Hanmi Pharm Co Ltd (128940) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Hanmi Pharm Co Ltd KRW 213,637, price KRW 520,000, upside -58.9%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 214,217 KRW – 623,719 KRW · fair‑value band 149,546 KRW – 360,023 KRW · the 520,000 KRW price screens above the 213,637 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Hanmi Pharm. Co., Ltd., a biopharmaceutical company, engages in the manufacture and sale of pharmaceutical products in South Korea, China, Japan, the United States, and internationally. It focuses on research areas with high unmet medical needs, including obesity, metabolism, oncology, and rare diseases.
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Hanmi Pharm. Co., Ltd., a biopharmaceutical company, engages in the manufacture and sale of pharmaceutical products in South Korea, China, Japan, the United States, and internationally. It focuses on research areas with high unmet medical needs, including obesity, metabolism, oncology, and rare diseases. The company's products include Gugutams, a urological combination therapy combining two active ingredients: tamsulosin, a treatment for Obstructive Prostatic Growth (OPG), and tadalafil, a treatment for erectile dysfunction (ED). The company has a research collaboration with MEDIC Life Sciences Inc. to identify cancer biomarkers. The company was founded in 1973 and is based in Hwaseong-si, South Korea.
Stock analysis
Hanmi Pharm Co Ltd (128940) currently trades at 520,000 KRW, while our model-based Fair Value estimate is 213,637 KRW, implying the stock looks roughly 143.4% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 265,599 KRW per share, and 0 of the 24 models we run sit above the 520,000 KRW price.
Bear case: the Asset-Based group reads lowest at 66,035 KRW, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 149,546 KRW (bear) to 360,023 KRW (bull), the price of 520,000 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 62/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Hanmi Pharm Co Ltd reported revenue of 1.5T KRW in FY2025 versus 1.2T KRW in FY2021, a compound +6.5%/yr. Reported net income was 170B KRW in FY2025, compounding +26.1%/yr from FY2021.
Key figures
Market cap 6.6T KRW (≈ $4.6B) · P/S ratio 3.15 · Dividend yield 0.4% · Net margin 11.0% · Return on equity 14.1% · Return on assets (EBIT) 9.9% · Operating margin 11.6% · Revenue (TTM) 1.5T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 67% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at −59%, 128940 screens richer than that median.
Fair Value models
Bear 149,546 KRWFair Value 213,637 KRWBull 360,023 KRW
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.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.80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.5%
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.
+5.1%
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.
+7.5%
Start year 2020 (pandemic). Over 10 years: +1.6% a year
Revenue growth 15 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.
+10.7%
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What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+18.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.2%
Dividend (yield on the price)0.4%
Profit margin 2020 to 2025 ⓘ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.5% → 17%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+31.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +28.6% a year for the price and +3.6% for the forecasts.
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.Drug Manufacturers - Specialty & Generic · 629 stocks
Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside−59% · Bottom 25%
Profitability
Return on equity (TTM)14% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)11% · Above median
Operating margin (TTM)12% · Above median
Growth and dividend
Revenue growth1% · Below median
Dividend yield (TTM)0.4% · Bottom 25%
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/FCF0.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 14
FUTURE (revenue growth)3· sector 20
PAST (return on equity)56· sector 27
HEALTH (low debt)96· sector 96
DIVIDEND (yield)8· sector 32
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). "Hanmi Pharm Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/128940
Frequently asked questions
Is Hanmi Pharm Co Ltd (128940) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 213,637 KRW versus a price of 520,000 KRW, about −59% upside (overvalued).
What is the fair value of 128940?
Our model-based fair value for Hanmi Pharm Co Ltd is 213,637 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 520,000 KRW.
What is the quality score of 128940?
Hanmi Pharm Co Ltd has a Quality Score of 62/100. 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 Hanmi Pharm Co Ltd (128940)?
