DongKook Pharmaceutical동국제약

DongKook Pharmaceutical's shares have risen sharply over the past year, while its reported profits have grown steadily from a cosmetics-led business.

DongKook Pharmaceutical is a Korean over-the-counter medicine and health care company whose TTM revenue to H1 2026 was about ₩980B, with operating income of ₩103B and net income of ₩76B. At ₩24,050 the stock is up 28.7% over one year and sits below its 52-week high of ₩31,250, trading at 14.3 times earnings and 1.6 times book. The company's recent news centres on overseas cosmetics growth and expectations of annual sales above ₩1T this year.

What stands out

• Revenue grew 14.1% in 2025 to about ₩927B, and TTM revenue to H1 2026 reached about ₩980B.
• TTM operating margin is 10.5% and net margin 7.8%, both slightly above the 2025 levels of 10.4% and about 7.1%.
• Liabilities to equity is 40.1%, with cash of about ₩74B against borrowings of under ₩1B, and TTM free cash flow of about ₩33B.
• The data shows a DCF-based fair value model with a base of ₩34,297, a bear case of ₩20,155 and a bull case of ₩58,321, which are model outputs rather than forecasts.
• Foreign ownership fell from 15.1% to 10.3% over 60 days, while the 20-day flows show retail and foreign net selling and institutions net buying.

What to watch

• Shareholder meeting and record date filings from October 2026 indicate a general meeting ahead, so check the agenda when released.
• The next quarterly report and any update on overseas cosmetics sales growth and margins.
• Ongoing trademark dispute over the Madeca brand, where the company has won only a partial victory so far.