New Risk • May 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: ₩4,280 (vs ₩1,416 in FY 2024) Full year 2025 results: EPS: ₩4,280 (up from ₩1,416 in FY 2024). Revenue: ₩2.07t (up 6.8% from FY 2024). Net income: ₩175.1b (up 202% from FY 2024). Profit margin: 8.5% (up from 3.0% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩22,050, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 17x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 35% over the past three years. Announcement • Feb 27
Daewoong Co., Ltd., Annual General Meeting, Mar 26, 2026 Daewoong Co., Ltd., Annual General Meeting, Mar 26, 2026, at 10:30 Tokyo Standard Time. Location: bear hall, 12, bongeunsa-ro 114-gil, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 13 April 2026. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.6%). In line with average of industry peers (0.8%). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩981 (vs ₩1,088 in 3Q 2024) Third quarter 2025 results: EPS: ₩981 (down from ₩1,088 in 3Q 2024). Revenue: ₩542.2b (up 5.1% from 3Q 2024). Net income: ₩40.1b (down 9.8% from 3Q 2024). Profit margin: 7.4% (down from 8.6% in 3Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Pharmaceuticals industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩25,150, the stock trades at a trailing P/E ratio of 12.6x. Average forward P/E is 25x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 21% over the past three years. Declared Dividend • Nov 08
Dividend of ₩200 announced Dividend of ₩200 is the same as last year. Ex-date: 29th December 2025 Payment date: 13th April 2026 Dividend yield will be 0.9%, which is lower than the industry average of 1.1%. Sustainability & Growth Dividend is covered by earnings (10% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 10% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Daewoong Co., Ltd. announces Annual dividend, payable on April 13, 2026 Daewoong Co., Ltd. announced Annual dividend of KRW 200.0000 per share payable on April 13, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩24,550, the stock trades at a trailing P/E ratio of 12.3x. Average forward P/E is 22x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 5.4% over the past three years. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩27,400, the stock trades at a trailing P/E ratio of 17.8x. Average forward P/E is 21x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 1.3% over the past three years. Buy Or Sell Opportunity • Jun 23
Now 21% undervalued Over the last 90 days, the stock has risen 15% to ₩23,200. The fair value is estimated to be ₩29,496, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has declined by 6.9%. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩25,050, the stock trades at a trailing P/E ratio of 16.3x. Average forward P/E is 22x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 12% over the past three years. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: ₩1,416 (vs ₩3,692 in FY 2023) Full year 2024 results: EPS: ₩1,416 (down from ₩3,692 in FY 2023). Revenue: ₩1.94t (up 6.8% from FY 2023). Net income: ₩57.9b (down 62% from FY 2023). Profit margin: 3.0% (down from 8.4% in FY 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Pharmaceuticals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Daewoong Co., Ltd., Annual General Meeting, Mar 26, 2025 Daewoong Co., Ltd., Annual General Meeting, Mar 26, 2025, at 10:30 Tokyo Standard Time. Location: bear hall, 12, bongeunsa-ro 114-gil, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. Payout ratio is a comfortable 3.3% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (1.1%). Declared Dividend • Nov 13
Dividend of ₩100.00 announced Shareholders will receive a dividend of ₩100.00. Ex-date: 27th December 2024 Payment date: 14th April 2025 Dividend yield will be 0.5%, which is lower than the industry average of 1.1%. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩21,550, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 14x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩26,800, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 15x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 17% over the past three years. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩18,910, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 14x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₩20,050, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 13x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 47% over the past three years. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: ₩3,692 (vs ₩2,467 in FY 2022) Full year 2023 results: EPS: ₩3,692 (up from ₩2,467 in FY 2022). Revenue: ₩1.81t (up 6.9% from FY 2022). Net income: ₩152.7b (up 49% from FY 2022). Profit margin: 8.4% (up from 6.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Pharmaceuticals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩23,250, the stock trades at a trailing P/E ratio of 7.7x. Average forward P/E is 15x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 51% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 0.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is a comfortable 3.4% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.1%). Announcement • Jul 28
