P&K Skin Research Center피엔케이피부임상연구센타

P&K Skin Research's trailing profits are solid on paper, but the share price has fallen sharply over the past year.

P&K Skin Research Center runs human application and in-vitro tests that check the safety and efficacy of cosmetics, health functional foods and beauty devices. Over the last twelve months to H1 2026 it reported revenue of about ₩23.7B and operating income of about ₩3.7B, a 15.5% operating margin, with little debt. The share price closed at ₩1,601 on 2026-10-20, down 39.6% over one year and well below its 52-week high of ₩2,800.

What stands out

• Revenue rose strongly in 2025 (up 27.7% to ₩22.8B), but operating income of ₩3.9B was below the 2021 level of ₩6.5B, so margins are lower than in earlier years.
• 2024 net income of ₩5.8B and 2025 net income of ₩4.7B were well above operating income, which the data does not explain.
• Balance sheet looks light: liabilities are 7.5% of equity, cash is about ₩2.7B and borrowings are not reported.
• Trailing free cash flow is about ₩5.4B, and the stock trades at 12.9 times earnings and 0.6 times book, with a 3.1% dividend yield.
• Foreign ownership fell from 1.8% to 1% over the past 60 days, and foreign and institutional investors were net sellers over the last 20 days while retail investors were net buyers.
• The filings list a corporate value-up plan (April 2026) and an investor relations event (July 2026), but the data contains no news headlines about the company.

What to watch

• The next quarterly or annual results and whether operating margin holds near the trailing 15.5% level.
• Details of the value-up plan and any follow-up filings, which the data does not describe.
• Whether the discounted cash flow fair value estimate of ₩3,324 base case (range ₩2,562 to ₩4,567) is relevant, given it is a model output and not a forecast; the data names no specific risks beyond customer concentration in cosmetics testing not being stated.