Samsung Epis Holdings (0126Z0) 🔎 In-depth
KOSPI · Price as of 2026-07-15 · Updated 2026-07-19
Samsung Epis Holdings is a pure holding company that runs no business of its own; it holds Samsung Bioepis — a biosimilar (a copy of an original biologic drug) company — as a 100% subsidiary, and its corporate value comes from that subsidiary's results and stake value. It was spun off from Samsung Biologics and relisted in November 2025, and its subsidiary Samsung Bioepis, after 2025 revenue of ₩1.672 trillion, kept growing in the first quarter of 2026 with revenue of ₩454.9 billion and operating profit of ₩144.0 billion. What stands out recently is that SB27, a biosimilar of the world's best-selling cancer drug Keytruda, met the equivalence criterion in its global Phase 3 trial, giving substance to the drug pipeline; on the other hand, because it is a holding company, viewing the share price on an earnings multiple (P/E) alone is easily distorted, so the actual value of the stakes it holds must be considered as well.
Core valuation metric
This stock's effective sub-sector is “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns. Holdcos usually trade below their net asset value, and how wide that discount runs is what matters most.
That said, profitability is currently weak, so this metric is best treated as a rough reference only.
This note explains how each sector is typically valued and is educational context only, not investment advice.
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.
- ROE is 1.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -25.3%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
🔎 In-depth analysis
Samsung Epis Holdings is a pure holding company that does not make and sell products itself. Its money comes from its 100% subsidiary, Samsung Bioepis. Samsung Bioepis is a company specializing in biosimilars — drugs made to closely copy original biologics whose patents have expired. It develops copies of autoimmune-disease treatments (the Enbrel, Remicade and Humira classes), cancer drugs and eye-disease treatments and sells them in the United States, Europe and elsewhere. Looking at the subsidiary's results, 2025 consolidated revenue was ₩1.672 trillion and operating profit was ₩375.9 billion. Because the holding company's own results reflect this subsidiary's results via the equity method and consolidation, it can effectively be understood as a vessel containing a single company, Samsung Bioepis.
The latest close is ₩404,500 and the market capitalization is ₩10.1 trillion. The price sits below its 20-day moving average (₩411,125) and below its 60-day moving average (₩471,392). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.3, a neutral level. The one-month change is -10.8%, the three-month change is -24.9%, and the position relative to the 52-week high is -45.6%. Relative strength versus the KOSPI is 3 (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 2% of all stocks. Over the past three months it lagged the index by 38.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Because a holding company's financials reflect its subsidiary's results, the metrics require care to interpret. Shareholders' equity is ₩5.9058 trillion and the debt ratio (debt relative to equity) is 30.6%, so the financial burden is not large. On the other hand, the trailing P/E (how many times the last year's earnings the price represents) looks very high at 118x. This figure owes much to transitional results in which, during the 2025 spin-off and listing, the holding company could not fully reflect a whole year of the subsidiary. In other words, last year's earnings multiple is distorted, and reading it straight as overvalued creates a misunderstanding. The P/B (how many times net assets the price represents) is 1.70x. But because a holding company's book equity generally records the subsidiary stakes it holds at low acquisition cost, the P/B also tends to look higher than it really is. EV/Sales (enterprise value including debt divided by revenue) is high at 38x, showing that the value of the bio drug pipeline is loaded onto expectations rather than revenue. Net debt (total borrowings minus cash) is about ₩246.8 billion, a net-borrowing position, and actual cash generated over the past year (FCF) was negative, as investment in new-drug trials and development continues.
The substance of the growth lies not in the holding-company shell but in the subsidiary, Samsung Bioepis. The subsidiary's 2025 revenue was ₩1.672 trillion, up 9% year on year. Operating profit fell from the prior year to ₩375.9 billion, but this is a base effect from the absence of one-off milestone (R&D achievement) income. Looking only at pure product sales excluding one-off income, revenue rose 28% and operating profit rose 101% — meaning the actual sales engine is if anything getting stronger. In the first quarter of 2026 the subsidiary's revenue was ₩454.9 billion and operating profit ₩144.0 billion, up 14% and 13% respectively year on year. The company's stated 2026 revenue target is ₩1.85 trillion, signaling double-digit growth. On the basis of this official company outlook, even if last year's trailing earnings multiple looks high, the bar comes down considerably on this year's earnings. On top of this, SB27, a biosimilar of the world's best-selling drug Keytruda, demonstrated equivalence in its global Phase 3 trial, securing the potential to become a new axis of future growth.
The core of recent disclosures is progress in the drug pipeline. On June 29, 2026, subsidiary Samsung Bioepis disclosed that SB27, a biosimilar of the world's best-selling cancer drug Keytruda, met the equivalence criterion in the primary efficacy analysis of its global Phase 3 trial. It was a large-scale trial of 555 patients at 93 institutions across 14 countries, and it carries the significance of being the first case among Keytruda biosimilars to report global Phase 3 results. On July 9, the subsidiary disclosed that it signed a joint technology-development and technology-in-licensing option agreement related to an engineered antibody, showing a move to expand beyond simple copies into its own novel and improved substances. On July 10, an advance notice of a results disclosure appeared, indicating first-half results will be released soon. Given the nature of a holding company, the subsidiary's major management matters (borrowings, contracts, results) make up most of the disclosures.
