Rather than selling drugs directly, Huons Global is a holding company that owns pharmaceutical and biotech subsidiaries and consolidates their results, with the backbone of revenue and profit coming from listed subsidiaries Huons and Humedix. This year its subsidiary Huons decided to absorb Huons Lab through a merger and disclosed a plan to distribute part of the merger's new shares to ordinary shareholders as an in-kind dividend; the shares trade below book at a P/B of 0.55x, and a dividend yield of around 3.7% makes cash returns steady. The key point of late is that the two core subsidiaries (Huons at a P/E of about 7.2x, Humedix about 5.8x) sit in undervalued territory, yet the holding company is grouped at an even lower P/B, an even cheaper spot against assets, whereas quarterly volatility in the core business profit is large (Q1 operating profit -64%) and, as is typical of holding companies, a holding-company discount means the subsidiaries' value is not fully reflected right away.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 285.3%).
- Revenue rose 4.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.1% lower than a year earlier.
- ROE is 5.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 10.7%.
- 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 2025-12-31
Largest shareholder Yoon Sung-tae 42.76% (individual)
Controlling bloc incl. related parties 57.14%
With the controlling bloc holding 57%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Fairly valued
💡 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
| Huons | 40.74% |
| Huons Medix | 36.08% |
🔎 In-depth analysis
- Rather than a company that sells drugs directly, Huons Global is a holding company that owns pharmaceutical and biotech subsidiaries and consolidates their results.
- The backbone of actual revenue and profit comes from listed subsidiaries Huons (prescription and over-the-counter drugs, contract manufacturing, health functional foods) and Humedix (aesthetics such as fillers and hyaluronic acid, plus ophthalmic solutions).
- Added to this is the ingredients and bio business of unlisted subsidiaries.
- So in viewing this company it fits the business substance to look not at "Huons Global's standalone results" alone but at "the value of the subsidiary stakes plus the consolidated operating value" together.
- The latest close is ₩26,550 and the market cap is ₩336.1 billion.
- The price sits above its 20-day line (₩25,360) but below its 60-day line (₩39,168).
- With the short- and medium-term trends diverging, the direction should be read separately.
- The RSI (a supplementary gauge that scores the balance of up-moves versus down-moves over the past 14 days on a 0-100 scale) is 44.4, a neutral level.
- The one-month change is -1.1%, the three-month change is -48.8%, and the position versus the 52-week high is -64.7%.
- Relative strength against the KOSDAQ is 41 (1-99, a conversion of the past year's return versus the index that weights recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 59% by strength across all listed names.
- Over the past three months it lagged the index by 29.9%.
- Chart reading is best done alongside volume and the dates of disclosures.
- On a confirmed (FY2025) basis, the P/E ratio (how many times one year's net profit the share price represents) is 11.66x and the P/B (price versus net assets) is 0.61x.
- A P/B below 1.0x means the share price falls short of even book net assets — a signal in itself of a cheap price against assets.
- ROE (how much is earned in a year on shareholders' equity) is 5.3%, above the peer average, and the operating margin is 10.7%.
- The debt ratio (debt against equity) of 285.3% looks high on the number alone, but with a current ratio of 191.7% and an interest-coverage ratio of 3.67x, short-term payment ability and the interest burden itself are comfortably manageable, so this is not a place to read "high debt ratio = risk right away." Note too that a holding company's consolidated P/E blends in the subsidiaries' minority-interest share, so it is more accurate to view the subsidiary stake values together rather than a single number.
- The forward P/E for this year forms at 7.51x, at a level similar to the confirmed figure for last year.
- Over five years revenue rose steadily from ₩574.6 billion in 2021 to ₩847.5 billion in 2025 (a five-year CAGR of about 10%), setting a record high every year.
- In 2025 the revenue growth rate was +4.2%, so the pace slowed somewhat, and operating profit was -6.6%, taking a year's breather.
