DongKoo Bio & Pharma동구바이오제약

DongKoo Bio & Pharma trades at a low multiple after a sharp fall, while its operating profit is near zero and debt is high.

The Seoul-listed pharma and CMO company has seen its shares fall 40% over the past year to ₩3,310, with a market value of about ₩94.2B. Trailing revenue is ₩241.4B, but operating income is only about ₩0.3B, and borrowings of ₩121.3B far exceed cash of ₩18.4B. Recent filings center on a share buyback trust being terminated and cancellation of shares, plus a series of amended business suspension reports whose details are not in the data.

What stands out

• Trailing twelve-month operating margin is 0.1%, down from 3.8% in 2025 and 5.1% in 2024, while trailing net income of ₩33.0B is far above operating income, so the gap likely reflects non-operating items, which the data does not explain.
• Revenue fell 2.6% in 2025 after rising 15.6% in 2024, and free cash flow over the trailing period was slightly negative at about -₩0.5B.
• Valuation screens look low: P/E 2.9, P/B 0.7 and EV/EBITDA 24.8, against much higher multiples for peers such as Alteogen (P/E 80.5) and Samsung Biologics (P/E 32).
• The discounted cash flow model gives a base value of ₩2,789 with a very wide bear-to-bull range of ₩0 to ₩12,284, so the model output is highly sensitive to assumptions and is not a forecast.
• Foreign ownership fell from 2.0% to 1.1% over 60 days, and foreign investors were net sellers over the last 20 trading days, while institutions were net buyers.

What to watch

• The nature and outcome of the repeated amended major matters reports on business suspension, which the data does not describe.
• Completion of the share cancellation and any further buyback or trust-related filings.
• Full-year results and debt levels, given borrowings well above cash and negative trailing free cash flow; the data does not include a results date.