Brokerage : IBK Securities
Analyst : Yisoo Jung
Investment Rating : BUY (Maintained)
Target Price : KRW 2,090,000 (Maintained)
Core Momentum : Supported by revenue contributions from the Rockville site and Plant 5 scaling, full-year growth is expected to hit the upper guidance limit, while the PolyPeptide acquisition secures structural entry into high-growth peptide CDMO markets.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY rating maintained; Target Price maintained at KRW 2,090,000.
- EPS Estimate Revision:
- 2026E EPS: KRW 40,793 (revised down from KRW 40,866)
- 2027E EPS: KRW 46,958 (revised down from KRW 47,513)
- Financial Forecast Summary (K-IFRS Consolidated):
- 2024: Revenue KRW 3.497 trillion, Operating Profit KRW 1.321 trillion (OPM 37.8%), Pre-tax Profit KRW 1.385 trillion, Net Profit (Controlling) KRW 1.083 trillion (NPM 31.0%), EPS KRW 15,221 (+26.3% YoY), ROE 10.4%, P/E 91.8x, P/B 9.1x, EV/EBITDA 35.2x.
- 2025: Revenue KRW 4.557 trillion, Operating Profit KRW 2.069 trillion (OPM 45.4%), Pre-tax Profit KRW 2.119 trillion, Net Profit (Controlling) KRW 1.784 trillion (NPM 39.1%), EPS KRW 26,572 (+74.6% YoY), ROE 19.4%, P/E 63.8x, P/B 10.5x, EV/EBITDA 28.8x.
- 2026(E): Revenue KRW 5.473 trillion (+20.1% YoY), Operating Profit KRW 2.455 trillion (+18.6% YoY, OPM 44.9%), Pre-tax Profit KRW 2.508 trillion, Net Profit (Controlling) KRW 1.888 trillion (NPM 34.5%), EPS KRW 40,793 (+53.5% YoY), ROE 22.5%, P/E 33.6x, P/B 6.8x, EV/EBITDA 21.7x.
- 2027(E): Revenue KRW 6.324 trillion, Operating Profit KRW 2.858 trillion (OPM 45.2%), Pre-tax Profit KRW 2.881 trillion, Net Profit (Controlling) KRW 2.174 trillion (NPM 34.4%), EPS KRW 46,958 (+15.1% YoY), ROE 20.8%, P/E 29.2x, P/B 5.5x, EV/EBITDA 18.8x.
- 2028(E): Revenue KRW 6.866 trillion, Operating Profit KRW 3.145 trillion (OPM 45.8%), Pre-tax Profit KRW 3.212 trillion, Net Profit (Controlling) KRW 2.418 trillion (NPM 35.2%), EPS KRW 52,245 (+11.3% YoY), ROE 19.0%, P/E 26.3x, P/B 4.6x, EV/EBITDA 16.7x.
🚀 2. [Market Opportunities & Business Outlook]
- 2Q26 Provisional Results Review:
- Consolidated Revenue reached KRW 1.3209 trillion (+30.2% YoY) and Operating Profit reached KRW 586.4 billion (+22.9% YoY, OPM 44.4%), broadly in line with market consensus.
- Robust top-line expansion was driven by full utilization across Plants 1–4 and favorable KRW/USD exchange rates.
- Solid OPM of 44.4% was maintained despite upfront costs for Plant 5 PPQ validation batches and pre-operating expenses for the Rockville facility.
- The ~KRW 150 billion production disruption during the quarter is expected to be recovered within the year, minimizing annual financial fallout.
- Second-Half & Full-Year Guidance Outlook:
- Commercial revenue recognition from the Rockville site and expanded batch runs at Plant 5 will begin in 3Q.
- Full-year revenue growth is projected to achieve the upper limit of the company’s 15–20% guidance range.
- Modality Diversification via PolyPeptide Group Acquisition:
- Strategic entry into peptide CDMOs through the acquisition of Switzerland-based PolyPeptide Group, diversifying beyond core antibody manufacturing.
- PolyPeptide Group financials: 2025 Revenue of ~KRW 640 billion and EBITDA of KRW 77 billion → projected to expand to ~KRW 1.0 trillion in Revenue and ~KRW 260 billion in EBITDA by 2028.
- Targeting 100% equity acquisition by year-end for consolidated subsidiary inclusion, directly positioning the company to capture surging GLP-1 obesity/diabetes peptide demand.
📝 Editor’s Comment (Perspective)
The analyst views Samsung Biologics not as an entity limited by temporary batch disruptions or upfront site expenses, but as an expanding tier-1 biomanufacturing enterprise maximizing its core capacity via Plant 5 and US Rockville operations while strategically scaling into high-growth peptide CDMO segments through PolyPeptide Group. The perspective places significant strategic value on combining stable high-margin antibody manufacturing with geographic expansion and fast-growing modality diversification.
To determine whether this investment thesis unfolds as anticipated, key verification points include monitoring the actual revenue ramp-up and margin delivery from the Rockville site and Plant 5 starting in 3Q26, tracking the formal closing of the 100% equity acquisition of PolyPeptide Group by year-end, and assessing the subsequent order momentum and earnings contribution from the peptide division. These operational milestones can be verified through future quarterly earnings releases, investor presentations, and regulatory filings on DART.
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