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JONBUR Research · Initiation

ST Pharm · 237690 · Biotech & Pharma

ST Pharm: Profits Have Risen Since 2021, but the Share Price Is Down 29.3% Over Three Months

Why this report

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

ST Pharm's filed financials show trailing revenue of ₩386.5B and an operating margin of 18.3%, with earnings improving each year since 2021. The share price closed at ₩89,000, close to its 52-week low of ₩84,100 and 48.3% below its 52-week high of ₩172,100.

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 an improving earnings picture. Revenue grew 21.2% in 2025, and operating margin rose from 3.4% in 2021 to 16.6% in 2025 and 18.3% on a trailing basis. Return on equity moved from 1.0% to 13.6%, and free cash flow was ₩77.3B over the trailing period.

The data does not explain the 29.3% fall in the share price over three months. No news headlines are provided, and investor flows, foreign ownership and short balance are not available. The recent filings list includes a major management matter (Oct 6), a major sales or supply contract (Sep 18) and two 5%+ holding reports, but their contents are not given, so their effect cannot be judged.

Business overview

ST Pharm is a KOSDAQ-listed company in the Biotech & Pharma sector. It was founded on 2008-08-18 and listed on 2016-06-23, with 20,152,888 shares outstanding. CEO is Sung Moo-je. Market capitalization is about ₩1.8T and enterprise value about ₩1.8T. Annual revenue grew from ₩165.6B in 2021 to ₩331.7B in 2025, with declines in only one year (-3.9% in 2024). The data gives no product or segment detail.

Financial analysis

These figures come from filed financial statements (DART). Trailing twelve months to H1 2026: revenue ₩386.5B, operating income ₩70.8B (18.3% margin), net income ₩76.8B (19.9% margin), ROE 13.6%.

Full-year 2025: revenue ₩331.7B (+21.2%), operating income ₩54.9B, net income ₩55.0B, operating margin 16.6%, ROE 10.0%. In 2024 revenue was ₩273.8B and operating income ₩27.7B (10.1% margin). In 2023 revenue was ₩285.0B and operating income ₩33.5B.

Balance sheet: liabilities to equity 34.8%, cash ₩53.8B, borrowings ₩41.6B. Cash exceeds borrowings. Free cash flow was ₩77.3B on a trailing basis.

Valuation

Current multiples are P/E 23.4, P/B 2.8, P/S 4.6 and a dividend yield of 0.6%. EV/EBITDA is not available. At the end of 2025, P/E was 43.7 and P/B 4.0, so both are lower now. Earlier year-end multiples are not available.

Among the listed peers, P/E ranges from 24.5 (Celltrion) to 63.9 (Alteogen), with Samsung Biologics at 43.1 and Hanmi Pharm at 28.0. P/B ranges from 2.2 (Celltrion) to 23.0 (Alteogen). HLB has no P/E available. ST Pharm's P/E and P/B are at the lower end of this group, though the peers differ in size and business.

The valuation model estimate (fair_value_model) is not available for this company, so no comparison with the ₩89,000 share price can be made.

Catalysts

  • The Oct 6 filing on a major management matter relevant to investors could matter, but its contents are not in the data.
  • A major sales or supply contract was filed on Sep 18, which may relate to future revenue; terms are not provided.
  • Two 5%+ holding reports (Oct 2 and Oct 8) indicate changes in large shareholder positions.
  • The half-year report filed Aug 14 and preliminary earnings on Jul 27 showed the trailing results now reflected in the numbers.
  • Investor relations events were held on Jul 23, Jul 27 and Sep 9, which gave management opportunities to update investors.

Risks

  • The share price is down 29.3% over three months and sits near its 52-week low, with no news data to explain the move.
  • Earnings history has been uneven, with revenue falling 3.9% in 2024, so recent growth may not be steady.
  • Investor flows, foreign ownership and short interest are unavailable, which limits insight into market positioning.
  • The model estimate is unavailable, so there is no independent reference point for value.
  • A filing on convertible bond repurchase before maturity (Aug 11) suggests financing activity, and borrowings of ₩41.6B remain.

Closing view

The filed numbers show a company with rising revenue, wider margins, positive free cash flow and a modest debt load. The share price has fallen sharply, and multiples are lower than at the end of 2025 and at the lower end of the listed peers. Key gaps remain: no news, no flow data, no model estimate and no detail on recent filings. The data shows improving fundamentals alongside a weak share price, but cannot explain the difference between them.

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)ST Pharm: Profits Have Risen Since 2021, but the Share Price Is Down 29.3% Over Three Months

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