SAM Chun Dang Pharm삼천당제약

SAM Chun Dang Pharm shows a profitable trailing half-year after past losses, but its share price and valuation multiples are extremely high.

Trailing revenue to H1 2026 is about ₩259.9B with operating income near ₩17.7B and net income near ₩17.8B, a clear turnaround from net losses in 2023 and 2024. The shares closed at ₩188,900 on 2026-10-26, up 14% over one month and 26.4% over three months, but down 5.2% over one year and well below the 52-week high of ₩1,233,000. The data gives no fair value estimate, and valuation multiples such as P/E of 249.2 and P/B of 14.7 are very high relative to peers.

What stands out

• Annual revenue grew from about ₩167B in 2021 to ₩232B in 2025, with growth of 9.9% in 2025.
• Net income turned positive in 2025 at about ₩5.3B after losses of ₩10.9B in 2024 and ₩10.4B in 2023.
• Trailing free cash flow is negative at about -₩30.6B, while borrowings of ₩48.1B exceed cash of ₩63.0B.
• Foreign ownership fell from 4.9% to 2.7% over about 60 days, and 20-day foreign flows were net selling of about ₩107.4B.
• Filings in recent months include several amended reports and 5%+ holding reports, and the company pays no dividend.

What to watch

• The next half-year or quarterly results, and whether the trailing profit and margins (6.8% operating margin) hold.
• The amended filings on the major management matter and any follow-up on the 5%+ holding reports.
• Cash flow and debt levels, given negative trailing free cash flow and a liabilities-to-equity ratio of 43.6%.