- In Q1 2026 revenue was flat at ₩197.0 billion (-1.1%) while quarterly profit fell sharply — operating profit ₩9.2 billion (-64.1%) and net profit ₩15.6 billion (-40.3%) — which is naturally seen as a swing in a specific quarter where the subsidiary merger and one-off factors overlapped.
- Indeed the forward P/E for this year forms at 7.51x, almost the same level as last year's confirmed P/E (10.4x), meaning one quarter's plunge does not carry straight into the year and annual profit recovers to a track similar to last year's.
- The revenue base is thickly laid by demand for pharmaceuticals, health functional foods and aesthetics, and with core subsidiaries Huons and Humedix underpinning core-business profit, annual strength is maintained regardless of quarterly volatility.
- The center of this year's story is subsidiary Huons (243070) deciding to absorb its unlisted subsidiary Huons Lab through a merger (disclosed in May, merger ratio Huons:Huons Lab = 1:0.4256893) and the shareholder returns using the merger's new shares.
- On June 8 Huons Global made a fair disclosure of a plan to distribute part of the Huons shares it will receive from the merger (about 260,000 of a planned 2,204,297 shares) to ordinary shareholders, excluding the largest shareholder and related parties, as an in-kind dividend.
- Separately, subsidiary Huons decided a quarterly cash dividend of ₩200 per share (a 0.66% dividend-to-price ratio) and paid it in mid-June.
- The merger can change the basis for comparing consolidated results and finances, and the in-kind dividend aimed at ordinary shareholders is a signal weighting shareholder returns, so both disclosures have been direct backdrops to the price trend.
- The strengths are clear.
- It trades below book at a P/B of 0.55x, the dividend yield of around 3.7% makes cash returns steady, and the listed-subsidiary stakes in Huons and Humedix alone lay down considerable asset value.
- On top of this, both core subsidiaries (Huons at a P/E of about 7.2x, Humedix about 5.8x) sit in undervalued territory, yet the holding company is grouped at an even lower P/B, an even cheaper spot against assets.
- There is also a stated direction to bundle the bio and aesthetics value chain and strengthen R&D through the subsidiary merger.
- Points to watch: the large quarterly volatility of core-business profit (Q1 operating profit -64%) and the "holding-company discount" whereby, as is typical of holding companies, the subsidiaries' value is not fully reflected in the share price right away.
- In sum, this is a stock whose price floor is firm when asset value and dividends provide support and the subsidiaries are cheaply valued, and whose asset value shows through more as quarterly profit swings and the holding discount narrow.
🔎 Valuation vs peers Inconclusive
Given the holding-company nature, the substance of value — listed subsidiaries Huons and Humedix — is viewed together with large pharmaceutical peer Yuhan for comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Huons | 7.44x | 0.85x | 11.41% |
| Huons Medix | 5.62x | 0.97x | 17.29% |
| Yuhan Corporation | 27.66x | 2.27x | 8.22% |
Because Huons Global is a holding company, a sum-of-the-parts (SOTP) view that adds the subsidiary stake values and the consolidated operating value suits it better than the single number of a 12.0x consolidated P/E. Even though both listed subsidiaries (Huons at a P/E of 8.3x, Humedix at 6.1x) trade at multiples lower than the holding company's own, the holding company remains at an even lower P/B of 0.63x — a textbook holding-company discount range. On asset value it looks cheap, but with last year's trailing profit carrying into a Q1 plunge this year, the direction of the operating value is not settled. With two forces set against each other — thick assets and shaky profit — it is better to leave the verdict Inconclusive than to conclude "cheap or expensive" in one direction.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩211.2 billion | approx. ₩10.9 billion | approx. ₩12.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩26,550 and the market capitalization is ₩336.1 billion. The price sits above its 20-day moving average (₩25,360) and below its 60-day moving average (₩39,168). 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 44.4, a neutral level. The one-month change is -1.1%, the three-month change is -48.8%, and the position relative to the 52-week high is -64.7%. Relative strength versus the KOSDAQ is 41 (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 41% of all stocks. Over the past three months it lagged the index by 29.9%. 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 -29.92% / 6M -34.50% / 12M -42.21%
