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 ₩9,250, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 13% over the past three years. New Risk • Mar 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Announcement • Feb 24
Boryung Corporation, Annual General Meeting, Mar 31, 2026 Boryung Corporation, Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 136, changgyeonggung-ro, jongno-gu, seoul South Korea Board Change • Jan 21
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Outside Director Tae-Jin Cha was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 30 April 2026. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.8%). Declared Dividend • Nov 08
Dividend of ₩100.00 announced Dividend of ₩100.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 30th April 2026 Dividend yield will be 1.2%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 14% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 73% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.5% EPS decline seen over the last 5 years. Announcement • Nov 07
Boryung Corporation announces Annual dividend, payable on April 30, 2026 Boryung Corporation announced Annual dividend of KRW 100.0000 per share payable on April 30, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Mar 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% 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: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (27% increase in shares outstanding). Reported Earnings • Mar 20
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₩1,020 (up from ₩610 in FY 2023). Revenue: ₩1.02t (up 18% from FY 2023). Net income: ₩69.6b (up 73% from FY 2023). Profit margin: 6.8% (up from 4.7% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 22%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Pharmaceuticals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Mar 01
Boryung Corporation, Annual General Meeting, Mar 31, 2025 Boryung Corporation, Annual General Meeting, Mar 31, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 136, changgyeonggung-ro, jongno-gu, seoul South Korea Announcement • Jan 25
Gaeun Global Co.,Ltd completed the acquisition of 11.36% stake in ViGenCell Inc. (KOSDAQ:A308080) from Boryung Corporation (KOSE:A003850). Gaeun Global Co.,Ltd agreed to acquire 11.36% stake in ViGenCell Inc. (KOSDAQ:A308080) from Boryung Corporation (KOSE:A003850) for KRW 7.9 billion on December 18, 2024.
Gaeun Global Co.,Ltd completed the acquisition of 11.36% stake in ViGenCell Inc. (KOSDAQ:A308080) from Boryung Corporation (KOSE:A003850) on January 23, 2025. Major Estimate Revision • Jan 22
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩1.04b to ₩1.01b. EPS estimate also fell from ₩945 per share to ₩831 per share. Net income forecast to shrink 4.9% next year vs 9.5% growth forecast for Pharmaceuticals industry in South Korea . Consensus price target of ₩15,000 unchanged from last update. Share price rose 2.6% to ₩10,600 over the past week. New Risk • Jan 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 25 April 2025. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (1.1%). Declared Dividend • Nov 11
Dividend of ₩100.00 announced Shareholders will receive a dividend of ₩100.00. Ex-date: 27th December 2024 Payment date: 25th April 2025 Dividend yield will be 0.9%, which is lower than the industry average of 1.1%. Sustainability & Growth Dividend is well covered by both earnings (10% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 17% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩12,320, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 20x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 23% over the past three years. Reported Earnings • Mar 15
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ₩610 (down from ₩636 in FY 2022). Revenue: ₩859.6b (up 13% from FY 2022). Net income: ₩40.2b (down 4.0% from FY 2022). Profit margin: 4.7% (down from 5.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Pharmaceuticals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Mar 01
Boryung Corporation, Annual General Meeting, Mar 26, 2024 Boryung Corporation, Annual General Meeting, Mar 26, 2024, at 10:00 Korea Standard Time. Location: B2F of Boryung Building, 136, Changgyeonggung-ro, Jongno-gu Seoul South Korea Agenda: To consider Audit report of the 60th term; to consider Operating report of the 60th term; to consider Report on the operating status of the internal accounting control system; to consider Appointment of directors; to consider Appointment of auditors; to consider Approval of the directors’ remuneration limit; and to consider Approval of the auditors’ remuneration limit. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 0.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 11 April 2024. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.1%). Announcement • Dec 15
Boryung Corporation(KOSE:A003850) dropped from KOSPI 200 Index Boryung Pharmaceutical Co., Ltd. has been removed from KOSPI 200 Index. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩11,190, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 20% over the past three years. New Risk • Jun 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 4.6% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • May 31
Boryung Corporation Partners with Axiom Space and Aurelia Institute to Launch the "2023 Humans in Space" Program Boryung has launched a global space initiative called "Humans In Space" together with Axiom Space and Aurelia Institute as co-hosts. The Humans In Space program aims to foster an ecosystem of innovative minds working to advance human activities in space. The program will kick start with the Challenge launch in May, followed by the Symposium in late October. The Humans In Space Challenge is a global competition for researchers and innovators from relevant fields. Based on the three carefully selected themes -- "Human Healthcare," "Human Lifestyle" and "Human Place" -- participants will identify various challenges faced by humanity in space and propose solutions to address them. The Challenge winners will be awarded investments and research awards alongside opportunities to participate in tailored mentorship programs led by space experts and engage with an expansive network of prominent venture capitals, space agencies, national research institutions and industries. Renowned space figures from National Aeronautics and Space Administration (NASA), the European Space Agency (ESA), Harvard University, Massachusetts Institute of Technology (MIT), and Stanford University will actively engage in the evaluation process and mentorship programs to support the growth of Challenge applicants. The Challenge will be concluded at the grand Humans In Space Symposium where awardees will be selected by a panel of deemed judges. The Symposium will also bring together innovators, experts, investors and government agencies, and will facilitate discussions and networking opportunities to advance the global space ecosystem. Boryung has been actively pioneering advancements in space healthcare since 2022. Through the inaugural Care In Space Challenge, Boryung invested in six startups focused on space healthcare. Reported Earnings • Mar 15