Daewoong Co., Ltd. (KOSE:A003090) announces an Equity Buyback for KRW 10,000 million worth of its shares. Daewoong Co., Ltd. (KOSE:A003090) announces a share repurchase program. Under the program, the company will repurchase up to KRW 10,000 million worth of its shares pursuant to a trust agreement with KB Securities Co., Ltd. The purpose behind the program is to stabilize the stock price and to enhance shareholder value. The program will continue until January 31, 2024. As of July 26, 2023, the company had 4,812,215 common shares in treasury through buyback within dividend capacity and 11,748,425 shares in treasury through other acquisitions. Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩924 (vs ₩564 in 1Q 2022) First quarter 2023 results: EPS: ₩924 (up from ₩564 in 1Q 2022). Revenue: ₩435.9b (up 9.6% from 1Q 2022). Net income: ₩38.4b (up 64% from 1Q 2022). Profit margin: 8.8% (up from 5.9% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: ₩2,467 (vs ₩1,895 in FY 2021) Full year 2022 results: EPS: ₩2,467 (up from ₩1,895 in FY 2021). Revenue: ₩1.70t (up 12% from FY 2021). Net income: ₩102.6b (up 30% from FY 2021). Profit margin: 6.0% (up from 5.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 23% per year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 3.3% but the company is paying out more than the cash it is generating. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.0%). Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩24,350, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 22x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 46% over the past three years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 13
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ₩1,897 (down from ₩2,343 in FY 2020). Revenue: ₩1.51t (up 12% from FY 2020). Net income: ₩78.8b (down 20% from FY 2020). Profit margin: 5.2% (down from 7.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.1%. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 3.9% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩40,050, the stock trades at a trailing P/E ratio of 19.5x. Average forward P/E is 19x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 134% over the past three years. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS ₩2,343 (vs ₩1,424 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ₩1.36t (flat on FY 2019). Net income: ₩98.4b (up 60% from FY 2019). Profit margin: 7.3% (up from 4.5% in FY 2019). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 12
Daewoong Co., Ltd., Annual General Meeting, Mar 26, 2021 Daewoong Co., Ltd., Annual General Meeting, Mar 26, 2021, at 10:30 Korea Standard Time. Is New 90 Day High Low • Mar 09
New 90-day low: ₩33,100 The company is down 2.0% from its price of ₩33,650 on 09 December 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 22% over the same period. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 31% share price gain to ₩66,900, the stock is trading at a trailing P/E ratio of 56.2x, up from the previous P/E ratio of 42.8x. This compares to an average P/E of 29x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 244%. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 16th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.1% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (0.6%). Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improved over the past week After last week's 63% share price gain to ₩49,600, the stock is trading at a trailing P/E ratio of 41.7x, up from the previous P/E ratio of 25.6x. This compares to an average P/E of 29x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 182%. Is New 90 Day High Low • Dec 12
New 90-day high: ₩49,600 The company is up 47% from its price of ₩33,750 on 11 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 6.0% over the same period. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 28% share price gain to ₩29,950, the stock is trading at a trailing P/E ratio of 25.2x, up from the previous P/E ratio of 19.6x. This compares to an average P/E of 29x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 78%. Valuation Update With 7 Day Price Move • Nov 26
Market bids up stock over the past week After last week's 15% share price gain to ₩26,100, the stock is trading at a trailing P/E ratio of 21.9x, up from the previous P/E ratio of 19x. This compares to an average P/E of 27x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 54%. Is New 90 Day High Low • Nov 11
New 90-day low: ₩21,850 The company is down 39% from its price of ₩35,550 on 13 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 22
New 90-day low: ₩24,350 The company is down 6.0% from its price of ₩25,950 on 24 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 2.0% over the same period. 
