JIN Yang Pharmaceutical진양제약

JIN Yang Pharmaceutical shows thin operating margins and steep share-price declines over the past year, though trailing profit is far above operating income.

The company makes and sells pharmaceuticals, mainly circulatory system drugs, mostly in South Korea. Trailing twelve-month revenue to H1 2026 is about ₩124.6B, with operating income of ₩3.8B and net income of ₩22.8B, and the shares closed at ₩3,520 on 2026-10-26, down 35.5% over one year. The data does not explain why net income is well above operating income.

What stands out

• Operating margin fell from 10.3% in 2024 to 2.1% in 2025 and is about 3% on a trailing basis, while revenue has kept growing.
• Trailing net income of ₩22.8B is roughly six times operating income, and the data does not say what drove the gap.
• The stock trades near its 52-week low of ₩3,350 and well below its high of ₩5,700; the 1-month return is -11%.
• The model's base fair value is ₩14,220 against the price of ₩3,520, but this is a model output, not a forecast or a target.
• Foreign ownership eased from 2.8% to 2.5% over about 60 days, and 20-day foreign flows were net negative.
• Filings in 2026 include a conversion price adjustment and several 5%+ holding and insider shareholding reports; no news headlines were provided.

What to watch

• The Q3 2026 quarterly report, since the data only covers filings through the half-year report of August 2026.
• Whether operating margin recovers from the low single digits, and what explains the gap between operating and net income.
• Details of the conversion price adjustment and any further 5%+ holder or insider share changes in the filings.