Valuation Update With 7 Day Price Move • 3h
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩9,960, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 9x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩12,130, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 10x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 77% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩10,200, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 14x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩7,280, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 17x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 4.0% over the past three years. Announcement • Feb 27
Ahn-Gook Pharmaceutical Co., Ltd., Annual General Meeting, Mar 26, 2026 Ahn-Gook Pharmaceutical Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 12, gwacheon-daero 7-gil, gyeonggi-do, gwacheon South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩440 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 4.9%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.8%). Declared Dividend • Nov 08
Dividend of ₩440 announced Dividend of ₩440 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 5.6%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 12% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 96% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Ahn-Gook Pharmaceutical Co., Ltd. announces Annual dividend, payable on April 20, 2026 Ahn-Gook Pharmaceutical Co., Ltd. announced Annual dividend of KRW 440.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.1% Last year net profit margin: 6.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (₩86.7b market cap, or US$62.7m). Buy Or Sell Opportunity • Mar 18
Now 20% overvalued Over the last 90 days, the stock has fallen 2.6% to ₩6,630. The fair value is estimated to be ₩5,511, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 37%. Buy Or Sell Opportunity • Feb 25
Now 21% overvalued Over the last 90 days, the stock has fallen 3.9% to ₩6,650. The fair value is estimated to be ₩5,511, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 37%. Announcement • Feb 20
Ahn-Gook Pharmaceutical Co., Ltd., Annual General Meeting, Mar 28, 2025 Ahn-Gook Pharmaceutical Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 12, gwacheon-daero 7-gil, gyeonggi-do, gwacheon South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩220 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 18 April 2025. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.1%). Declared Dividend • Nov 27
Dividend of ₩220 announced Shareholders will receive a dividend of ₩220. Ex-date: 27th December 2024 Payment date: 18th April 2025 Dividend yield will be 3.2%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is covered by earnings (18% 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 not increased over the past 5 years but payments have been stable during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jun 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 53% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (53% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (₩85.5b market cap, or US$61.9m). New Risk • May 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 194% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 194% Paying a dividend despite having no free cash flows. Earnings have declined by 8.1% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (₩86.8b market cap, or US$63.5m). New Risk • Mar 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.1% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (₩93.7b market cap, or US$70.0m). Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩114 (vs ₩604 in FY 2022) Full year 2023 results: EPS: ₩114 (down from ₩604 in FY 2022). Revenue: ₩233.7b (up 14% from FY 2022). Net income: ₩1.29b (down 81% from FY 2022). Profit margin: 0.6% (down from 3.3% in FY 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩220 per share at 2.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 18 April 2024. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.1%). New Risk • Nov 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.0% Last year net profit margin: 4.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.4% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (₩89.0b market cap, or US$68.7m). Upcoming Dividend • Dec 21
Upcoming dividend of ₩220 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 18 April 2023. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.0%). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 18% share price gain to ₩10,100, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 23x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩7,310, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 20x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 31% over the past three years. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent 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: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩220 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.8%). Is New 90 Day High Low • Mar 09
New 90-day low: ₩12,550 The company is down 2.0% from its price of ₩12,800 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. Is New 90 Day High Low • Jan 15
New 90-day high: ₩15,250 The company is up 15% from its price of ₩13,250 on 16 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 20% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: ₩13,250 The company is down 2.0% from its price of ₩13,500 on 17 July 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 12% over the same period. 
