214450 KR · PharmaResearchMW GOBLIN RESEARCH

PharmaResearch: Export Recovery, with Cash Conversion the Key

Analysis date

Published

Key Summaries

As of 2026-10-22, the outlook for export growth is positive, but it is too early to be confident that the stock is undervalued. The quoted share price of KRW 252,500 represents approximately 15.1 times the recalculated diluted EPS reference figure, but declining profitability and slower cash collection must also be considered.

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What this report covers

  • Medical device and cosmetics exports drive growth
  • Cash collection lags profit growth
  • Assess overseas production expansion alongside investment costs