Hanmi Science earns money directly through pharmaceutical distribution via its subsidiary Onlinepharm (about ₩290 billion in Q1 2026) and a healthcare segment, while also holding stakes in Hanmi Pharm (41.37%), JVM and Beijing Hanmi Pharmaceutical, so equity-method profit is heavily mixed into its net profit - making it a holding company. In late May 2026, the fact that Hanmi Pharm licensed an obesity and metabolic-disease drug to Eli Lilly for a total of $1.26 billion (with a $75 million upfront payment) was disclosed as a material affiliate management matter, and another pipeline candidate, HCP18034, received domestic Phase 3 approval. The point worth watching is that market cap (about ₩2.14 trillion) is lower even than the market value of its Hanmi Pharm stake (about ₩2.31 trillion), meaning the distribution business and cash are effectively thrown in for free, but Hanmi Pharm - which accounts for most of that net asset value - sits at a high valuation (a P/E of about 33x), so if its share price cools the holding shrinks with it, and governance uncertainty is also a variable.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 5.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 6.5% higher than a year earlier.
- ROE is 12.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 10.2%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2019-12-31
Largest shareholder Lim Sung-ki 34.26% (individual)
Controlling bloc incl. related parties 59.91%
With the controlling bloc holding 60%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Overvalued10% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Hanmi Pharmaceutical | 41.42% |
| JVM | 39.19% |
🔎 In-depth analysis
- Hanmi Science has two faces.
- The first is a business that earns money directly, with pharmaceutical distribution via its subsidiary Onlinepharm accounting for most of revenue.
- This is a wholesale business supplying prescription drugs (ETC) to hospitals, clinics and pharmacies, and in Q1 2026 alone the distribution segment generated about ₩290 billion in revenue.
- Added to this is a healthcare segment - medical devices, health functional foods, consumer platforms and the like - of about ₩39 billion per quarter.
- The second face is that of a holding company owning stakes in affiliates: the core is the listed domestic drugmaker Hanmi Pharm (41.37%), alongside the automated-dispensing company JVM and the Chinese joint venture Beijing Hanmi Pharmaceutical.
- As a result, the company's net profit mixes in not only the operating profit of the distribution business but also a large amount of equity-method profit flowing over from affiliates (the profit reflected in proportion to the stake held from an affiliate's results).
- In short, it is both a distributor and a vessel holding the Hanmi Pharm stake.
- The latest close is ₩32,450 and market capitalization is ₩2.2 trillion.
- The price sits above its 20-day moving average (₩30,132) and below its 60-day line (₩33,554).
- With the short- and mid-term trends diverging, direction should be read separately.
- The RSI (an indicator that gauges upward versus downward momentum over the past 14 days on a 0-100 scale) is 55.6, a neutral level.
- The one-month change is +10.0%, the three-month change is -14.6%, and the price sits -37.5% from its 52-week high.
- Relative strength versus the KOSPI is 14 (on a 1-99 scale that weights recent returns against the index over the past year more heavily toward the recent period; higher means stronger than the market), placing it in roughly the top 87% of all stocks by strength.
- Over the past three months it lagged the index by 32.2%.
- Chart readings are best considered alongside trading volume and disclosure dates.
- On a 2025 basis the company posted revenue of ₩1,357.0 billion, operating profit of ₩138.7 billion and net profit of ₩118.4 billion.
- ROE (how much is earned per year on equity) is 12.3%, respectable for a holding company, and with an operating margin of 10.2% and a net margin of 8.7%, profitability is sound for a distribution-centered business thanks to affiliate profit layered on top.
- The debt ratio (borrowings relative to equity) is 55%, on the low side, and the interest-coverage ratio (how many times operating profit covers interest) is 11x, so the interest burden is not large.
- That said, the current ratio (cash-like assets relative to debt due within a year) is 88%, below 100%, but this is common in the payables-turnover structure of distribution and is hard to read straight away as a warning sign.
- The P/E ratio (how many times a year's profit the share price represents) is 18.75x and the P/B (how many times book equity the share price represents) is 2.31x, but judging a holding company by these two metrics alone creates misunderstanding (explained below).
