Aprogen Healthcare & Games Inc (109960) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Aprogen Healthcare & Games Inc KRW 202, price KRW 1,867, upside -89.2%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Aprogen Healthcare & Games Inc. engages in the development of medicines using biomedical technology. The company operates through Game Business, Rental Profit, and Pharmaceutical divisions. It offers specialty drugs, such as antibiotics, circulatory system, digestive system, anti-inflammatory, and analgesic drugs.
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Aprogen Healthcare & Games Inc. engages in the development of medicines using biomedical technology. The company operates through Game Business, Rental Profit, and Pharmaceutical divisions. It offers specialty drugs, such as antibiotics, circulatory system, digestive system, anti-inflammatory, and analgesic drugs. The company also offers wireless remote lighting monitoring and control system for streetlights/security lamps, and Bluetooth hands-free for vehicles; rents bio equipment; and leases real estate properties. In addition, it provides mobile games, such as Dragon Raja M, Legend of super heroes, Heroes & Titans, and Flame shadow. The company was formerly known as Locojoy International Corporation. Aprogen Healthcare & Games Inc. was founded in 1998 and is headquartered in Seongnam, South Korea.
Stock analysis
Aprogen Healthcare & Games Inc (109960) currently trades at 1,867 KRW, while our model-based Fair Value estimate is 202.17 KRW, 89.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 1,150 KRW per share, and 0 of the 7 models we run sit above the 1,867 KRW price.
Bear case: the Multiples group reads lowest at 199.27 KRW, and 7 of the 7 models stay below the price. Evidence for this calculation is low.
Scenario range: 155.66 KRW (bear) to 277.08 KRW (bull), the price of 1,867 KRW sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Healthcare sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Aprogen Healthcare & Games Inc reported revenue of 9.8B KRW in FY2025 versus 8.4B KRW in FY2021, a compound +3.9%/yr. Reported net income was −5.6B KRW in FY2025.
Key figures
Market cap 28.2B KRW (≈ $21.0M) · P/S ratio 3.14 · Net margin −56.7% · Return on equity −2,415% · Return on assets (EBIT) −0.5% · Operating margin −14.4% · Revenue (TTM) 9.0B KRW · Revenue growth (YoY) +0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 71% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −40% fair-value upside, at −89%, 109960 screens richer than that median.
Fair Value models
Bear 155.66 KRWFair Value 202.17 KRWBull 277.08 KRW
Price 1,867 KRW · Upside -89.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.36/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−40.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.0%
Start year 2020 (pandemic). Over 10 years: −1.2% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.0%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−7.3% (2018) → −26.1% (2023)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
Compare Aprogen Healthcare & Games Inc with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Pharmaceuticals · 46 stocks
Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−89.2% · Bottom 25%
Profitability
Return on assets−0.4% · Bottom 25%
Net margin (TTM)74.5% · Top 25%
Operating margin (TTM)−14.4% · Bottom 25%
Growth and dividend
Revenue growth0.9% · Below median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 28
FUTURE (revenue growth)5· sector 51
PAST (return on equity)0· sector 10
HEALTH (low debt)100· sector 98
DIVIDEND (yield)0· sector 26
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Aprogen Healthcare & Games Inc Fair Value". https://www.fairvalue-calculator.com/stock/109960
Frequently asked questions
Is Aprogen Healthcare & Games Inc (109960) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of 202.17 KRW versus a price of 1,867 KRW, about −89% upside (overvalued).
What is the fair value of 109960?
Our model-based fair value for Aprogen Healthcare & Games Inc is 202.17 KRW (as of Oct 4, 2026), built from audited fundamentals. The current price: 1,867 KRW.
What is the quality score of 109960?
Aprogen Healthcare & Games Inc has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Aprogen Healthcare & Games Inc (109960)?
Our model-based price target is the fair value of 202.17 KRW (as of Oct 4, 2026) from 7 valuation models. Cautious scenario 155.66 KRW, optimistic scenario 277.08 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Aprogen Healthcare & Games Inc stock forecast for 2026?
Our models put fair value at 202.17 KRW, about −89% upside versus a price of 1,867 KRW (overvalued). Cautious scenario 155.66 KRW, optimistic scenario 277.08 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Aprogen Healthcare & Games Inc (109960)?
Aprogen Healthcare & Games Inc reported trailing-twelve-month revenue of about 9.0B KRW (latest available figure, as of Oct 4, 2026).
What growth is priced into Aprogen Healthcare & Games Inc (109960)?