Samsung Epis Holdings is a holding company that must be judged by the value of the stakes it holds rather than by an earnings multiple. Its core asset is the single 100% subsidiary, Samsung Bioepis. The strengths are clear: the subsidiary's biosimilar product sales are growing at a double-digit pace, and the company's own stated 2026 revenue target (₩1.85 trillion) backs this up. SB27, a biosimilar of the world's best-selling drug Keytruda, demonstrated global Phase 3 equivalence, giving the drug pipeline substance. The financial burden is also not large. There are cautions too. The trailing P/E of 118x is an illusion created by distorted earnings in the spin-off transition, and one should not conclude it is overvalued on this alone — but it is also true that new-drug expectations are loaded considerably into the price. For biosimilars, intensifying competition and pricing pressure are constants, and for a new drug like SB27 there remain time and variables before trial success translates into sales approval and revenue. In sum, this is a structure that is strong when the subsidiary's product-sales growth and new-drug commercialization go smoothly, and where already-loaded expectations can wobble if price competition intensifies or drug progress is delayed.
🔎 Valuation vs peers Inconclusive
Compared with Korea's large biologic-drug companies and biosimilar competitors. However, because Samsung Epis Holdings is a holding company, a net-asset-value (NAV) view of the subsidiary stake it holds is more accurate than a direct comparison of earnings multiples.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung Biologics | 35.88x | 8.59x | 23.95% |
| Celltrion | 37.82x | 2.26x | 5.98% |
| SK Bioscience | — | 1.54x | -3.21% |
Because Samsung Epis Holdings is a pure holding company, it is hard to conclude overvalued or undervalued on an earnings multiple (P/E) alone. The trailing P/E of 118x is a distorted figure from the 2025 spin-off and listing transition, when the subsidiary's results were not fully reflected. On the basis of the first-quarter 2026 consolidated results that normally reflect Samsung Bioepis and the company's official revenue target, the bar relative to earnings comes down considerably. However, a holding company's true value should be seen as the sum of the market value (NAV) of the Samsung Bioepis stake it holds and the value of the drug pipeline, and this is not fully revealed by the book equity on the current financial statements. Therefore, rather than judging on a simple multiple comparison, it is reasonable to hold off and gauge value by the subsidiary's earnings growth and the progress of commercializing new drugs such as SB27.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | approx. 1₩850.0 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩404,500 and the market capitalization is ₩10.1 trillion. The price sits below its 20-day moving average (₩411,125) and below its 60-day moving average (₩471,392). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.3, a neutral level. The one-month change is -10.8%, the three-month change is -24.9%, and the position relative to the 52-week high is -45.6%. Relative strength versus the KOSPI is 3 (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 2% of all stocks. Over the past three months it lagged the index by 38.6%. 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 -38.63% / 6M -61.27% / 12M -51.30%
Key metrics vs sector median
Valuation
The P/E of 117.98x is above the sector median (7.61x). The P/B of 1.70x is above the sector median (0.53x).
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, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 1.4%, below the sector average (4.0%). The operating margin is -25.3%. The debt ratio is 30.6%, 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 | — | — | $169.4M | — |
| Operating profit | — | — | -$42.8M | — |
| Net profit | — | — | $57.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | $169.4M |
| Operating profit | — | — | — | — | -$42.8M |
| Net profit | — | — | — | — | $57.4M |
Operating results are in the red, so a swing back to profit matters more than the growth rate here.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-29FilingSubsidiary Samsung Bioepis disclosed that SB27, a Keytruda biosimilar, met the equivalence criterion in the primary efficacy analysis of its global Phase 3 trial (555 patients at 93 institutions across 14 countries).As the first global Phase 3 results reported among biosimilars of the world's best-selling drug, a positive event that gives substance to the medium- to long-term value of the drug pipeline. Source
- 2026-07-09FilingThe subsidiary disclosed that it signed a joint technology-development and technology-in-licensing option agreement related to an engineered antibody.A medium-term strategic signal of moving beyond simple biosimilars to expand into its own novel and improved substances. Source
- 2026-07-10FilingAn advance notice of a results disclosure indicated that a first-half results release is scheduled soon.Short term, an event to check the subsidiary's earnings flow, with progress toward the 2026 revenue target (₩1.85 trillion) as the key. Source
- 2026-05-15UpdateFirst-quarter 2026 quarterly report filed. Consolidated revenue ₩453.9 billion and operating profit ₩90.5 billion disclosed the first quarter to fully reflect subsidiary Samsung Bioepis.A periodic event confirming that the holding company's consolidated results have entered a normal track after the spin-off. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-07-10EarningsEarnings disclosure
- 2026-07-09Disclosure
- 2026-07-06OwnershipLargest-shareholder ownership change report
- 2026-06-29Disclosure
- 2026-06-08OwnershipLargest-shareholder ownership change report
- 2026-06-01Large-business-group status disclosure (amended)
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Corporate governance report
- 2026-05-28Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Audit report (amended)
- 2026-05-15PeriodicAnnual business report (amended)
📖 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.