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ST Pharm Co (237690) Fair Value & Analysis

Healthcare · KR · Market cap 2.6T KRW

SP ST Pharm Co 237690 · KQ
Price106,400 KRW
Fair Value50,110 KRW
Upside-52.9%
Quality44/100
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Expensive Growth
Thin margins · 5.5% net margin
Low debt · negative free cash flow
0.34% dividend yield
Trails peers (3/8)
Narrow moat 33/100
Evidence: Medium Range 37,583 KRW – 62,638 KRW Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated yesterday

Share price −13.9% over the past month.

Below-average quality, and screening another 53% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (62,638 KRW). The favourable scenario is already priced in.
  • Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

168,700 KRW 59,476 KRW Fair Value 50,110 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 59,476 KRW – 168,700 KRW · fair‑value band 37,583 KRW – 62,638 KRW · the 106,400 KRW price screens above the 50,110 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

ST Pharm Co (237690) currently trades at 106,400 KRW, while our model-based Fair Value estimate is 50,110 KRW, implying the stock looks roughly 52.9% overvalued today. The Quality Score stands at 44/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, ST Pharm Co generated revenue of 201B KRW at a net margin of 5.5%. Revenue grew 31.4% year over year. Net debt stands at 46.0B KRW. Fundamentals as of Aug 13, 2026

Our scenario range runs from 37,583 KRW (bear case) to 62,638 KRW (bull case); at 106,400 KRW, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 38% below its 52-week high and 40% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -11% fair-value upside, at -53%, 237690 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 27,855 KRW 30,779 KRW 48,654 KRW 76
ROIC Compounder 25,819 KRW 30,496 KRW 39,450 KRW 72
Growth-Adj P/E 51,119 KRW 73,028 KRW 94,936 KRW 68
All 15 models by family
DCF Models
Owner Earnings 30,231 KRW 65,308 KRW 136,791 KRW 31
Earnings-Based
Graham-Dodd 20,044 KRW 120,820 KRW 168,432 KRW 54
Lynch FV 34,479 KRW 49,256 KRW 64,032 KRW 50
PEG = 1.0 34,479 KRW 49,256 KRW 64,032 KRW 46
EPV 25,819 KRW 30,496 KRW 34,653 KRW 59
Multiples
P/E Multiple 48,637 KRW 64,849 KRW 81,061 KRW 63
P/S Multiple 37,583 KRW 50,110 KRW 62,638 KRW 58
P/B Multiple 37,583 KRW 50,110 KRW 62,638 KRW 55
EV/EBIT 36,861 KRW 49,375 KRW 61,889 KRW 53
EV/EBITDA 47,054 KRW 62,965 KRW 78,877 KRW 54
EV/Revenue 26,114 KRW 37,597 KRW 49,081 KRW 43
Asset-Based
NCAV (Graham) 15,905 KRW 21,313 KRW 31,810 KRW 50
Economic Profit
Residual Income 27,855 KRW 30,779 KRW 48,654 KRW 76
ROIC Compounder 25,819 KRW 30,496 KRW 39,450 KRW 72
Growth Earnings
Growth-Adj P/E 51,119 KRW 73,028 KRW 94,936 KRW 68

Widest divergence: Growth Earnings (73,028 KRW) versus Asset-Based (21,313 KRW). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 201B KRW
Revenue growth (YoY) +31.4%
Net margin 5.5%
Return on equity 667%
Free cash flow −33.3B KRW FY2025
Operating margin 4.0%
More key figures
Dividend yield 0.3%
EPS growth (YoY) +34.8%
Net debt 46.0B KRW FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 46 · Market factors (momentum, volatility) 33

Profitability 44
Margins and returns on capital today
Quality Growth 83
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 26
Disciplined investing over empire-building
Low Volatility 34
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 39
Distance to the 52-week high (market factor)
Net Issuance 52
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

ST Pharm Co. Ltd., a contract development manufacturing organization, provides products for pharmaceutical and non-pharmaceutical area in South Korea.

