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JONBUR Research · Initiation

DreamCIS · 223250 · Biotech & Pharma

DreamCIS: Strong Share Price Rebound Meets Sharply Lower Trailing Profit

Why this report

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

DreamCIS shares closed at ₩4,165 on 2026-10-23, up 26.6% in one month and 45.1% in three months but still 15.6% lower over one year. Trailing revenue is ₩73.3B, while trailing net income fell to ₩329M, leaving the trailing P/E at 311.6.

Written Oct 25, 2026 · Data as of Oct 23, 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 steady revenue story: sales grew every year from ₩26.2B in 2021 to ₩66.6B in 2025, and trailing revenue to H1 2026 reached ₩73.3B. Operating income has stayed positive, with a trailing operating margin of 7.1%.

The data does not support a clean earnings recovery. Trailing net income of ₩329M is far below the ₩7.1B reported for 2025, and trailing ROE is 0.5% versus 9.9% in 2025. The data does not explain the gap between operating income of ₩5.2B and net income of ₩329M.

The share price has rallied from a 52-week low of ₩2,360 but remains well below the 52-week high of ₩8,640. The model estimate sits above the current price, but the range around it is wide.

Business overview

DreamCIS is a KOSDAQ-listed company in the Biotech & Pharma sector, founded on 2000-04-27 and listed on 2020-05-22. It has 24,600,444 listed shares and a market capitalization of about ₩102.5B. The CEO is listed as 유정희.

The data shows revenue growth of 48.6% in 2022, 23.1% in 2023, 22.6% in 2024 and 13.6% in 2025, so growth is continuing but slowing. The data does not describe products or customers. Recent filings include an amended major sales or supply contract report on 2026-08-11, but the details are not available here.

Financial analysis

The figures come from filed financial statements. Revenue rose from ₩38.9B in 2022 to ₩47.8B in 2023, ₩58.7B in 2024 and ₩66.6B in 2025. Operating income was ₩5.8B, ₩1.6B, ₩5.1B and ₩5.2B in those years.

Operating margin was 15.0% in 2022, 3.3% in 2023, 8.6% in 2024 and 7.9% in 2025. Net income was ₩4.4B, ₩3.7B, ₩5.3B and ₩7.1B. ROE ranged from 7.2% to 10.1% over 2021-2025.

Over the trailing twelve months to H1 2026, revenue was ₩73.3B, operating income ₩5.2B (7.1% margin), and net income ₩329M (0.4% margin). Liabilities to equity is 89.4%. Cash is ₩21.8B against borrowings of ₩15.0B, and free cash flow is ₩10.4B.

Valuation

The current P/E is 311.6, inflated by the low trailing net income, compared with year-end P/E of 13.7 to 24.7 in 2021-2025. P/B is 1.4, within the 1.1 to 2.1 year-end range of recent years. P/S is 1.4, enterprise value is ₩95.7B, and the dividend yield is 0.0%. EV/EBITDA is not available.

Listed biotech and pharma peers show P/E from 15.0 to 81.0 and P/B from 2.5 to 29.1, and they are far larger companies, so comparison is limited. DreamCIS's P/B of 1.4 is below all of them.

The valuation model uses a 5-year discounted cash flow at a 7.4% rate. It gives a model estimate of ₩6,348 per share in the base case, ₩4,080 in the bear case and ₩10,167 in the bull case, based on the assumptions shown. The current price of ₩4,165 is close to the bear case and below the base case. This is not a target or a reason to buy or sell.

Catalysts

  • The half-year report filed on 2026-08-13 is the latest earnings data, and the next periodic filing will show whether net income recovers.
  • An amended major sales or supply contract filing on 2026-08-11 could matter, though the data does not give its size or terms.
  • An investor relations event was held on 2026-06-17, and a Money Today article on 2026-10-22 featured the stock, suggesting rising market attention.
  • Frequent insider shareholding reports from April to June 2026 show ongoing insider activity, with no direction given in the data.

Risks

  • Trailing net income of ₩329M and ROE of 0.5% show profit has dropped well below 2025 levels.
  • The trailing P/E of 311.6 reflects very thin earnings, so valuation depends on a profit recovery.
  • The share price has risen 45.1% in three months, so it may be volatile; it also sits far from both the 52-week high and low.
  • Borrowings of ₩15.0B and liabilities to equity of 89.4% add financial leverage.
  • Over 20 days, foreign investors were net sellers and foreign ownership edged down to 49.7% from 50.3% sixty days ago.

Closing view

The data shows a company with growing revenue, positive operating profit, net cash of about ₩6.8B (cash less borrowings) and positive free cash flow. It also shows a sharp drop in trailing net income, an unexplained gap from operating income, and a price that has recently rebounded strongly. The model estimate of ₩6,348 is above the ₩4,165 close, but the bear-to-bull range of ₩4,080 to ₩10,167 shows high uncertainty. Whether earnings return toward 2025 levels is the key open question the filings will need to answer.

Model estimate of fair value

Bear
₩4,080
+9%
Base
₩6,348
+69%
Bull
₩10,167
+171%

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 7.4%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 25, 2026InitiationStart of coverage (reader request)DreamCIS: Strong Share Price Rebound Meets Sharply Lower Trailing Profit

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