ST Pharm에스티팜

ST Pharm's trailing profits have grown strongly, but the share price has fallen over the past year and sits well below its 52-week high.

ST Pharm is a Korean contract manufacturer of active pharmaceutical ingredients, focused on oligonucleotides used in RNA-based medicines. Trailing twelve-month revenue reached about ₩386.5B with a 18.3% operating margin as of H1 2026, and the company reported Q3 2026 revenue growth of about 19% year on year. The share price closed at ₩88,500 on 2026-10-26, down 1.1% over one year and about 49% below its 52-week high of ₩172,100.

What stands out

• Annual revenue rose from about ₩273.8B in 2024 to ₩331.7B in 2025, and operating income rose from ₩27.7B to ₩54.9B over the same period.
• Trailing operating margin is 18.3% and net margin is 19.9%, compared with 10.1% and 7.8% ROE in 2024.
• Press headlines link Q3 growth to expanding oligo commercialization orders, and a recent report says Roche will provide production facilities and technology transfer for RNA work.
• Valuation is 24.1x trailing earnings and 2.9x book value; the data's DCF base value is ₩26,962, well below the current price, while the bull case is ₩44,558.
• Over the last 20 trading days, foreign and institutional flows were net positive and retail was net negative, and foreign ownership rose from 11.2% to 13.7% over 60 days.

What to watch

• Full Q3 and preliminary earnings details, which are listed in recent filings and need to be checked against the headline figures.
• Whether the Roche-supported RNA order mentioned in October news is confirmed in a later filing.
• Price weakness over three months (-11.4%) and the data's note that the DCF base value sits far below the current price; the data does not explain the gap.