Full company description

ST Pharm Co. Ltd., a contract development manufacturing organization, provides products for pharmaceutical and non-pharmaceutical area in South Korea. The company offers chemistry manufacturing control (CMC) services, which includes analytical method development; in-house reference standard testing; analytical method qualification/validation; analytical characterization; and CMC documentation. It also provides oligonucleotide based products, such as antisense, siRNA, miRNA, aptamer, CpG, decoy, and other products; and monomer/phosphoramidite. In addition, the company offers generic APIs for anti-cancer, anti-coagulant, anti-fungal, anti-hyperlipidemia, anti-hypertensive, anti-tuberculosis, asthma, COPD, cough suppressant, diabetes mellitus, epilepsy, hepatitis B, and erectile dysfunction medicines, as well as MRI contrast agents. Further, it provides 2nd battery, electronic materials, and polymer catalysts. The company was formerly known as Samchully Pharmaceutical Company., Ltd. ST Pharm Co. Ltd. was founded in 1983 and is based in Seoul, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ST Pharm Co reported revenue of 332B KRW in FY2025 versus 166B KRW in FY2021, a compound +19.0%/yr. Reported net income was 55.0B KRW in FY2025, compounding +101.9%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
332B KRW
Latest YoY
+21.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.0%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+21.7%
Avg. growth/yr (10Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.2%
Revenue +19.0%/yr
FY21 166B KRW
FY22 249B KRW
FY23 285B KRW
FY24 274B KRW
FY25 332B KRW
Net income +101.9%/yr
FY21 3.3B KRW
FY22 18.0B KRW
FY23 19.6B KRW
FY24 34.7B KRW
FY25 55.0B KRW

237690 screens 53% overvalued. Compare with Torrent Pharmaceuticals Limited →

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Cite: Fair Value Calculator (2026). "ST Pharm Co Fair Value". https://www.fairvalue-calculator.com/stock/237690

Peer Group

Pharmaceuticals · 25 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 44 · Below median
Fair Value upside −53% · Below median
Return on assets 1% · Below median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 4% · Below median
Revenue growth 31% · Top 25%
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.07× · Lower than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 18
FUTURE 100 · sector 60
PAST 0 · sector 24
HEALTH 96 · sector 95
DIVIDEND 7 · sector 28

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Pharmaceuticals stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Torrent Pharmaceuticals Limited 500420 ₹4,876 ₹4,360 -11%
GlaxoSmithKline Pharmaceuticals Limited 500660 ₹2,620 ₹1,452 -45%
Caregen Co 214370 64,400 KRW 7,277 KRW -89%
Oscotec Inc 039200 38,800 KRW 33,210 KRW -14%
DongKook Pharmaceutical Co 086450 21,600 KRW 31,283 KRW +45%
Kolon Life Science Inc 102940 17,460 KRW 37,129 KRW +113%
Huons Global Co 084110 25,100 KRW 58,482 KRW +133%
BINEX Co 053030 7,300 KRW 1,844 KRW -75%
Anterogen.Co.,Ltd., a bio-venture company, 065660 15,520 KRW 4,741 KRW -69%
Kyung Dong Pharmaceutical Co 011040 5,180 KRW 6,165 KRW +19%

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Frequently asked questions

Is ST Pharm Co (237690) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 50,110 KRW versus a price of 106,400 KRW, about −53% (overvalued).
What is the fair value of 237690?
Our model-based fair value for ST Pharm Co is 50,110 KRW (as of Aug 13, 2026), built from audited fundamentals. The current price is 106,400 KRW.
What is the quality score of 237690?
ST Pharm Co has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of ST Pharm Co (237690)?
ST Pharm Co reported trailing-twelve-month revenue of about 201B KRW (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 237690?
The net profit margin of ST Pharm Co is about 5.5%, meaning it keeps roughly 5.5% of revenue as net income. Based on the latest reported figures.
Does ST Pharm Co pay a dividend?
ST Pharm Co currently shows a dividend yield of about 0.34% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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