CHA Biotech is a biotech holding company built around cell and gene therapies, with three revenue streams: a CDMO business that develops and manufactures other companies' therapies on their behalf (with plants in the United States, Korea, and Japan), a medical network spanning CHA hospitals and CHAUM, and cord-blood storage plus R&D. Consolidated revenue reached roughly ₩1.2683 trillion in 2025, crossing the ₩1 trillion mark for the first time. In April 2026 it disposed of low-return assets, and in June it acquired stakes in core businesses, took part in a subsidiary rights offering, and bought back its 10th exchangeable bond before maturity to clean up its mezzanine burden, while its U.S. subsidiary Matica Bio landed its first customer for an open manufacturing platform. What stands out lately is that the company pairs advanced CDMO infrastructure with a hospital network, so once the Pangyo plant is completed and orders arrive, today's investment-driven losses could turn into revenue; on the other hand, the debt ratio is high and the current ratio sits below 100%, so if CDMO utilization does not rise as hoped, losses could persist.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 570.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 67.1%).
- The most recent full-year net result was a loss.
- Revenue rose 8.4% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 5.8% higher than a year earlier.
- ROE is -36.1% (controlling-interest basis). It is below the sector average.
- Operating margin is -60.7%.
- 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 2022-12-31
Largest shareholder KH Green 9.96% (corporate)
Controlling bloc incl. related parties 29.27%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
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
| CMG Pharma | 24.27% |
🔎 In-depth analysis
- CHA Biotech is a biotech holding company built around cell and gene therapies (advanced treatments that use stem cells and genes).
- Its actual revenue comes from three broad streams.
- The first is CDMO, a business that develops and manufactures other companies' cell and gene therapies on their behalf, with production sites at Matica Bio in Texas (United States), in Bundang (Korea), and in Tokyo (Japan).
- The second is a medical network that runs from CHA hospitals and CHAUM through health-screening and anti-aging services at home and abroad.
- The third is cord-blood storage and cell-therapy R&D.
- On a consolidated basis, revenue reached roughly ₩1.2683 trillion in 2025, crossing ₩1 trillion for the first time; note that the standalone revenue of the holding company itself is far smaller, so this company should be viewed through the full picture that includes its subsidiaries.
- The latest close is ₩9,840 and the market cap is ₩914.9 billion.
- The price sits below its 20-day line (₩11,192) and below its 60-day line (₩13,895).
- Trading beneath both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward strength over the past 14 days on a 0-100 scale) is 28.7, close to depressed territory.
- The one-month change is -12.9%, the three-month change is -42.9%, and the position versus the 52-week high is -58.7%.
- Relative strength against the KOSDAQ is 59 (on a 1-99 scale, converted from returns versus the index over the past year with heavier weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 40% of all stocks by strength.
- Over the past three months it lagged the index by 25.4%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Profitability is in the red.
- On a standalone basis for 2025, the operating loss was roughly ₩48.8 billion and the net loss roughly ₩109.9 billion, with an ROE (how much is earned in a year per unit of equity) of -36.1%.
- The nature of these losses, however, deserves to be separated out.
- The operating loss reflects an investment phase in which CDMO plants and a U.S. hospital are being newly built, so depreciation and labor costs go out before the order book fills in earnest.
- The reason the net loss is far larger than the operating loss is a non-cash accounting loss, as a rising share price inflated the carrying value of mezzanine instruments such as convertible and exchangeable bonds, together with foreign-exchange losses.
- The financial burden is genuinely heavy.
- The debt ratio (debt relative to equity) is high at 570.7%, and the current ratio (assets convertible to cash against debt due within a year) is 67.1%, below 100%.
- Net debt (total borrowings minus cash) is roughly ₩667.9 billion.
- On valuation, the P/B (how many times book equity the share price is) is 3.25x; because holding companies often carry subsidiary stakes at low acquisition cost, the P/B can look higher than it really is.
- The top line is growing gradually.
- Standalone revenue rose for three straight years, up +8.4% in 2025, and the first quarter of 2026 was up +5.8% year over year.
- Consolidated revenue rose +21% in 2025, crossing ₩1 trillion for the first time.
- Earnings, on the other hand, are still in a loss-making phase.
- The direction of this company's earnings hinges on two axes.
- One is CDMO utilization.
- Once the Pangyo integrated production facility (CGB), due for completion in the first half of 2026, fills up and Matica Bio wins more orders, the fixed-cost burden that currently goes out first will begin to be offset by revenue.
- The other is the mezzanine valuation gains and losses that swelled the net loss; being a non-cash item that rises and falls with the share price, it is hard to predict in advance.
- As a result, this year's earnings are not pinned to a figure, because no official company forecast has been confirmed.
- Recent disclosures mostly concern business restructuring and cash flow.
- In April 2026 there was a disposal of a stake in another entity, selling off a low-return asset; in June, by contrast, several acquisitions of stakes in other entities and participation in a subsidiary rights offering followed.
- The direction is to concentrate capital on the core CDMO and therapy businesses.
