Kukje Pharma국제약품

Kukje Pharma's shares have rebounded over the past month, but profitability remains thin and the stock is still well below its 52-week high.

Kukje Pharma sells prescription and over-the-counter drugs in Korea through its own Ansan plant and regional sales teams. On trailing twelve-month figures to H1 2026 it reported revenue of ₩181B, an operating margin of 2.5% and a net margin of 2.8%, with the balance sheet showing ₩14.9B of cash against ₩27B of borrowings. The share price closed at ₩3,830 on 2026-10-21, up 17.7% over one month but down 10.9% over one year.

What stands out

• Trailing revenue of about ₩181B is above the 2025 full-year figure of ₩175B, but operating income has fallen from ₩6.2B in 2025 to ₩4.5B on a trailing basis.
• Annual operating margin has slid from 4.3% in 2024 to 3.5% in 2025 and 2.5% on a trailing basis, and the company posted losses in 2021 and 2023.
• The data-based DCF fair value model gives a base value of ₩1,728, well below the ₩3,830 close, while the bull case is ₩7,292; the model is an estimate, not a forecast.
• Valuation is modest on the given figures, with a P/E of 16.2, P/B of 0.8 and a 0.8% dividend yield, but the enterprise value is ₩93B against ₩4.5B of trailing operating income.
• Foreign ownership fell from 4.1% to 1.7% over about 60 days, and 20-day flows show foreign net selling of about ₩2.6B while retail investors were net buyers of about ₩2.6B.

What to watch

• Next half-year or annual results, since the trailing margin trend is the key open question.
• The recent run of filings on largest-shareholder holding changes, 5%+ holding reports and insider shareholding reports in September and October 2026, plus the trading plan reports for executives and major shareholders.
• The August 2026 'New Facility Investment' filing, whose size, timing and funding are not detailed in the data provided.