Shin Poong Pharmaceutical (019170) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Shin Poong Pharmaceutical is a traditional drugmaker that manufactures and sells finished medicines supplied to hospitals and pharmacies and active pharmaceutical ingredients supplied to other pharmaceutical firms, adding exports through overseas subsidiaries in Vietnam, the Philippines, the United States and elsewhere; its flagship asset is Pyramax, a malaria treatment with EMA marketing authorization and a place on the WHO Model List of Essential Medicines. Filings in March 2026 confirmed that 2025 operating and net profit swung to positive, in February it decided to acquire a stake in another pharmaceutical company for about ₩16.0 billion to strengthen its R&D portfolio, and with a debt ratio in the 30% range and a current ratio of 309% its finances are solid. What stands out recently is that, as this was the first profitable year, the profit scale is still small so earnings multiples read high, and in Q1 revenue slipped while the operating line turned to a small loss, leaving the durability of the turnaround still to be proven; profitability holds up quarter after quarter and the equity investment feeds into earnings, it grows stronger, whereas if quarterly losses recur it grows weaker.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Pharmaceuticals (profitable)” (Biotech & Pharmaceuticals), a type typically read first through P/E.
Established, profit-generating drugmakers earn fairly steady revenue from prescriptions and product sales, which makes their earnings reasonably predictable. That is why price-to-earnings (P/E) — the share price set against current net income — is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 6.2% year over year, and the pace is slowing (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 1.6% lower than a year earlier.
- ROE is 3.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.1%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Songamsa 24.2% (corporate)
Controlling bloc incl. related parties 46.59%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis Reading
Shin Poong Pharmaceutical is a company that makes and sells drugs itself. The core of its revenue is finished medicines supplied to hospitals and pharmacies (ready-to-take tablets, injectables and the like) and active pharmaceutical ingredients passed on to other drugmakers. To this are added exports through overseas subsidiaries in Vietnam (Shin Poong Pharmaceutical Vietnam), the Philippines, Myanmar and the United States (Shin Poong USA). The company's flagship asset is Pyramax, an in-house-developed malaria treatment that has won marketing authorization from the European Medicines Agency (EMA) and a place on the World Health Organization (WHO) Model List of Essential Medicines, a new drug supplied to Africa and elsewhere. The largest shareholder is the owner-side Songamsa, which holds a 24.43% stake.
The latest close is ₩8,020 and the market capitalization is ₩420.4 billion. The price sits above its 20-day moving average (₩7,808) and below its 60-day moving average (₩8,841). 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 50.0, a neutral level. The one-month change is -2.1%, the three-month change is -28.0%, and the position relative to the 52-week high is -48.9%. Relative strength versus the KOSPI is 7 (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 6% of all stocks. Over the past three months it lagged the index by 13.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's confirmed annual figures (2025), the P/E ratio (how many times one year's profit the price represents) is 47.62x and the P/B (how many times net assets the price represents) is 1.44x. The important point here is that this P/E does not simply mean the stock is expensive. 2025 was the first year of a swing back to profit after a long stretch of losses, so the profit that forms the denominator is still small, which makes the P/E computed on last year's profit read high relative to the business's actual earning power. For a company passing an earnings inflection, the outlook for profit ahead is a more accurate picture than the figures of a single past year, and even the forward P/E reflecting this year is still on the high side. Financial stability is a clear strength. The debt ratio (debt against equity) is a low 30.3%, the current ratio is an ample 309%, and ROE (how much is earned in a year on shareholders' equity) is 3.3%, a level in keeping with a first profitable year. The operating margin is 6.1%.
Over five years, revenue rose steadily from ₩189.2 billion in 2021 to ₩234.7 billion in 2025 (a 5.5% annual average), while over the same span operating profit reversed direction completely, from -₩14.3 billion to +₩14.3 billion. The key is the swing in the bottom line. Operating profit, which was -₩47.4 billion in 2023 and -₩20.5 billion in 2024, turned positive at +₩14.3 billion in 2025, and net profit likewise swung to a ₩8.4 billion profit that year. These figures are confirmed from the original filing on a change in the profit-and-loss structure. Behind the turnaround lie steadily rising revenue year after year and the cleanup of a cost structure that had been widening losses, so that the same revenue began to leave a profit. The forward earnings reflecting this year sit on the extension of this normalization. The pace, however, should be watched carefully. Q1 2026 revenue was ₩54.5 billion, down 1.6% year on year, and the operating line was again a small loss of -₩0.36 billion (net profit was +₩0.37 billion). While it should be borne in mind that Q1 is typically a slow season for pharmaceuticals, whether the profit settles in over the full year is something to keep confirming through quarterly results. As there is currently no basis to see profit falling below this year's level next year or beyond, the right read for now is the early stage of a recovery.
Recent disclosures split into two strands. One is the confirmation of results. A March 2026 filing on a change in the profit-and-loss structure confirmed that 2025 operating and net profit swung to positive, and the Q1 report in May revealed the slow-season pattern. The other is capital and investment activity. On February 27, 2026 the result of a treasury-share disposal following the expiry of a trust contract (some 560,000-plus common shares, among others) was reported, and the same day an amended filing disclosed a decision to acquire a stake in another pharmaceutical company for about ₩16.0 billion (a 7.21% stake after the acquisition). The company stated the purpose as 'creating synergy and strengthening the R&D portfolio.' Whether this equity investment actually feeds into revenue and profit is the medium-term point to watch.
