Dream CIS (223250) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Dream CIS is a contract research organization (CRO) that designs, runs, and manages, on behalf of pharmaceutical and biotech companies, the clinical trials they must go through to win approval for new drugs and medical devices, earning revenue from clinical service fees that cover everything from patient recruitment through data collection, statistical analysis, and regulatory submission. A disclosure on 2026-02-11 reported annual revenue of ₩66.6 billion, operating profit of ₩5.2 billion, and net profit of ₩7.1 billion, extending a three-year growth trend, while a September 2025 convertible-bond issuance (conversion price ₩3,847) and a decision to merge subsidiaries advanced a reshuffle of affiliates. The strength is that in a research-and-development sector where many companies run losses, revenue and net profit have risen for a third straight year and the company steadily turns a profit with ROE of 9.3%, sitting cheap at a P/E of 10.7x and a P/B of 1.0x. The caution is that in 2026 Q1 revenue rose but profit fell, swinging to a loss, so whether this cost increase is temporary or structural, along with dilution from the convertible bond and interest burden (an interest-coverage ratio below 1x), needs to be weighed.
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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 “CRO & Clinical Trial Services” (Biotech & Pharmaceuticals · Biotech (Drug Development & Research)), a type typically read first through forward P/E.
Contract research organizations run clinical trials on behalf of drug and biotech companies and earn fee-based income, so — unlike drug-developing biotechs — they actually generate profit. Because future orders and earnings drive the growth, forward P/E, based on expected earnings, is the first lens.
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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 13.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 22.9% higher than a year earlier.
- ROE is 9.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.4%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Hongkong Tigermed 59.34% (corporate)
Controlling bloc incl. related parties 71.69%
With the controlling bloc holding 72%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Dream CIS is a contract research organization (CRO) that designs, runs, and manages, on behalf of pharmaceutical and biotech companies, the clinical trials they must go through to win approval for a new drug or medical device. Rather than building in-house clinical staff and systems, a drug developer can entrust this company with the entire process, from patient recruitment through data collection, statistical analysis, and regulatory submission. Revenue comes from the clinical service fees received this way, and the structure is one in which revenue grows as commissions increase and ongoing projects accumulate. As a small- to mid-cap with a market capitalization of ₩76.3 billion, each individual disclosure on new orders, funding, or an affiliate reshuffle has a relatively large effect on results and share count.
The latest close is ₩3,265 and the market capitalization is ₩80.3 billion. The price sits above its 20-day moving average (₩2,952) and below its 60-day moving average (₩3,953). 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 53.3, a neutral level. The one-month change is -0.5%, the three-month change is -32.2%, and the position relative to the 52-week high is -57.5%. Relative strength versus the KOSDAQ is 45 (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 45% of all stocks. Over the past three months it lagged the index by 21.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual revenue was ₩66.6 billion, with operating profit of ₩5.2 billion and net profit of ₩7.1 billion. The operating margin of 7.9% and ROE (how much is earned in a year on equity) of 9.3% place it among those that steadily turn a profit within a research-and-development sector where many companies run losses. The P/E (how many times a year's earnings the share price is) is 11.27x and the P/B (how many times book value the share price is) is 1.02x, not expensive relative to either earnings or book value. On diagnostics, the valuation is classed as undervalued. The debt ratio is 111.8%, with debt somewhat exceeding equity, but this also needs to be viewed alongside a sector trait: advances and deposit-type liabilities received during clinical service work are recorded as debt. That said, with an interest-coverage ratio below 1x, the company does not comfortably cover its interest burden out of operating profit, which is a check point.
Revenue rose three years in a row, from ₩47.8 billion in 2023 to ₩58.7 billion in 2024 to ₩66.6 billion in 2025, and net profit grew each year as well, ₩3.7 billion to ₩5.3 billion to ₩7.1 billion. The top line trended upward as clinical commissions and ongoing projects accumulated. In the most recent 2026 Q1, revenue also grew to ₩17.4 billion, up 22.9% from the same period a year earlier, so the growth itself continued. However, operating profit in the same quarter fell to ₩500 million and net profit swung temporarily to a loss of ₩300 million; since profit fell even as revenue grew, it is worth checking cost factors such as labor and project start-up expenses. On an annual basis, 2026 revenue steps up another notch to about ₩83.5 billion with operating profit of about ₩8.6 billion, which ties to the point that revenue growth is continuing. The multi-year trend is clearly toward growth, and the crux is whether the cost increase seen in the first quarter is temporary or ongoing.
On 2025-09-22 the company decided to issue convertible bonds (conversion price ₩3,847). Funds come in, but if the bonds later convert to shares the share count can rise, so this is a disclosure to view alongside the purpose of the funds and the conversion terms. On 2026-02-11 a profit-structure change disclosure reported annual revenue of ₩66.6 billion, operating profit of ₩5.2 billion, and net profit of ₩7.1 billion, in the same direction as the annual growth trend seen above. On 2025-09-26 the company decided on a merger absorbing a subsidiary (Medytip, wholly owning Promedis, absorbing it). As an affiliate reshuffle aimed at raising business synergy and efficiency through the integration of operations and management resources, how it is actually reflected in results and finances can be followed thereafter.