- Revenue rose for five straight years (from ₩950.2 billion in 2021 to ₩1,357.0 billion in 2025, a +9.3% annual average) as the distribution business grew steadily.
- Profit swung with affiliate results: net profit slipped to ₩59.4 billion in 2024 before recovering +99% to ₩118.4 billion in 2025.
- In Q1 2026, revenue was ₩353.7 billion (+6.5%), operating profit ₩33.6 billion (+24%) and net profit ₩42.3 billion (+73%), with distribution growth and improved equity-method profit appearing together.
- On top of this, from Q2 the upfront payment from Hanmi Pharm's Lilly license (about ₩112.9 billion) is reflected in Hanmi Pharm's results, and 41.37% of it flows through to Hanmi Science as equity-method profit.
- Reflecting these affiliate events and the distribution growth trend, this year's net profit projects to a level clearly higher than last year's.
- Given that, as a holding company, its earnings hinge on Hanmi Pharm's results, it is right to view them by the affiliate's trajectory rather than simply extending last year's confirmed figure.
- The 2026 narrative came from the affiliate Hanmi Pharm.
- In late May, Hanmi Pharm licensed out an obesity and metabolic-disease drug candidate, sonepeglutide (HM15912, a LAPS GLP2-class agent), to Eli Lilly for a total of $1.26 billion (about ₩1.9 trillion), with a $75 million upfront payment (about ₩112.9 billion) received first.
- Hanmi Science disclosed this as a 'material affiliate management matter.' Another pipeline candidate, HCP18034, then received domestic Phase 3 clinical approval, and a separate supply agreement was also disclosed.
- On the governance side, reports of changes in largest-shareholder holdings and large-holding status continued, showing that the shareholding balance between the founding family and its allies remains fluid.
- In April the company disclosed its 2025 preliminary annual results.
- The key to viewing Hanmi Science is 'at what price you are buying the holding company.' The observation point is that this company's market cap (about ₩2.14 trillion) is lower even than the market value of a single stake - its Hanmi Pharm holding (41.37% x about ₩5.59 trillion = about ₩2.31 trillion).
- In other words, the Onlinepharm distribution business, the JVM and Beijing Hanmi stakes, and cash are effectively thrown in almost for free - a shallower discount than the usual holding-company discount (30-50%), but it still trades below the value of the listed stake.
- The caution is that Hanmi Pharm itself, which makes up most of that net asset value, sits at a high valuation (a P/E of about 33x) on obesity-drug expectations.
- If Hanmi Pharm's share price cools, the holding's net asset value shrinks with it.
- In sum, the strong case is when Hanmi Pharm's pipeline progress continues and the holding discount narrows, and the weak case is when obesity-drug expectations reverse or governance uncertainty resurfaces.
- This is a stock that cannot be pinned as over- or undervalued on P/E and P/B numbers alone and must be read by holding value.
🔎 Valuation vs peers Fairly valued
We apply a comparison against the core affiliate Hanmi Pharm and large drugmakers, together with a holding-company net asset value (NAV) perspective.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanmi Pharmaceutical | 30.30x | 4.11x | 13.57% |
| Yuhan Corporation | 27.66x | 2.27x | 8.22% |
| Samsung Biologics | 34.37x | 8.23x | 23.95% |
On the surface P/E of 18x and P/B of 2.2x the company looks lower than large drugmakers, but judging a holding company by these metrics is distorting. Book equity carries affiliate stakes at low historical cost, making the P/B look higher than reality, and the P/E is uneven because of equity-method profit (non-cash and highly variable). To see it properly, one must use net asset value (NAV). Market cap of about ₩2.14 trillion is lower even than the market value of a single stake - its Hanmi Pharm holding (about ₩2.31 trillion) - so the distribution business and the remaining stakes are effectively thrown in almost for free. This is a shallower discount than the usual holding-company range (30-50%), at about a 7-8% discount to the listed stake. That said, because Hanmi Pharm - the core of that net asset value - itself sits at a high valuation, the margin of safety is not thick. Trading below the listed stake (the discount) and that stake itself being expensive (the risk) offset each other, so we view it as a balanced range that cannot be pinned as either under- or overvalued.