For today's price to be fair in a discounted-cash-flow model, Aprogen Healthcare & Games Inc would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.0 % per year. As of Oct 4, 2026.
What discount rate (WACC) does the fair value of 109960 use?
Our models discount Aprogen Healthcare & Games Inc at 10.5 %: a base by market capitalisation (nano), damped by beta 1.14, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Aprogen Healthcare & Games Inc that is less than minus 40 % per year a year over ten years, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Aprogen Healthcare & Games Inc (109960) delivered so far?
Over the past 5 years revenue at Aprogen Healthcare & Games Inc grew -1.0 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Aprogen Healthcare & Games Inc (109960) growing?
The median revenue growth in the sector is +10.4 % a year. That is the yardstick for the growth priced into Aprogen Healthcare & Games Inc (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Aprogen Healthcare & Games Inc (109960)?
The free-cash-flow yield on the price is 11.75 %: that much free cash flow Aprogen Healthcare & Games Inc produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Aprogen Healthcare & Games Inc (109960)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Aprogen Healthcare & Games Inc it is 202.17 KRW per share (as of Oct 4, 2026), against a price of 1,867 KRW. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Aprogen Healthcare & Games Inc stock overvalued or undervalued in 2026?
As of Oct 4, 2026, 109960 trades above its calculated fair value: price 1,867 KRW, fair value 202.17 KRW, a gap of about −89% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 109960?
No. The price is what the market pays today (1,867 KRW); the fair value is what the company's own numbers justify (202.17 KRW). For Aprogen Healthcare & Games Inc the two are 1,665 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Aprogen Healthcare & Games Inc worth?
The market values Aprogen Healthcare & Games Inc at about 28.2B KRW (market capitalisation, as of Oct 4, 2026). Per share that is 1,867 KRW; our models calculate a fair value of 202.17 KRW per share.
What do the bullish and bearish scenarios say about 109960?
Our models span a range for Aprogen Healthcare & Games Inc: cautious scenario 155.66 KRW, base 202.17 KRW, optimistic 277.08 KRW per share (as of Oct 4, 2026, price 1,867 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 109960 from its 52-week high?
Aprogen Healthcare & Games Inc trades at 1,867 KRW, about 71% below its 52-week high of 6,500 KRW and 17% above the low of 1,595 KRW (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 202.17 KRW is for.
Which stocks are comparable to Aprogen Healthcare & Games Inc?
From the same area (Healthcare) we also value Caregen Co, ST Pharm Co, Oscotec Inc, DongKook Pharmaceutical Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Aprogen Healthcare & Games Inc stock attractive at the current price?
The data as of Oct 4, 2026: price 1,867 KRW, calculated fair value 202.17 KRW (−89%), Quality Score 55/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 109960 calculated?
We run Aprogen Healthcare & Games Inc through 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 202.17 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0 % above its aggregate fair value. Aprogen Healthcare & Games Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Aprogen Healthcare & Games Inc (109960)?
The closing price on Oct 2, 2026 was 1,867 KRW. Our model-based fair value is 202.17 KRW, about −89% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Aprogen Healthcare & Games Inc right now?
The price sits above even our optimistic bull case (277.08 KRW). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Aprogen Healthcare & Games Inc
How large is the market capitalisation of Aprogen Healthcare & Games Inc (109960)?
The market capitalisation of Aprogen Healthcare & Games Inc is 28.2B KRW (≈ $21.0M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Aprogen Healthcare & Games Inc (109960)?
The price-to-sales ratio of Aprogen Healthcare & Games Inc is 3.14 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Aprogen Healthcare & Games Inc (109960)?
The net margin of Aprogen Healthcare & Games Inc is −56.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Aprogen Healthcare & Games Inc (109960)?
The return on equity (ROE) of Aprogen Healthcare & Games Inc is −2,415% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Aprogen Healthcare & Games Inc (109960)?
On an EBIT basis the return on assets of Aprogen Healthcare & Games Inc is −0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Aprogen Healthcare & Games Inc (109960)?
The operating margin of Aprogen Healthcare & Games Inc is −14.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Aprogen Healthcare & Games Inc (109960)?
Revenue at Aprogen Healthcare & Games Inc is growing +0.9% versus a year earlier (3y avg +0.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Aprogen Healthcare & Games Inc (109960)?
Earnings per share at Aprogen Healthcare & Games Inc are growing +900% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Aprogen Healthcare & Games Inc (109960) carry?
The net debt of Aprogen Healthcare & Games Inc is 2.0B KRW (fiscal year 2025, ≈ 0.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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