The strengths are clear. In a research-and-development sector where many companies run losses, both revenue and net profit have risen for a third straight year, the company steadily turns a profit with ROE of 9.3%, and it sits cheap versus earnings and assets at a P/E of 10.7x and a P/B of 1.0x. The price has fallen close to 60% from its high, so the gap between earnings growth and the price position has widened. The caution is that in 2026 Q1, revenue rose yet profit fell, swinging to a loss; if this cost increase is temporary the undervaluation draw can come to the fore, but if structural, the profit recovery could be delayed. The rise in share count from conversion of the convertible bond and the interest burden (an interest-coverage ratio below 1x) must be weighed as well. In short, in a phase where quarterly profit recovers and merger synergy carries through to results, undervaluation and growth come to the fore together; in a phase where a cost burden like the first quarter's drags on, this is a stock best approached while confirming the profit recovery.
🔎 Valuation vs peers Undervalued
A peer set within the research-and-development sector drawn from companies of adjacent market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Abion | — | 0.91x | -42.51% |
| Vaxcell-Bio | — | 1.71x | -21.82% |
| TiumBio | — | 3.74x | -46.05% |
Within the research-and-development sector, priority was given to a public-data peer set of adjacent market capitalization. The current P/E (how many times a year's earnings the share price is) is 11.27x and the P/B (how many times book value the share price is) is 1.02x. That said, for lower-cap names, swings in earnings and funding disclosures carry a large effect, so no firm conclusion is drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩83.5 billion | ₩8.6 billion | — |
| Next quarter | Q2 2026 | ₩19.5 billion | ₩1.0 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩3,265 and the market capitalization is ₩80.3 billion. The price sits above its 20-day moving average (₩2,952) and below its 60-day moving average (₩3,953). 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 53.3, a neutral level. The one-month change is -0.5%, the three-month change is -32.2%, and the position relative to the 52-week high is -57.5%. Relative strength versus the KOSDAQ is 45 (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 45% of all stocks. Over the past three months it lagged the index by 21.9%. 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 -21.86% / 6M -22.20% / 12M -0.81%
Key metrics Computed vs sector median
Valuation
The P/E of 11.27x is below the sector median (52.77x). The P/B of 1.02x is below the sector median (3.91x). 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.
Profitability & financials
The operating margin is 6.4%. The debt ratio is 94.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $33.6M | $41.2M | $46.8M | +13.60% ↓ slower |
| Operating profit | $1.1M | $3.6M | $3.7M | +3.57% ↓ slower |
| Net profit | $2.6M | $3.7M | $5.0M | +34.97% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $18.4M | $27.3M | $33.6M | $41.2M | $46.8M |
| Operating profit | $2.5M | $4.1M | $1.1M | $3.6M | $3.7M |
| Net profit | $2.3M | $3.1M | $2.6M | $3.7M | $5.0M |
| Revenue CAGR | 4-yr avg 26.34% | ||||
Revenue rose 13.6% year over year (2023 ₩47.8 billion → 2024 ₩58.7 billion → 2025 ₩66.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 3.6% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 26.3%. The two-year revenue CAGR is 18.0%. In the most recent quarter (Q1 2026), revenue was 22.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- Revenue grew 13.6% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2025-09-22UpdateMaterial report (decision to issue convertible bonds): conversion price ₩3,847This is a disclosure to view alongside the purpose of the incoming funds and the change in share count. When a facility or operating purpose is specified, the crux is whether the investment is actually carried out and whether it connects to revenue. Source
- 2026-02-11EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩66.6 billion, operating profit ₩5.2 billion, net profit ₩7.1 billionThis is recent confirmed or preliminary results material. It is read alongside whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2025-09-26FilingCompany merger decision (major matter of a subsidiary): absorbing Promedis (an unlisted company). 2. Purpose of the merger: creating business synergy and increasing management efficiency through integration of operations and management resources. 3. Merger ratio 0.0000000. 4. Basis for the merger ratio: the surviving company, Medytip, holds 100% of the shares of the extinguished company, Promedis, and on this merger the surviving companyThis is a recent change confirmed in the official disclosure text. It must be checked for whether it carries through to actual results and financial metrics. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,265 | ₩3,265 | Confirmed | link |
| Latest quarterly results | revenue ₩17.4 billion, operating profit ₩0.5 billion | revenue ₩17.4 billion, operating profit ₩0.5 billion | Confirmed | link |
| Annual results | revenue ₩66.6 billion, operating profit ₩5.2 billion | revenue ₩66.6 billion, operating profit ₩5.2 billion | Confirmed | link |
| Original text of the funding disclosure | ₩3,847 | ₩3,847 | Confirmed | link |
| Original text of the results disclosure | revenue30%: revenue ₩66.6 billion · operating profit ₩5.2 billion · net profit ₩7.1 billion | revenue30%: revenue ₩66.6 billion · operating profit ₩5.2 billion · net profit ₩7.1 billion | Confirmed | link |
| Original text of the disclosure | 2. 3. 0.0000000 4. 100% | 2. 3. 0.0000000 4. 100% | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-24Disclosure
- 2026-03-24Amended filing
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit 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.