Announcement • Jul 18
Bukwang Pharmaceutical Co., Ltd. to Report Q2, 2026 Results on Jul 21, 2026 Bukwang Pharmaceutical Co., Ltd. announced that they will report Q2, 2026 results on Jul 21, 2026 Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩4,775, the stock trades at a trailing P/E ratio of 34.1x. Average trailing P/E is 11x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • May 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩6,320, the stock trades at a trailing P/E ratio of 49.7x. Average trailing P/E is 16x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 12% over the past three years. New Risk • Apr 19
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.9% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩7,840, the stock trades at a trailing P/E ratio of 61.6x. Average trailing P/E is 16x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 6.7% over the past three years. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩152 (vs ₩39.00 loss in FY 2024) Full year 2025 results: EPS: ₩152 (up from ₩39.00 loss in FY 2024). Revenue: ₩200.7b (up 25% from FY 2024). Net income: ₩12.6b (up ₩15.2b from FY 2024). Profit margin: 6.3% (up from net loss in FY 2024). 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 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩5,320, the stock trades at a trailing P/E ratio of 53.9x. Average trailing P/E is 15x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 22% over the past three years. New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 5.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Announcement • Feb 24
Bukwang Pharmaceutical Co., Ltd., Annual General Meeting, Mar 24, 2026 Bukwang Pharmaceutical Co., Ltd., Annual General Meeting, Mar 24, 2026, at 15:00 Tokyo Standard Time. Location: auditorium, 7, sangdo-ro, dongjak-gu, seoul South Korea Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₩5,480, the stock trades at a trailing P/E ratio of 55.5x. Average trailing P/E is 16x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 33% over the past three years. Upcoming Dividend • Oct 28
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 04 November 2025. Payment date: 20 November 2025. The company last paid an ordinary dividend in May 2016. The average dividend yield among industry peers is 0.8%. New Risk • Jul 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 44% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Announcement • Jul 17
Bukwang Pharmaceutical Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 89.27055 billion. Bukwang Pharmaceutical Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 89.27055 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 24,984,043
Price\Range: KRW 2955
Discount Per Security: KRW 29.55
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 211,346
Price\Range: KRW 2955
Discount Per Security: KRW 29.55
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 5,014,611
Price\Range: KRW 2955
Discount Per Security: KRW 29.55
Transaction Features: ESOP Related Offering; Rights Offering Announcement • Jul 10
Bukwang Pharmaceutical Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 89.27055 billion. Bukwang Pharmaceutical Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 89.27055 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 24,168,000
Price\Range: KRW 2955
Discount Per Security: KRW 29.55
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 6,042,000
Price\Range: KRW 2955
Discount Per Security: KRW 29.55
Transaction Features: ESOP Related Offering; Rights Offering Announcement • Mar 28
Bukwang Pharmaceutical Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 99.9951 billion. Bukwang Pharmaceutical Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 99.9951 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 30,210,000
Price\Range: KRW 3310
Transaction Features: ESOP Related Offering; Rights Offering Reported Earnings • Mar 22
Full year 2024 earnings released: ₩39.00 loss per share (vs ₩458 loss in FY 2023) Full year 2024 results: ₩39.00 loss per share (improved from ₩458 loss in FY 2023). Revenue: ₩160.1b (up 27% from FY 2023). Net loss: ₩2.64b (loss narrowed 92% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • Feb 28
Bukwang Pharmaceutical Co., Ltd., Annual General Meeting, Mar 26, 2025 Bukwang Pharmaceutical Co., Ltd., Annual General Meeting, Mar 26, 2025, at 14:00 Tokyo Standard Time. Location: auditorium, 7, sangdo-ro, dongjak-gu, seoul South Korea 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Aug 07
Now 22% overvalued Over the last 90 days, the stock has fallen 23% to ₩5,160. The fair value is estimated to be ₩4,214, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.5% over the last 3 years. Earnings per share has declined by 72%. Announcement • Apr 03
H Delta Private Equity Partnership completed the acquisition of 24.4% stake in Contera Pharma ApS from Bukwang Pharmaceutical Co., Ltd. for KRW 6.3 billion. H Delta Private Equity Partnership agreed to acquire 24.4% stake in Contera Pharma ApS from Bukwang Pharmaceutical Co., Ltd. (KOSE:A003000) for KRW 6.3 billion on March 22, 2024. The transaction will be funded from retained funds and borrowings. Contera Pharma reported net loss of KRW 13.7 billion, total debt of KRW 1.2 billion and total assets of KRW 17.7 billion in 2023. The transaction is expected to close on April 1, 2024.
H Delta Private Equity Partnership completed the acquisition of 24.4% stake in Contera Pharma ApS from Bukwang Pharmaceutical Co., Ltd. (KOSE:A003000) on April 1, 2024. Reported Earnings • Mar 19
Full year 2023 earnings released: ₩458 loss per share (vs ₩36.00 loss in FY 2022) Full year 2023 results: ₩458 loss per share (further deteriorated from ₩36.00 loss in FY 2022). Revenue: ₩125.9b (down 34% from FY 2022). Net loss: ₩31.3b (loss widened ₩28.9b from FY 2022). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ₩7.00 (vs ₩6.00 loss in 2Q 2022) Second quarter 2023 results: EPS: ₩7.00 (up from ₩6.00 loss in 2Q 2022). Revenue: ₩43.4b (up 1.3% from 2Q 2022). Net income: ₩483.0m (up ₩904.4m from 2Q 2022). Profit margin: 1.1% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 24
Full year 2022 earnings released: ₩36.00 loss per share (vs ₩13.00 loss in FY 2021) Full year 2022 results: ₩36.00 loss per share (further deteriorated from ₩13.00 loss in FY 2021). Revenue: ₩190.9b (up 4.6% from FY 2021). Net loss: ₩2.47b (loss widened 170% from FY 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 19 April 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (1.0%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. 3 independent directors (7 non-independent directors). Chairperson Dong-Yeon Kim was the last director to join the board, commencing their role in 2006. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jun 11
Bukwang Pharmaceutical Co., Ltd.(KOSE:A003000) dropped from KOSPI 200 Index Bukwang Pharmaceutical Co., Ltd has been dropped off from KOSPI 200 Index Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. 3 independent directors (7 non-independent directors). Chairperson Dong-Yeon Kim was the last director to join the board, commencing their role in 2006. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩90.91 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (2.4%). In line with average of industry peers (0.8%). Reported Earnings • May 20
First quarter 2021 earnings released: ₩52.00 loss per share (vs ₩15.00 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: ₩36.9b (down 2.5% from 1Q 2020). Net loss: ₩3.22b (loss widened 241% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 17
Full year 2020 earnings released: ₩115 loss per share (vs ₩114 loss in FY 2019) The company reported a solid full year result with reduced losses and improved control over expenses, although revenues were flat. Full year 2020 results: Revenue: ₩169.7b (flat on FY 2019). Net loss: ₩7.20b (loss narrowed 2.8% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Feb 26
Bukwang Pharmaceutical Co., Ltd., Annual General Meeting, Mar 19, 2021 Bukwang Pharmaceutical Co., Ltd., Annual General Meeting, Mar 19, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 24
New 90-day low: ₩21,050 The company is down 7.0% from its price of ₩22,545 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 6.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: ₩32,350 The company is up 3.0% from its price of ₩31,500 on 18 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day low: ₩23,000 The company is down 35% from its price of ₩35,600 on 19 August 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: ₩26,700 The company is down 23% from its price of ₩34,750 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. 
