Brokerage : DS Investment & Securities
Analyst : Min-jeong Kim
Investment Rating : N/R
Target Price : N/R
Core Momentum : Structural growth anticipated through the ABL001 final clinical data readout in April, ABL111’s Phase 3 entry via an accelerated approval pathway in 2H, and the expansion of next-generation Grabody B platforms
1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: N/R (No Target Price provided), Current Price KRW 154,400 (As of 2026-04-06)
- Historical Financials & Forecasts (K-IFRS Consolidated):
- 2022: Revenue KRW 65 Billion, Operating Profit KRW 0 Billion (OP Margin 0.2%), Pre-tax Profit KRW 4 Billion, Controlling Net Profit KRW 4 Billion, EPS KRW 81, ROE 6.1%, PER 285.2x, PBR 15.7x, EV/EBITDA 440.5x
- 2023: Revenue KRW 64 Billion, Operating Profit KRW -3 Billion (OP Margin -4.7%), Pre-tax Profit KRW -2 Billion, Controlling Net Profit KRW -2 Billion, EPS KRW -52, ROE -3.4%, PER -473.4x, PBR 15.8x, EV/EBITDA -2,557.9x
- 2024: Revenue KRW 33 Billion, Operating Profit KRW -59 Billion (OP Margin -176.8%), Pre-tax Profit KRW -55 Billion, Controlling Net Profit KRW -55 Billion, EPS KRW -1,144, ROE -45.5%, PER -26.1x, PBR 9.6x, EV/EBITDA -23.8x
- 2025: Revenue KRW 89 Billion, Operating Profit KRW -151 Billion (OP Margin -171.1%), Pre-tax Profit KRW -151 Billion, Controlling Net Profit KRW -151 Billion, EPS KRW -2,731, ROE -143.5%, PER -68.0x, PBR 243.6x, EV/EBITDA -49.6x
- 2026F: Revenue KRW 89 Billion, Operating Profit KRW -1,375 Billion (OP Margin -1,537.4%), Pre-tax Profit KRW -1,376 Billion, Controlling Net Profit KRW -1,376 Billion, EPS KRW -24,953, ROE n/a, PER -6.2x, PBR -6.4x, EV/EBITDA -3.5x
- Stock Metrics: KOSDAQ 1,047.4pt, Market Cap KRW 8,644 Billion, Outstanding Shares 55,987 Thousand shares, Par Value KRW 500, Capital Stock KRW 28 Billion, 60-Day Avg Daily Trading Volume 971 Thousand shares, 60-Day Avg Daily Trading Value KRW 192,960 Million, Foreign Ownership 11.7%, 52-Week High/Low KRW 257,500 / KRW 42,800
2. [Market Opportunities & Business Outlook]
- ABL001 (Tovecimig) Clinical Data & Commercialization:
- Final Phase 2/3 COMPANION-002 data (including DoR, mPFS, mOS, and safety) expected to be released in April.
- ODD application suggests it remains a viable asset for regulatory approval. Its successful commercialization would prove crucial in validating the company’s business capabilities and pipeline expansion potential.
- ABL111 Gastric Cancer 1L Target & Accelerated Approval:
- Targeting the ~KRW 4.5 Trillion first-line gastric cancer market, FDA feedback confirmed the viability of an accelerated approval pathway utilizing the ORR primary endpoint.
- Full Phase 1b data presentation is scheduled for 2H, with registrational Phase 3 trial initiation slated for Q4.
- Next-Generation Pipeline & Platform Expansion:
- Injecting an additional USD 25 Million into its wholly-owned subsidiary, NEOK bio, to develop bispecific ADCs and dual-payload ADCs (recent Phase 1 IND approvals for ABL206 and ABL209, with initial data expected by 2027).
- Expanding Grabody B into siRNA shuttles and developing next-generation BBB shuttles utilizing trispecific antibodies, with active out-licensing discussions underway following the JP Morgan Healthcare Conference.
Editor’s Comment (Perspective)
The covering analyst views ABL Bio as a maturing biotechnology firm transitioning from early-stage clinical dependency to proving its commercialization capabilities through late-stage assets (ABL001 and ABL111), while simultaneously driving structural R&D evolution via subsidiary expansions and next-generation BBB platforms. This perspective places primary importance on the impending commercial and registrational milestones of its lead assets and the scalability of its Grabody B platform, looking past the short-term share price consolidation caused by ABL301’s Phase 2 delays.
To verify whether this investment thesis continues to materialize, primary focus should be directed toward the final survival data from ABL001’s Phase 2/3 trial in April, the full Phase 1b data readout and subsequent Q4 Phase 3 registrational trial initiation for ABL111, and the successful execution of new BBB shuttle out-licensing agreements currently under negotiation. These critical milestones can be tracked via upcoming medical congress presentations, partner disclosures, and official corporate filings.
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