Brokerage : IBK Securities
Analyst : Yisoo Jung, CFA
Investment Rating : BUY (Maintained)
Target Price : KRW 2,090,000 (Maintained)
Core Momentum : Despite temporary labor strike impacts, structural revenue visibility is expected to remain intact supported by favorable FX rates, revenue contribution from the Rockville site, and Plant 5 ramp-up in the second half.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY (Maintained) / Target Price KRW 2,090,000 (Maintained) (Closing price as of June 26, 2026: KRW 1,343,000)
- Market Data: Market Cap KRW 62.17 Trillion / Shares Outstanding 46,291,000 / Foreign Ownership 12.6% / Dividend Yield (2026F) 0.0%
- Annual Financial Forecast (IBK Securities Estimates):
- 2026F: Revenue KRW 5.47 Trillion (+20.1% YoY), Operating Profit KRW 2.46 Trillion (+18.9% YoY), OPM 45.0%, Net Profit (Controlling) KRW 1.89 Trillion, EPS KRW 40,866, PER 32.9x, PBR 6.7x, ROE 22.5%, EV/EBITDA 21.6x
- 2027F: Revenue KRW 6.40 Trillion, Operating Profit KRW 2.89 Trillion, OPM 45.2%, Net Profit (Controlling) KRW 2.20 Trillion, EPS KRW 47,513, PER 28.3x, PBR 5.4x, ROE 21.1%, EV/EBITDA 18.6x
- 2028F: Revenue KRW 6.79 Trillion, Operating Profit KRW 3.11 Trillion, OPM 45.8%, Net Profit (Controlling) KRW 2.39 Trillion, EPS KRW 51,602, PER 26.0x, PBR 4.5x, ROE 18.8%, EV/EBITDA 17.1x
🚀 2. [Market Opportunities & Business Outlook]
- Q2 2026 Performance Outlook:
- Consolidated revenue is estimated at KRW 1.32 Trillion (+30.0% YoY) with an operating profit of KRW 606.1 Billion (OPM 46.0%), largely in line with consensus estimates (Revenue KRW 1.32 Trillion, OP KRW 592.6 Billion).
- A partial 5-day labor strike in early May led to estimated production disruptions of approximately KRW 150 Billion; however, this volume is expected to be recognized as revenue in Q3, leaving the net impact on Q2 limited.
- The average USD/KRW exchange rate in Q2 reached approximately 1,500 KRW/USD (+6.8% YoY), positively impacting operating profitability given that export sales account for over 92% of total revenue.
- H2 Earnings Trajectory & Annual Guidance:
- While Q3 revenue growth may experience a temporary breather due to strike-related scheduling shifts, disrupted production is projected to be progressively recognized starting in Q4.
- With additional top-line contribution from the Rockville facility and the accelerated ramp-up of Plant 5 in H2, full-year revenue growth is projected to comfortably meet the company’s annual guidance range of 15%–20%.
- Industry Environment & Medium-Term Fundamentals:
- The global antibody therapeutics CDMO market is projected to expand at a steady CAGR of ~7% through 2029, supporting the company’s superior margin profile relative to global peers.
- Following an H1 share price decline (-21%) that lagged peers (Lonza +0.8%, WuXi Biologics +1.4%), the resolution of labor uncertainties combined with new contract momentum is anticipated to drive a valuation recovery aligned with core fundamentals.
📝 Editor’s Comment (Perspective)
The analyst views Samsung Biologics not as a business vulnerable to short-term operational interruptions or temporary labor disputes, but as a top-tier global CDMO capable of sustaining high profitability and meeting full-year guidance backed by structural demand in antibody therapeutics and disciplined capacity expansion. The overarching perspective places greater weight on medium-term manufacturing expansion—specifically the integration of the Rockville site and the ramp-up of Plant 5—and structural order execution rather than transient quarterly delivery shifts.
To verify whether this investment thesis progresses as expected, investors should primarily monitor the actual catch-up of delayed revenues in Q4, the operational ramp-up trajectory of Plant 5 and the Rockville facility, and the cadence of new commercial CDMO contract wins in the second half. These developments can be verified through upcoming quarterly earnings releases, official IR presentations, regulatory filings on DART/KRX, and periodic financial reports.
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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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