Key metrics vs sector median
Valuation
The P/E of 11.66x is below the sector median (15.98x). The P/B of 0.61x is below the sector median (1.37x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 11.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.553x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 5.3%, above the sector average (3.0%). The operating margin is 10.7%. The debt ratio is 285.3%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $502.6M | $539.1M | $561.7M | +4.18% ↓ slower |
| Operating profit | $75.5M | $64.3M | $60.0M | -6.64% ↑ faster |
| Net profit | $25.4M | $17.1M | $19.1M | +11.82% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $380.9M | $440.3M | $502.6M | $539.1M | $561.7M |
| Operating profit | $49.2M | $57.3M | $75.5M | $64.3M | $60.0M |
| Net profit | $2.6M | -$39.9M | $25.4M | $17.1M | $19.1M |
| Revenue CAGR | 4-yr avg 10.20% | ||||
Revenue rose 4.2% year over year (2023 ₩758.4 billion → 2024 ₩813.5 billion → 2025 ₩847.5 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 6.6% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.2%. The two-year revenue CAGR is 5.7%. In the most recent quarter (Q1 2026), revenue was 1.1% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 3.3%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 4.2% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-18FilingSubsidiary Huons (243070) decided to absorb unlisted subsidiary Huons Lab through a merger. The surviving company is Huons, with a merger ratio of Huons:Huons Lab = 1:0.4256893. The aim is to integrate the biopharmaceutical value chain and strengthen R&D, and after the merger Huons Global's stake in Huons (3,825,327 shares, 24.20%) structure is maintained.Medium term, the basis for comparing consolidated results and finances may change, and the Huons new shares issued in the merger become the funding source for the subsequent in-kind dividend. Source
- 2026-06-08FilingHuons Global made a fair disclosure that it will distribute part of the Huons shares it is to receive on completion of the Huons merger (about 260,000 of a planned 2,204,297 shares) to ordinary shareholders, excluding the largest shareholder and related parties, as an in-kind dividend. Approval is planned at the 2027 annual general meeting.Near term, a signal strengthening shareholder returns for ordinary shareholders, though actual execution may shift with the progress of the merger and the AGM approval schedule. Source
- 2026-05-12DividendSubsidiary Huons decided a quarterly cash dividend of ₩200 per common share (a 0.66% dividend-to-price ratio). Total dividend about ₩2.33 billion, record date 2026-05-27, planned payment date 2026-06-15.Near term, a subsidiary-driven return that flows into Huons Global's consolidated cash flow through equity-method and dividend income. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed. Consolidated revenue ₩197.0 billion (-1.1% year on year), operating profit ₩9.2 billion (-64.1%), net profit ₩15.6 billion (-40.3%), with core-business profit falling sharply.Near term, results that confirm this year's profit trajectory is weak against last year's confirmed P/E — one backdrop to the price weakness. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Huons Global's stake in Huons (243070) | 3,825,327 (24.20%) | 3,825,327 (24.20%) | Confirmed | link |
| Subsidiary Huons quarterly cash dividend | 1 ₩200,x approx. ₩2.3 billion | 1 ₩200,x ₩2,330,352,200, 2026-05-27 | Confirmed | link |
| Latest close | ₩26,550 | — | Unverified | link |
| 2026 operating profit seasonality approximation | approx. ₩36.0 billion | — | Unverified | link |
Recent filings
- 2026-06-08Dividend disclosure
- 2026-06-04Material-fact report (amended)
- 2026-05-28Shareholders' meeting notice
- 2026-05-28Material-fact report (amended)
- 2026-05-28Disclosure
- 2026-05-28Disclosure
- 2026-05-27Material-fact report (amended)
- 2026-05-18Material-fact report
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-05-12DividendCash/stock dividend decision
- 2026-05-12Dividend disclosure
📖 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.