New Risk • May 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩147.7b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% 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 (1.8% net profit margin). Market cap is less than US$100m (₩147.7b market cap, or US$99.6m). New Risk • Apr 01
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: 1.8% Last year net profit margin: 19% 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 19% 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 (1.8% net profit margin). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩21,500, the stock trades at a trailing P/E ratio of 64.5x. Average trailing P/E is 17x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 12% over the past three years. Announcement • Feb 27
Ilsung Is Co., Ltd., Annual General Meeting, Mar 26, 2026 Ilsung Is Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 20, gwacheon-daero 7-gil, gyeonggi-do, gwacheon South Korea New Risk • Jan 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩140.8b (US$97.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% per year over the past 5 years. 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. Market cap is less than US$100m (₩140.8b market cap, or US$97.3m). Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,000 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 10 April 2026. Trailing yield: 6.7%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.8%). Reported Earnings • Nov 20
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₩16.8b (down 12% from 3Q 2024). Net income: ₩341.0m (down 97% from 3Q 2024). Profit margin: 2.0% (down from 51% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 129 percentage points per year, which is a significant difference in performance. Declared Dividend • Nov 08
Dividend of ₩1,000 announced Shareholders will receive a dividend of ₩1,000. Ex-date: 29th December 2025 Payment date: 10th April 2026 Dividend yield will be 4.4%, which is higher than the industry average of 1.1%. Sustainability & Growth The dividend has increased by an average of 78% per year over the past 4 years. However, payments have been volatile during that time. Announcement • Nov 07
Ilsung Is Co., Ltd. announces Annual dividend, payable on April 10, 2026 Ilsung Is Co., Ltd. announced Annual dividend of KRW 1000.0000 per share payable on April 10, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 27
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 7.7% 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 Risk Earnings have declined by 5.5% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.7% average weekly change). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩28,750, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 17x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 173% over the past three years. Buy Or Sell Opportunity • Jun 13
Now 22% undervalued Over the last 90 days, the stock has risen 41% to ₩21,700. The fair value is estimated to be ₩27,778, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩22,800, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 17x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 120% over the past three years. New Risk • May 23
New major risk - Revenue and earnings growth Earnings have declined by 1.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.6% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩129.8b market cap, or US$94.5m). Announcement • Feb 21
Ilsung Is Co., Ltd., Annual General Meeting, Mar 21, 2025 Ilsung Is Co., Ltd., Annual General Meeting, Mar 21, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 20, gwacheon-daero 7-gil, gyeonggi-do, gwacheon South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,500 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 11 April 2025. Trailing yield: 9.4%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.1%). Declared Dividend • Nov 21
Dividend of ₩1,500 announced Shareholders will receive a dividend of ₩1,500. Ex-date: 27th December 2024 Payment date: 11th April 2025 Dividend yield will be 9.4%, which is higher than the industry average of 1.1%. Sustainability & Growth The dividend has increased by an average of 115% per year over the past 3 years. However, payments have been volatile during that time. Buy Or Sell Opportunity • May 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to ₩18,990. The fair value is estimated to be ₩23,855, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years, while earnings per share has been flat. New Risk • Apr 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩139.3b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩139.3b market cap, or US$99.7m). Buy Or Sell Opportunity • Mar 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ₩22,600. The fair value is estimated to be ₩28,445, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company became loss making. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩25,300, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 21x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 140% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩22,600, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 23x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 104% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩4,000 per share at 16% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 11 April 2024. Trailing yield: 16%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.1%). Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩25,650, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 22x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 108% over the past three years. New Risk • Nov 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩133.5b (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (358% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (27% net profit margin). Market cap is less than US$100m (₩133.5b market cap, or US$98.3m). New Risk • Aug 20
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: 27% Last year net profit margin: 204% 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 High level of non-cash earnings (358% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (27% net profit margin). Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩10,580 (vs ₩355 in 1Q 2022) First quarter 2023 results: EPS: ₩10,580 (up from ₩355 in 1Q 2022). Revenue: ₩17.9b (up 19% from 1Q 2022). Net income: ₩15.5b (up ₩15.0b from 1Q 2022). Profit margin: 86% (up from 3.5% in 1Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩167,700, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 20x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 158% over the past three years. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₩148,300, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 20x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 121% over the past three years. Announcement • Feb 14
Ilsung Pharmaceuticals Co., Ltd. (KOSE:A003120) announces an Equity Buyback for KRW 15,000 million worth of its shares. Ilsung Pharmaceuticals Co., Ltd. (KOSE:A003120) announces a share repurchase program. Under the program, the company will repurchase up to KRW 15,000 million worth of its shares, pursuant to a trust contract with Mirae Asset Securities. The purpose of the program is to stabilize stock price and enhance the shareholder value. The program will expire on August 11, 2023. As of February 12, 2023, the company had 1,079,302 shares in treasury within scope available for dividend and had 97,865 shares in treasury under other capacities. Upcoming Dividend • Dec 21
Upcoming dividend of ₩750 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 13 April 2023. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.0%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩2,214 (vs ₩490 in 3Q 2021) Third quarter 2022 results: EPS: ₩2,214 (up from ₩490 in 3Q 2021). Revenue: ₩16.0b (up 51% from 3Q 2021). Net income: ₩3.28b (up 337% from 3Q 2021). Profit margin: 21% (up from 7.1% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 22
Inaugural dividend of ₩750 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 07 April 2022. The company is not currently making a profit and is not cash flow positive. This is the first dividend for Ilsung Pharmaceuticals since going public. The average dividend yield among industry peers is 0.8%. Announcement • Feb 27
Ilsung Pharmaceuticals Co., Ltd., Annual General Meeting, Mar 19, 2021 Ilsung Pharmaceuticals Co., Ltd., Annual General Meeting, Mar 19, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Dec 18
New 90-day high: ₩86,100 The company is up 1.0% from its price of ₩85,500 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. Reported Earnings • Nov 22
Third quarter 2020 earnings released: EPS ₩422 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ₩9.77b (down 13% from 3Q 2019). Net income: ₩647.2m (up ₩974.0m from 3Q 2019). Profit margin: 6.6% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 30
New 90-day low: ₩77,400 The company is down 7.0% from its price of ₩82,900 on 31 July 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 1.0% over the same period. 