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ₩636 (down from ₩689 in FY 2021). Revenue: ₩760.5b (up 21% from FY 2021). Net income: ₩41.9b (down 2.7% from FY 2021). Profit margin: 5.5% (down from 6.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Pharmaceuticals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 12 April 2023. Payout ratio is a comfortable 12% but the company is paying out more than the cash it is generating. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than 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. 5 experienced directors. No highly experienced directors. 2 independent directors (3 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: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Nov 09
Price target decreased to ₩15,500 Down from ₩16,833, the current price target is an average from 3 analysts. New target price is 49% above last closing price of ₩10,400. Stock is down 26% over the past year. The company is forecast to post earnings per share of ₩830 for next year compared to ₩689 last year. Reported Earnings • May 22
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ₩170 (down from ₩400 in 1Q 2021). Revenue: ₩178.6b (up 24% from 1Q 2021). Net income: ₩11.2b (down 44% from 1Q 2021). Profit margin: 6.3% (down from 14% in 1Q 2021). Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) also surpassed analyst estimates by 55%. Over the next year, revenue is forecast to grow 1.3% compared to a 2.0% decline forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 9% per year. 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. 5 experienced directors. No highly experienced directors. 2 independent directors (3 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: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩75.77 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 14 April 2022. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (0.8%). Price Target Changed • Dec 19
Price target increased to ₩17,500 Up from ₩15,913, the current price target is an average from 2 analysts. New target price is 13% above last closing price of ₩15,450. Stock is up 0.2% over the past year. The company is forecast to post earnings per share of ₩440 for next year compared to ₩462 last year. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 16% share price gain to ₩15,950, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 20x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 104% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩26,519 per share. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ₩400 (vs ₩180 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩143.9b (up 7.2% from 1Q 2020). Net income: ₩19.8b (up 138% from 1Q 2020). Profit margin: 14% (up from 6.2% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩21,650, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 17x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 126% over the past three years. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩554 (vs ₩698 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩561.9b (up 7.2% from FY 2019). Net income: ₩26.9b (down 17% from FY 2019). Profit margin: 4.8% (down from 6.1% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Announcement • Feb 27
Boryung Pharmaceutical Co., Ltd., Annual General Meeting, Mar 26, 2021 Boryung Pharmaceutical Co., Ltd., Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩21,450, the stock is trading at a trailing P/E ratio of 36.8x, down from the previous P/E ratio of 44.3x. This compares to an average P/E of 28x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 116%. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 39% share price gain to ₩25,800, the stock is trading at a trailing P/E ratio of 44.3x, up from the previous P/E ratio of 31.7x. This compares to an average P/E of 30x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 181%. Is New 90 Day High Low • Jan 07
New 90-day high: ₩20,500 The company is up 41% from its price of ₩14,549 on 08 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩56,293 per share. Valuation Update With 7 Day Price Move • Dec 08
Market pulls back on stock over the past week After last week's 16% share price decline to ₩18,700, the stock is trading at a trailing P/E ratio of 29.2x, down from the previous P/E ratio of 34.6x. This compares to an average P/E of 30x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 123%. Price Target Changed • Dec 05
Price target raised to ₩21,000 Up from ₩19,500, the current price target is an average from 2 analysts. The new target price is 7.7% above the current share price of ₩19,500. As of last close, the stock is up 25% over the past year. Is New 90 Day High Low • Nov 25
New 90-day high: ₩20,700 The company is up 31% from its price of ₩15,750 on 28 August 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩52,022 per share. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 27% share price gain to ₩20,700, the stock is trading at a trailing P/E ratio of 32.3x, up from the previous P/E ratio of 25.5x. 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 147%. Reported Earnings • Nov 22
Third quarter 2020 earnings released: EPS ₩168 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ₩154.8b (up 11% from 3Q 2019). Net income: ₩7.63b (down 2.9% from 3Q 2019). Profit margin: 4.9% (down from 5.6% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 16
New 90-day low: ₩14,750 The company is down 6.0% from its price of ₩15,700 on 17 July 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 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩39,784 per share. Is New 90 Day High Low • Sep 25
New 90-day low: ₩15,250 The company is down 8.0% from its price of ₩16,600 on 26 June 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 up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩1,806 per share. Price Target Changed • Sep 19
Price target raised to ₩21,000 Up from ₩18,500, the current price target is an average from 2 analysts. The new target price is 26% above the current share price of ₩16,650. As of last close, the stock is up 35% over the past year.