Price history Close · MA20 · MA60
The latest close is ₩32,450 and the market capitalization is ₩2.2 trillion. The price sits above its 20-day moving average (₩30,132) and below its 60-day moving average (₩33,554). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 55.6, a neutral level. The one-month change is +10.0%, the three-month change is -14.6%, and the position relative to the 52-week high is -37.5%. Relative strength versus the KOSPI is 14 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 13% of all stocks. Over the past three months it lagged the index by 32.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -32.21% / 6M -47.00% / 12M -67.97%
Key metrics vs sector median
Valuation
The P/E of 18.75x is above the sector median (6.67x). The P/B of 2.31x is above the sector median (0.49x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 8.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.358x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 12.3%, above the sector average (5.0%). The operating margin is 10.2%. The debt ratio is 55.1%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $827.1M | $850.6M | $899.4M | +5.73% ↑ faster |
| Operating profit | $82.5M | $65.5M | $91.9M | +40.32% ↑ faster |
| Net profit | $76.3M | $39.4M | $78.5M | +99.20% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $629.7M | $693.3M | $827.1M | $850.6M | $899.4M |
| Operating profit | $39.0M | $44.8M | $82.5M | $65.5M | $91.9M |
| Net profit | $28.5M | $45.9M | $76.3M | $39.4M | $78.5M |
| Revenue CAGR | 4-yr avg 9.32% | ||||
Revenue rose 5.7% year over year (2023 ₩1.2 trillion → 2024 ₩1.3 trillion → 2025 ₩1.4 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 40.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 9.3%. The two-year revenue CAGR is 4.3%. In the most recent quarter (Q1 2026), revenue was 6.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 12.3% points to solid profitability.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-01FilingThe affiliate Hanmi Pharm signed a licensing agreement with Eli Lilly for sonepeglutide (HM15912, a LAPS GLP2-class agent) (total about ₩1.9 trillion, upfront payment about ₩112.9 billion), disclosed as a material affiliate management matterShort term: the Hanmi Pharm upfront payment is reflected in Q2 results and contributes to the holding's net profit as 41.37% equity-method profit. Mid term: the value of the obesity and metabolic pipeline emerges as a core variable for the group's net asset value Source
- 2026-05-29FilingThe affiliate Hanmi Pharm's HCP18034 received domestic Phase 3 clinical trial (MFDS) approval, disclosed as a material affiliate management matterMid term: clinical progress of an additional pipeline broadens expectations for affiliate value. The short-term earnings impact is limited Source
- 2026-05-21UpdateAn affiliate's single sales and supply agreement disclosed as a material management matterMid term: expands the affiliate's revenue base. Reflected in equity-method profit depending on scale Source
- 2026-04-30Earnings2025 consolidated operating (preliminary) results fair disclosure - revenue ₩1,357.0 billion, operating profit ₩138.7 billion, net profit ₩118.4 billion (net profit +99% YoY)Short term: confirms the earnings recovery. Improved affiliate equity-method profit is the main driver behind the surge in net profit Source
- 2026-06-09UpdateReport on changes in largest-shareholder holdings and on specified-securities holdings by executives and major shareholders - the shareholding balance between the founding family and its allies continues to shiftMid term: governance uncertainty is a factor behind the holding discount. Room for re-valuation if it stabilizes, wider discount if it reignites Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Hanmi Pharm stake held | — | 41.37% | Confirmed | link |
| 2025 net profit | ₩118.4 billion(base) | ₩118.4 billion | Confirmed | link |
| 2026 net profit (outlook) | approx. ₩160.0 billion(self-estimate) | — | Unverified | link |
| Market cap versus the value of the Hanmi Pharm stake | approx. 2.14 | approx. 41.37% approx. 2.31 | Unverified | link |
Recent filings
- 2026-06-09OwnershipLargest-shareholder ownership change report
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02OwnershipOwnership-change filing
- 2026-06-01Corporate governance report
- 2026-06-01Disclosure
- 2026-05-29Disclosure
- 2026-05-21Single supply/sales contract
- 2026-05-15PeriodicQuarterly report
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-23EarningsEarnings disclosure
- 2026-04-07Disclosure
- 2026-04-03OwnershipLargest-shareholder ownership change report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.