Buy Or Sell Opportunity • May 13
Now 23% overvalued Over the last 90 days, the stock has fallen 14% to ₩5,010. The fair value is estimated to be ₩4,067, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 42% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Apr 10
Now 20% overvalued Over the last 90 days, the stock has fallen 7.3% to ₩4,970. The fair value is estimated to be ₩4,134, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 42% over the last 3 years. Meanwhile, the company became loss making. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩5,110, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 24x in the Biotechs industry in South Korea. Total loss to shareholders of 24% over the past three years. Declared Dividend • Feb 28
Dividend of ₩229 announced Shareholders will receive a dividend of ₩229. Ex-date: 30th March 2026 Payment date: 1st January 1970 Dividend yield will be 4.1%, which is higher than the industry average of 0.5%. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but not adequately covered by cash flows (99% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 81% to shift the payout ratio to a potentially unsustainable range, which is more than the 27% EPS decline seen over the last 5 years. Announcement • Feb 27
BioNote, Inc., Annual General Meeting, Mar 26, 2026 BioNote, Inc., Annual General Meeting, Mar 26, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 30, samsung 1-ro 4-gil, gyeonggi-do, hwaseong South Korea Announcement • Feb 21
BioNote, Inc. to Report Fiscal Year 2025 Results on Feb 25, 2026 BioNote, Inc. announced that they will report fiscal year 2025 results on Feb 25, 2026 Announcement • Oct 28
BioNote, Inc. (KOSE:A377740) completed the acquisition of an additional 10.6% stake in CTCBIO Inc. (KOSDAQ:A060590) from PharmaResearch Co., Ltd. (KOSDAQ:A214450). BioNote, Inc. (KOSE:A377740) signed a stock transfer agreement to acquire an additional 10.6% stake in CTCBIO Inc. (KOSDAQ:A060590) from PharmaResearch Co., Ltd. (KOSDAQ:A214450) for KRW 21.9 billion on September 26, 2025. A cash consideration of KRW 21.88 billion valued at KRW 8532 per share will be paid by BioNote, Inc. As part of consideration, KRW 21.88 billion is paid towards common equity of CTCBIO Inc.
The expected completion of the transaction is December 24, 2025.
BioNote, Inc. (KOSE:A377740) completed the acquisition of an additional 10.6% stake in CTCBIO Inc. (KOSDAQ:A060590) from PharmaResearch Co., Ltd. (KOSDAQ:A214450) on October 27, 2025. On completion, BioNote, Inc. and PharmaResearch Co., Ltd. will own 23.04% and 10.61% stake respectively in CTCBIO Inc. Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: ₩834 (vs ₩66.00 in 2Q 2024) Second quarter 2025 results: EPS: ₩834 (up from ₩66.00 in 2Q 2024). Revenue: ₩32.4b (up 23% from 2Q 2024). Net income: ₩84.5b (up ₩77.8b from 2Q 2024). Announcement • Jul 08
BioNote, Inc. (KOSE:A377740) announces an Equity Buyback for KRW 5,000 million worth of its shares. BioNote, Inc. (KOSE:A377740) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares, pursuant to a contract with NH Investment & Securities. The purpose of the program is to stabilize stock price and improve shareholder value. The program will expire on January 27, 2026. As of July 7, 2025, the company had 694,802 shares in treasury within scope available for dividend and no shares under other acquisitions. Declared Dividend • Feb 27
Dividend of ₩200 announced Dividend of ₩200 is the same as last year. Ex-date: 28th March 2025 Payment date: 1st January 1970 Dividend yield will be 4.1%, which is higher than the industry average of 0.5%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has decreased over the past 26 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
BioNote, Inc., Annual General Meeting, Mar 26, 2025 BioNote, Inc., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 30, samsung 1-ro 4-gil, gyeonggi-do, hwaseong South Korea Announcement • Feb 26
BioNote, Inc. announces Annual dividend BioNote, Inc. announced Annual dividend of KRW 200.0000 per share, ex-date on March 28, 2025 and record date on March 31, 2025. New Risk • Sep 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 9.1% 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 45% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (117% cash payout ratio). Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩5,740, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 25x in the Biotechs industry in South Korea. Total returns to shareholders of 18% over the past year. Announcement • Aug 02
BioNote, Inc. (KOSE:A377740) announces an Equity Buyback for KRW 10,000 million worth of its shares. BioNote, Inc. (KOSE:A377740) 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 contract with NH Investment & Securities. The purpose of the program is to stabilize stock price and improve shareholder value. The program will expire on February 3, 2025. As of August 1, 2024, the company had no shares in treasury within scope available for dividend and under other acquisitions. Upcoming Dividend • Mar 21
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 17 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 11%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.5%). Buy Or Sell Opportunity • Mar 07
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at ₩4,355. The fair value is estimated to be ₩5,447, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Upcoming Dividend • Dec 20
Upcoming dividend of ₩490 per share at 12% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 17 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 12%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.7%). Buying Opportunity • Dec 29
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩10,749, however this is not to be taken as a buy 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 20%.