DreamCIS드림씨아이에스

DreamCIS is a small Korean clinical research firm whose stock has risen sharply over three months, while trailing profit has shrunk to almost nothing.

DreamCIS provides clinical trial and related development services to drug, biotech and device clients, with operations centred in South Korea. Trailing twelve-month revenue to H1 2026 is about ₩73.3B, but operating income of ₩5.2B falls to a net income of only ₩0.3B, and the shares trade near ₩4,090 after a 35.7% three-month gain and a 15.9% fall over the past year. The data does not explain the drivers of the recent price move.

What stands out

• Revenue has grown strongly since 2021, from ₩26.2B to ₩66.6B in 2025, but 2025 operating margin of 7.9% has been lower than 2021's 13.8%.
• Net income fell from ₩7.1B in 2025 to ₩0.3B on a trailing basis, so the trailing net margin is just 0.4%.
• Trailing borrowings of ₩15.0B exceed cash of ₩21.8B only modestly; liabilities are 89.4% of equity and the company pays no dividend.
• The company's own fair value model gives a base value of ₩6,348 against the ₩4,090 close, but the bear case is ₩4,080 and the model rests on assumptions the data does not detail.
• Trailing P/E of 306 is far above the peer range of about 15 to 83, reflecting the depressed earnings, and foreign ownership slipped from 50.4% to 49.7% over 60 days.

What to watch

• The full-year 2026 results and the next quarterly report, to see whether operating profit converts into net income.
• The amended major sales or supply contract filed on 2026-08-11, whose terms and size are not in the data provided.
• The half-year report filed 2026-08-13 and any further changes to insider shareholdings, which have been frequent in 2026.