Brokerage : Yuanta Securities
Analyst : Hyunsoo Ha
Investment Rating : BUY (Maintain)
Target Price : KRW 280,000 (Upward)
Core Momentum : Target price upgraded on Givastomig’s added valuation in CLDN18.2 low-expression patients and rising BBB platform demand, alongside two bispecific ADCs entering the clinic within the year
📊 1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: Rating BUY (Maintain), Target Price KRW 280,000 (Raised from previous KRW 210,000), Upside Potential 16% (Current Price KRW 241,500 as of 2026-01-28)
- Valuation Methodology: Target price revision reflects the added valuation of Givastomig in CLDN18.2 low-expression patients and an upward adjustment in BBB shuttle platform value amid sustained global demand
- Financial Forecasts & Historicals (K-IFRS Consolidated):
- 2023A: Revenue KRW 66 Billion, Operating Profit KRW -3 Billion, Controlling Net Profit KRW -3 Billion, PER -369.4x, PBR 13.2x, EV/EBITDA -34,773.3x, ROE -3.7%
- 2024A: Revenue KRW 33 Billion, Operating Profit KRW -59 Billion, Controlling Net Profit KRW -56 Billion, PER -23.7x, PBR 8.9x, EV/EBITDA -21.4x, ROE -46.0%
- 2025F: Revenue KRW 140 Billion, Operating Profit KRW 20 Billion, Controlling Net Profit KRW 22 Billion, PER 398.3x, PBR 44.7x, EV/EBITDA 391.2x, ROE 11.7%
- 2026F: Revenue KRW 102 Billion, Operating Profit KRW -8 Billion, Controlling Net Profit KRW -4 Billion, PER -3,337.6x, PBR 63.5x, EV/EBITDA -2,914.7x, ROE -1.9%
- Stock Metrics: Market Cap KRW 13,312.7 Billion, Total Outstanding Shares 55,297,718 shares, 60-Day Avg Daily Trading Value KRW 256.3 Billion, 60-Day Avg Daily Volume 1,402,709 shares, 52-Week High/Low KRW 243,500 / KRW 33,000, Foreign Ownership 14.22%, Dividend Yield 0.00%, Major Shareholders Sang Hoon Lee & 11 affiliated parties
🚀 2. [Market Opportunities & Business Outlook]
- Givastomig (CLDN18.2×4-1BB) Combination Phase 1b Results:
- Demonstrated ORR of 77% (8mg/kg) and 73% (12mg/kg) in combination with GC 1L standard of care (Nivolumab/chemotherapy), outperforming CheckMate-649 (47%).
- Achieved 83% ORR in patients with low PD-L1 and CLDN18.2 expression, indicating potential expansion into underserved patient segments.
- Direct head-to-head comparison trial against Nivolumab/chemotherapy initiating in 1Q26, with data readouts expected in 2H27.
- Grade 3+ adverse events stood at 56% across both dose cohorts, showing favorable tolerability compared to CheckMate-649 (60%) and SPOTLIGHT (79%) under similar mFOLFOX6 regimens.
- Bispecific ADC Clinical Pipeline Expansion:
- ABL206 (ROR1xB7H3 ADC): Phase 1 IND approved; designed to combine high tumor specificity of ROR1 with high expression of B7H3 to minimize off-target toxicity.
- ABL209 (EGFRxMUC1 ADC): IND filing targeted for 1Q26; leverages superior EGFR internalization while utilizing MUC1 to manage toxicity.
- Both bispecific ADC candidates are set to enter clinical trials within the year, with preclinical data scheduled for presentation at AACR 2026.
📝 Editor’s Comment (Perspective)
The covering analyst views ABL Bio as an advancing oncology and platform biotech where robust clinical validation of its lead immuno-oncology asset (Givastomig) and the clinical entry of next-generation bispecific ADCs provide a dual growth engine alongside its high-demand BBB shuttle platform. This perspective prioritizes the clinical de-risking and addressable market expansion in low-target gastric cancer indications, as well as the progress into the bispecific ADC arena, over standard platform valuation alone.
To verify whether this investment thesis continues to materialize, primary focus should be directed toward the clinical progress of Givastomig’s direct comparative trial starting in 1Q26, the submission and approval of the IND for ABL209, subsequent Phase 1 initiations for both ABL206 and ABL209, and the release of bispecific ADC preclinical datasets at AACR 2026. These operational milestones can be monitored through medical congress presentations, regulatory IND filings, periodic financial reports, and official corporate disclosures.
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