenue, Widening Losses and a Model Estimate Far Below the Share Price

Thesis

The data supports a picture of a company priced on expectations rather than current results. Revenue fell 76.6% in 2025 after a 58.7% rise in 2024, and the trailing operating margin is -580.0%. The share price is up 18.4% over one year but down 3.8% over one month, and it sits well below the 52-week high of ₩21,500 and above the low of ₩4,565. A Yonhap News Agency headline on 2026-10-13 mentions plans to develop an SFTS treatment and move quickly into a Phase 2 trial, but the data gives no detail on timing, cost or results. Recent flows show retail buying of ₩9.9B over 20 days against foreign selling of ₩6.1B and institutional selling of ₩3.2B. Foreign ownership fell from 7.8% to 6.1% over 60 days. The balance sheet is not highly leveraged, but cash is limited relative to the cash burn.

Business overview

Hyundai Bioscience is listed on KOSDAQ and classified in the data under Chemicals. It was founded on 2000-05-25 and listed on 2002-08-08, with 96,505,572 listed shares and CEO 진근우. Annual revenue has ranged from ₩3.5B to ₩15.1B over 2021-2025, with the 2024 peak of ₩15.1B followed by a sharp drop. The company has reported net losses in every year shown. Product-level or segment detail is not available in the data.

Model estimate of fair value

Bear

₩121

-98%

Base

₩109

-98%

Bull

₩94

-98%

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 9.4%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

• Insider shareholding reportOct 13, 2026
• 5%+ holding reportOct 13, 2026
• Amended: Half-year report (Jun 2026)Oct 2, 2026
• 5%+ holding reportSep 30, 2026
• 5%+ holding reportSep 16, 2026
• Insider shareholding reportSep 16, 2026
• 5%+ holding reportSep 8, 2026
• Major management matter relevant to investorsSep 4, 2026
• Added attachment: Half-year report (Jun 2026)Aug 13, 2026
• 5%+ holding reportAug 6, 2026
• 5%+ holding reportJul 22, 2026
• 5%+ holding reportJun 30, 2026
• Hyundai Bio Plans Development of SFTS Treatment, Aims for Rapid Entry into Phase 2 Clinical TrialOct 13, 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 21, 2026Update noteModel fair value changeHyundai Bioscience: Model Estimate Rises to ₩374 per Share, Still Far Below Market Price
2. Oct 18, 2026InitiationStart of coverage (reader request)Hyundai Bioscience: Small Revenue, Widening Losses and a Model Estimate Far Below the Share Price