Tdspharm티디에스팜

Tdspharm is profitable on a trailing basis and trades at a low multiple, but its share price has fallen about half over the past year.

Tdspharm makes patch-type external medicines (transdermal drug delivery) sold mainly to Korean pharmaceutical companies and wholesalers. For the twelve months to H1 2026 it reported revenue of ₩32.9B, operating income of ₩5.6B and net income of ₩4.4B, with a 17.1% operating margin. The share price closed at ₩4,685 on 2026-10-27, well below its 52-week high of ₩10,800.

What stands out

• Trailing revenue of ₩32.9B and net income of ₩4.4B are above the 2025 full-year figures of ₩27.6B revenue and ₩4.3B net income, though 2025 net income was already high relative to operating income.
• Valuation markers are low: P/E of 5.9, P/B of 0.6 and P/S of 0.8, against a DCF base fair value of ₩14,112 and a bear-to-bull range of ₩9,813 to ₩21,217 per the company's model.
• Balance sheet looks moderate: liabilities-to-equity of 41.9%, cash of ₩2.8B against borrowings of ₩13.8B, and trailing free cash flow of ₩6.5B.
• Price returns are negative across periods (-13.9% over 1 month, -6.3% over 3 months, -50.4% over 1 year), and the company pays no dividend.
• Foreign ownership is small at 3.3% and unchanged over 60 days; the 20-day investor flows show foreign net buying while retail and institutions were net sellers. No news headlines were included in the data.

What to watch

• The half-year report (filed 2026-08-14) and any amended annual report filings, which were already revised in June 2026.
• Executive and major shareholder trading plan reports filed in September 2026, which may signal future share sales.
• Whether the trailing margins hold given the large gap between the DCF range and the current price; the data does not explain the reasons for the share price decline.