Brokerage : Kyobo Securities
Analyst : Hee-ryung Jung
Investment Rating : Buy (Maintain)
Target Price : KRW 230,000 (Upward)
Core Momentum : Increased pipeline success probabilities driven by clinical advancements across core ADC assets and planned IND submissions, enhancing potential for new licensing deals
📊 1. [Valuation & Key Financial Metrics]
- Target Price & Rating: Target Price KRW 230,000 (Upward), Rating Buy (Maintain), Current Price KRW 192,000 (As of 2026-03-31)
- Valuation Basis: Target price upward revision reflects improved development success probabilities from clinical progress in LCB14, LCB84, and LCB71
- Financial Forecasts & Historical Figures:
- 2023.12: Revenue KRW 34 Billion, Operating Profit KRW -81 Billion, Net Profit KRW -74 Billion, EPS KRW -2,775, PER -23.4x, PBR 12.5x, ROE -40.1%
- 2024.12: Revenue KRW 126 Billion (YoY +268.7%), Operating Profit KRW -21 Billion, Net Profit KRW 8 Billion, EPS KRW 226, PER 481.9x, PBR 6.5x, ROE 2.0%
- 2025.12E: Revenue KRW 142 Billion (YoY +12.4%), Operating Profit KRW -108 Billion, Net Profit KRW -72 Billion, EPS KRW -1,962, PER -88.5x, PBR 11.7x, ROE -12.4%
- 2026.12E: Revenue KRW 262 Billion (YoY +85.0%), Operating Profit KRW 23 Billion (OP Margin 8.8%), Net Profit KRW 40 Billion, EPS KRW 1,088, PER 176.5x, PBR 12.0x, ROE 7.1%, EV/EBITDA 245.5x
- 2027.12E: Revenue KRW 254 Billion (YoY -3.0%), Operating Profit KRW -5 Billion, Net Profit KRW 17 Billion, EPS KRW 464, PER 414.2x, PBR 11.7x, ROE 2.9%, EV/EBITDA -4,406.1x
- Stock Data: Capital Stock KRW 18.3 Billion, Market Cap KRW 7,029.2 Billion, Outstanding Common Shares 36.61 Million shares, Par Value KRW 500, Foreign Ownership 10.79%, Major Shareholder Pan Orion Corp. Limited & 8 affiliated parties (26.28%)
🚀 2. [Market Opportunities & Business Outlook]
- Core Pipeline Clinical Progress:
- HER2 ADC (LCB14): Global Phase 1b data release expected within the year. China Phase 3 to conclude in 1H26, targeting BLA filing in 2H26 (previously demonstrated 64% ORR in Enhertu-resistant patients at ESMO 2025).
- TROP2 ADC (LCB84): Set to enter Phase 2 within the year following completion of Phase 1. Janssen retains an option exercisable by the end of Phase 2, which includes a potential USD 200 Million option exercise fee.
- ROR1 ADC (LCB71): Partner CStone conducting Phase 1b trial; confirmed favorable safety profile up to Dose Level 10 in dose-escalation studies, with Phase 1b results scheduled for ASCO in May.
- New Pipeline Expansion & IND Submissions:
- Approximately 4 to 5 new pipeline IND filings planned within the year, accelerating the clinical pipeline expansion.
- Global ADC Industry Environment & Licensing Deals:
- Robust deal activity continues in the global ADC sector, with approximately 30 deals totaling USD 9.4 Billion recorded in 2025.
- Increasing demand in resistance settings against blockbuster drugs drives continued target-specific licensing momentum.
- Leveraging established deal references, the company aims to execute multiple new platform licensing agreements.
📝 Editor’s Comment (Perspective)
The covering analyst views LigaChem Biosciences not as a company limited by short-term licensing delays, but as an advancing ADC platform developer whose intrinsic value is being strengthened by tangible clinical trial progress and multiple upcoming IND submissions. This perspective places primary importance on the expanding pipeline validation and increased development success probabilities rather than temporary sentiment-driven stock fluctuations.
To verify whether this investment thesis continues to materialize, attention should be focused on key milestones including LCB71’s Phase 1b readout at ASCO in May, global Phase 1b results for LCB14, the submission status of 4 to 5 planned INDs within the year, and potential developments regarding LCB84 Phase 2 entry and new platform out-licensing deals. These developments can be tracked through future corporate IR disclosures, academic medical congress presentations, and official regulatory filings.
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Source: This content has been structured and newly written based on officially disclosed financial facts and data from brokerage reports.
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