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JONBUR Research · Initiation

Seegene · 096530 · Biotech & Pharma

Seegene: Profitability Rebuilds From Losses as Shares Rise Toward 52-Week High

Why this report

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

Seegene (KOSDAQ: 096530) closed at ₩37,500 on 2026-10-12, up 50.3% over one year and close to its 52-week high of ₩40,450. Filed statements show a return to profit since the 2024 loss, though revenue and margins remain well below 2021 levels.

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 recovery story. Revenue grew 12.8% in 2024 and 14.5% in 2025, and operating income moved from a ₩16.5B loss in 2024 to ₩34.5B in 2025 and ₩61.7B over the trailing twelve months to H1 2026. The share price has risen 18.9% in one month, 31.8% in three months and 50.3% in one year, so part of the improvement may already be reflected in the price.

The data does not support a return to peak conditions. Revenue of ₩509.3B over the trailing twelve months is about 37% of the 2021 level of ₩1,370.8B, and ROE of 7.9% compares with 49.6% in 2021. Net income of ₩80.2B exceeds operating income of ₩61.7B, which implies non-operating gains. The data does not explain their source. Investor flow, foreign ownership, short balance and news data are not available, so the data cannot show who is driving the price move.

Business overview

Seegene is a KOSDAQ-listed company in the Biotech & Pharma sector, founded in 2000 and listed in 2010. It has 52,225,994 listed shares and a market capitalization of about ₩1.96T. It is led by co-CEOs Cheon Jong-yoon and Lee Dae-hoon. The revenue history is very uneven: ₩1,370.8B in 2021, ₩853.6B in 2022 (down 37.7%), ₩367.4B in 2023 (down 57.0%), then ₩414.3B in 2024 and ₩474.2B in 2025. The data does not describe products or segments.

Financial analysis

All figures come from filed financial statements (DART). Trailing twelve months to H1 2026: revenue ₩509.3B, operating income ₩61.7B (margin 12.1%), net income ₩80.2B (net margin 15.7%) and ROE 7.9%. For comparison, the operating margin was 7.3% in 2025, negative 4.0% in 2024, negative 8.2% in 2023, 23.0% in 2022 and 48.6% in 2021.

The balance sheet looks conservative. Liabilities to equity is 21.8%, cash is ₩266.5B and borrowings are ₩41.3B. Free cash flow over the trailing twelve months is ₩99.9B, which is higher than operating income.

Valuation

The stock trades at a P/E of 24.4, P/B of 1.9 and P/S of 3.8, with a dividend yield of 2.6%. Enterprise value is about ₩1.73T. EV/EBITDA is not available. At the end of 2025 the P/E was 25.7 and the P/B was 1.2, so the P/B has risen since then while the P/E is similar. Earlier year-end multiples are not available because of losses or missing data.

Among the listed peers, P/E ranges from 24.5 (Celltrion) to 63.9 (Alteogen), and P/B from 2.2 (Celltrion) to 23.0 (Alteogen). Seegene's P/B of 1.9 is below all five peers shown, and its P/E is slightly below Celltrion's. The peers are far larger and in different businesses, so the comparison is only a rough guide.

A model estimate of fair value per share is not available because the valuation model could not be worked out for this company, so no comparison with the ₩37,500 share price can be made.

Catalysts

  • The half-year report filed on 2026-08-14 and the preliminary earnings on 2026-08-07 showed the trailing figures now visible, including a 12.1% operating margin.
  • On 2026-08-12 the company filed a cash dividend decision, and the interim dividend ex-date was 2026-09-28.
  • A share cancellation decision was filed on 2026-08-12, which may affect the share count.
  • A treasury share sale decision (2026-08-12) and a sale result report (2026-08-21) were filed, following an earlier result report on 2026-05-21.
  • A 5%+ holding report was filed on 2026-08-26, though the data does not show who filed it or the direction of the change.

Risks

  • Earnings have been volatile, with operating margin swinging from 48.6% in 2021 to negative 8.2% in 2023, so the current recovery may not be steady.
  • Net income exceeds operating income, so part of profit appears to come from non-operating items whose source and durability are not shown in the data.
  • The share price is up 31.8% in three months and sits about 7.3% below its 52-week high, so it could be sensitive to any disappointment.
  • Revenue of ₩509.3B remains far below the 2021 level, and the data gives no guidance on future demand.
  • Investor flows, foreign ownership, short interest and news are not available, which limits visibility into market positioning.

Closing view

The filed numbers show a clear improvement: a return to profit, a 12.1% trailing operating margin, strong cash generation and a low-debt balance sheet. The shares have re-rated, with a P/E of 24.4 and a P/B of 1.9, which is lower than most listed peers but in a different scale and business mix. Against that, revenue and returns are far below earlier peaks, profit quality is partly unexplained, and no model fair value is available. The evidence points to a recovering company with uncertain durability, not to a conclusion about the share price.

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 13, 2026InitiationStart of coverage (300 largest)Seegene: Profitability Rebuilds From Losses as Shares Rise Toward 52-Week 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