DAOL Investment & Securities forecasted on the 16th that there will be no elements that impair corporate value due to the spin-off of PharmaResearch. This is due to expectations for a strengthened shareholder return rate and new portfolio and overseas expansion strategies. Accordingly, the investment opinion remains 'buy,' with a target price of 510,000 won. The closing price of PharmaResearch on the previous trading day was 433,500 won.
PharmaResearch announced on the 13th that it will spin off its investment-related entity, PharmaResearch Holdings, and the new company that will engage in its existing aesthetic business, PharmaResearch. The partitioning ratio is 0.7427944 for PharmaResearch Holdings and 0.2572056 for PharmaResearch. After the spin-off, total assets will be 580.2 billion won and 219.5 billion won respectively. Following this, re-listing of the holding company and the newly established company will be pursued.
PharmaResearch is a K-aesthetic export company known for its salmon injection 'Rejuran.' In the first quarter of this year, it recorded sales of 116.9 billion won and an operating profit of 44.7 billion won, showing increases of 56.5% and 97.8% compared to the same period last year, respectively. A year ago, its stock price was in the 130,000 won range, but it has surged to three to four times that amount. However, on the day the spin-off decision was announced, PharmaResearch finished trading down 17.11% at 433,500 won.
Park Jong-hyun, a researcher at DAOL Investment & Securities, said, 'Through tangible contributions, the largest shareholder can secure additional equity in the Holdings, and once completed, the corporate value of the Holdings can be adjusted upwards to 1.3 trillion won by adding business value with a discount rate of 50% applied to a book value of 400 billion won.'
He noted, 'The succession-related issues that were cited as potential risks have been completely resolved, and under the current structure, the rise in the business company's stock price benefits both the largest shareholders and general shareholders. The business company is long, while the Holdings follows a short strategy. The combined value of the business company and the Holdings, based on stock prices, is estimated at 7.5 trillion won, equivalent to 640,000 won.'