Starting with the strengths, they are clear. First, with a debt ratio in the 30% range and a current ratio of 309%, the finances are solid, giving it the stamina to endure the early stage of a recovery where results swing about. Second, the 2025 turnaround, with operating and net profit both swinging to positive, was confirmed in filings, and rising revenue year after year supports the base of the recovery. Third, Pyramax - an EMA-approved, WHO-listed new drug - together with the overseas subsidiary network, is an asset hard to value on earnings multiples alone. The cautions are equally clear. As this is the first profitable year, the profit scale is still small so earnings multiples read high, and set alongside mid-sized drugmakers in the same business its earnings multiples sit toward the upper end. In Q1 2026 revenue slipped and the operating line turned back to a small loss, so the durability of the turnaround is still at the proving stage. In sum, if the profit is not a one-off but carries through quarter after quarter, and if revenue growth and the new equity investment feed into earnings, the high earnings multiples are gradually justified and the stock grows stronger; conversely, if quarterly losses recur, the pace of recovery is doubted and it grows weaker. Rather than settling firmly on one side, the key is to confirm the 'durability of the turnaround' each quarter.
🔎 Valuation vs peers Inconclusive
Among mid-sized drugmakers that, like Shin Poong Pharmaceutical, make both finished medicines and active ingredients, those with a similar market-cap band and confirmable data were chosen for comparison. Large biopharma contract-manufacturing and biosimilar names many times its size were excluded because their business character differs.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Bukwang Pharmaceutical | 33.62x | 1.27x | 3.69% |
| Dong Wha Pharm | 16.11x | 0.36x | 2.29% |
| Daewon Pharmaceutical | — | 0.65x | 1.09% |
Set alongside its peers, its P/E and P/B sit higher, so as with the base diagnosis it looks like a stretch where expectations are already priced in. Still, it is hard to be definitive. 2025 was an inflection point of just swinging to profit after three years of losses, so the trailing P/E of 53x computed on last year's confirmed profit is structurally exaggerated because the profit (the denominator) is small. The forward view of future profit also has limits: while DART seasonality allows a revenue estimate of about ₩226.6 billion, operating and net profit are unstable in ratio because past quarters included losses, so no estimate is offered. In other words, trailing is inflated and forward profit is hard to verify, so rather than dividing cheap from expensive it is more reasonable to watch whether the turnaround carries through quarter after quarter, and the verdict is left inconclusive.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩58.0 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩8,020 and the market capitalization is ₩420.4 billion. The price sits above its 20-day moving average (₩7,808) and below its 60-day moving average (₩8,841). 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 50.0, a neutral level. The one-month change is -2.1%, the three-month change is -28.0%, and the position relative to the 52-week high is -48.9%. Relative strength versus the KOSPI is 7 (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 6% of all stocks. Over the past three months it lagged the index by 13.5%. 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 -13.50% / 6M -49.92% / 12M -66.02%
Key metrics Computed vs sector median
Valuation
The P/E of 47.62x is above the sector median (15.02x). The P/B of 1.44x is above the sector median (1.10x).
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.
Profitability & financials
Return on equity (ROE) is 3.3%, above the sector average (1.0%). The operating margin is 6.1%. The debt ratio is 27.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $140.7M | $155.3M | $164.9M | +6.15% ↓ slower |
| Operating profit | -$33.3M | -$14.4M | $10.0M | — |
| Net profit | -$40.3M | -$10.8M | $6.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $132.9M | $147.0M | $140.7M | $155.3M | $164.9M |
| Operating profit | -$10.1M | -$23.9M | -$33.3M | -$14.4M | $10.0M |
| Net profit | -$8.1M | -$24.9M | -$40.3M | -$10.8M | $6.2M |
| Revenue CAGR | 4-yr avg 5.53% | ||||
Revenue rose 6.2% year over year (2023 ₩200.2 billion → 2024 ₩221.1 billion → 2025 ₩234.7 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.5%. The two-year revenue CAGR is 8.3%. In the most recent quarter (Q1 2026), revenue was 1.6% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 6.2% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-10Earnings2025 consolidated operating profit of ₩14.3 billion and net profit of ₩8.4 billion swung to positive (from -₩20.5 billion operating the prior year). Revenue ₩234.7 billion, +6.15% year on yearThe key filing confirming a swing to profit after a long stretch of losses. It should be viewed together with the fact that, as this is the first profitable year, the P/E on last year's profit looks exaggerated. Source
- 2026-05-15UpdateQ1 2026 report: revenue ₩54.5 billion (-1.6% year on year), operating profit -₩0.36 billion, net profit +₩0.37 billionThis is the first quarter after the turnaround, yet revenue slipped and the operating line turned back to a small loss. Even allowing for the slow Q1 season in pharmaceuticals, this is a point to confirm the durability of full-year profitability. Source
- 2026-02-27FilingDecision to acquire shares of another pharmaceutical company for about ₩16.0 billion (a 7.21% stake after the acquisition), with the purpose stated as creating synergy and strengthening the R&D portfolioAn equity investment outside the core business that could affect the R&D and product portfolio over the medium term. Follow-up confirmation is needed on whether it leads to actual revenue and profit contribution. Source
- 2026-02-27UpdateReport of the result of a treasury-share disposal following the expiry of a trust contract (some 560,000-plus common shares, among others)A treasury-share disposal is a capital activity that can affect the free float and supply-demand. It should be viewed together with the fact that this was a holding-and-disposal process, not a cancellation. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 operating profit swing to positive | operating profit ₩14.3 billion | operating profit 14,255,168, -20,455,433 | Confirmed | link |
| 2025 revenue | ₩234.7 billion | 234,680,653, 221,094,070(+6.15%) | Confirmed | link |
| Largest shareholder's stake | 24.43% | 12,942,654 24.43% | Confirmed | link |
| 2026 annual revenue (approximation) | approx. ₩226.6 billion | — | Unverified | link |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-03-10EarningsAmended filing
- 2026-03-10Shareholders' meeting notice
- 2026-02-27Amended filing
- 2026-02-27TreasuryTreasury-stock disposal decision
📖 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.