- In the same June, it decided to acquire its 10th exchangeable bond before maturity, which can be read as a move to clean up the mezzanine burden that had swelled the earlier net loss.
- On the business side, in June the U.S. subsidiary Matica Bio launched an open manufacturing platform and landed its first customer.
- In April it also held an investor briefing (IR).
- This company is better viewed through its business direction and asset value than through its earnings.
- Its strength is that it pairs advanced domestic cell and gene therapy CDMO infrastructure with a hospital network.
- Once the Pangyo facility is completed and Matica Bio wins orders, today's investment-driven losses could turn into revenue.
- The cautions are just as clear.
- The debt ratio is high and the current ratio sits below 100%, so the funding burden is real.
- CDMO is a business where you build the plant first and fill the order book later, so if utilization does not rise as hoped, losses could persist.
- The mezzanine valuation gains and losses that swelled the net loss may keep swinging with the share price.
- In short, it is strong when CDMO utilization rises and the capital structure is cleaned up, and weak when orders come slowly or funding gets tight.
🔎 Valuation vs peers Inconclusive
Viewed as a combined cell/gene therapy and biotech business, its only listed subsidiary and domestic listed biotech companies are used as a reference peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CMG Pharma | 0.00x | 0.64x | -5.00% |
| LigaChem Biosciences | 0.00x | 8.62x | -18.04% |
| Pharma Research | 19.44x | 4.66x | 23.95% |
Because the company is loss-making, it cannot be viewed through a P/E (how many times a year's earnings the share price is), and its P/B is hard to use as is because a holding company carries subsidiary stakes at low acquisition cost, making it look higher than it really is. A holding company's true value should be gauged by the net asset value (NAV) of the subsidiaries and businesses it holds, but here the stake value of its only listed subsidiary (CMG Pharmaceutical) amounts to only about 4% of the market cap, so the portion verifiable at market prices is small. Most of the value lies in unlisted CDMO subsidiaries such as Matica Bio and in the hospital network, which are hard for outsiders to price objectively. For that reason, rather than declaring the stock cheap or expensive on today's metrics alone, an inconclusive stance is appropriate, watching whether CDMO utilization and the Pangyo facility's revenue contribution are confirmed.
Price history Close · MA20 · MA60
The latest close is ₩9,840 and the market capitalization is ₩914.9 billion. The price sits below its 20-day moving average (₩11,192) and below its 60-day moving average (₩13,895). 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 28.7, near oversold territory. The one-month change is -12.9%, the three-month change is -42.9%, and the position relative to the 52-week high is -58.7%. Relative strength versus the KOSDAQ is 59 (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 60% of all stocks. Over the past three months it lagged the index by 25.4%. 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 -25.38% / 6M -17.84% / 12M -15.39%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.00x is above the sector median (1.37x).
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 -36.1%, below the sector average (3.0%). The operating margin is -60.7%. The debt ratio is 570.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $45.6M | $49.1M | $53.3M | +8.37% ↑ faster |
| Operating profit | -$6.3M | -$39.6M | -$32.3M | — |
| Net profit | -$5.6M | -$3.2M | -$72.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $482.2M | $559.8M | $45.6M | $49.1M | $53.3M |
| Operating profit | $5.1M | -$31.2M | -$6.3M | -$39.6M | -$32.3M |
| Net profit | -$9.3M | -$31.5M | -$5.6M | -$3.2M | -$72.8M |
| Revenue CAGR | 4-yr avg -42.35% | ||||
Revenue rose 8.4% year over year (2023 ₩68.9 billion → 2024 ₩74.2 billion → 2025 ₩80.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -42.4%. The two-year revenue CAGR is 8.0%. In the most recent quarter (Q1 2026), revenue was 5.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 570.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 67.1%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-06-26FilingDecided to acquire the 10th exchangeable bond before maturity, a step to reduce the mezzanine-related burden that had swelled the earlier net loss.Over the medium term, this points toward lower volatility in bond valuation gains/losses and reduced potential dilution. Source
- 2026-06-26FilingDecided on a subsidiary rights offering and the acquisition of stakes in other entities, concentrating capital on core-business subsidiaries.A short-term cash outflow, but over the medium term it channels resources into the CDMO and therapy businesses. Source
- 2026-06-18FilingDecided to acquire shares and investment securities of other entities, a stake adjustment in the course of business restructuring.A medium-term signal of rebalancing the portfolio around the core businesses. Source
- 2026-04-27IRHeld an investor briefing (IR), explaining business status and plans to the market.The disclosure of information itself is neutral. The progress of CDMO and hospital investment is the point to watch. Source
- 2026-04-24FilingDecided to dispose of shares and investment securities of another entity, cleaning up a low-return asset and shifting capital toward the core businesses.Potentially positive for short-term cash generation and medium-term focus on the core businesses. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-09PeriodicAnnual business report (amended)
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-18Amended filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-06OwnershipOwnership-change filing
- 2026-04-27Disclosure
- 2026-04-24Disclosure
- 2026-04-01OwnershipOwnership-change filing
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Shareholders' meeting notice
- 2026-03-31PeriodicAnnual 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.