Our model-based price target is the fair value of 213,637 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 149,546 KRW, optimistic scenario 360,023 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Hanmi Pharm Co Ltd stock forecast for 2026?
Our models put fair value at 213,637 KRW, about −59% upside versus a price of 520,000 KRW (overvalued). Cautious scenario 149,546 KRW, optimistic scenario 360,023 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Hanmi Pharm Co Ltd (128940)?
Hanmi Pharm Co Ltd reported trailing-twelve-month revenue of about 1.5T KRW (latest available figure, as of Sep 24, 2026).
Does Hanmi Pharm Co Ltd pay a dividend?
Hanmi Pharm Co Ltd currently shows a dividend yield of about 0.38% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Hanmi Pharm Co Ltd (128940)?
For today's price to be fair in a discounted-cash-flow model, Hanmi Pharm Co Ltd would have to grow free cash flow by +31.3 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 128940 use?
Our models discount Hanmi Pharm Co Ltd at 8.9 %: a base by market capitalisation (mid), damped by beta 0.46, 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 Hanmi Pharm Co Ltd that is +31.3 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Hanmi Pharm Co Ltd (128940) delivered so far?
Over the past 5 years revenue at Hanmi Pharm Co Ltd grew +7.5 % a year. The price currently implies +31.3 % 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 Hanmi Pharm Co Ltd (128940) growing?
The median revenue growth in the sector is +4.1 % a year. That is the yardstick for the growth priced into Hanmi Pharm Co Ltd (+31.3 % 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 Hanmi Pharm Co Ltd (128940)?
The free-cash-flow yield on the price is 1.46 %: that much free cash flow Hanmi Pharm Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hanmi Pharm Co Ltd (128940)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hanmi Pharm Co Ltd it is 213,637 KRW per share (as of Sep 24, 2026), against a price of 520,000 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Hanmi Pharm Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 128940 trades above its calculated fair value: price 520,000 KRW, fair value 213,637 KRW, a gap of about −59% (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 128940?
No. The price is what the market pays today (520,000 KRW); the fair value is what the company's own numbers justify (213,637 KRW). For Hanmi Pharm Co Ltd the two are 306,363 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Hanmi Pharm Co Ltd worth?
The market values Hanmi Pharm Co Ltd at about 6.6T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 520,000 KRW; our models calculate a fair value of 213,637 KRW per share.
What do the bullish and bearish scenarios say about 128940?
Our models span a range for Hanmi Pharm Co Ltd: cautious scenario 149,546 KRW, base 213,637 KRW, optimistic 360,023 KRW per share (as of Sep 24, 2026, price 520,000 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hanmi Pharm Co Ltd (128940)?
Balance-sheet figures for Hanmi Pharm Co Ltd (as of Sep 24, 2026): return on equity 14.1%, debt of 0.07 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 128940 from its 52-week high?
Hanmi Pharm Co Ltd trades at 520,000 KRW, about 17% below its 52-week high of 623,719 KRW and 67% above the low of 311,500 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 213,637 KRW is for.
Which stocks are comparable to Hanmi Pharm Co Ltd?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun Pharmaceutical Industries Limited, 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 Hanmi Pharm Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 520,000 KRW, calculated fair value 213,637 KRW (−59%), Quality Score 62/100, from 24 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 128940 calculated?
We run Hanmi Pharm Co Ltd through 24 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 213,637 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 14.1 % above its aggregate fair value. Hanmi Pharm Co Ltd 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 Hanmi Pharm Co Ltd (128940)?
The closing price on Sep 23, 2026 was 520,000 KRW. Our model-based fair value is 213,637 KRW, about −59% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hanmi Pharm Co Ltd right now?
The price sits above even our optimistic bull case (360,023 KRW). The favourable scenario is already priced in. Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (149,546 KRW to 360,023 KRW) leaves room in how you read the outcome.
Key figures of Hanmi Pharm Co Ltd
How large is the market capitalisation of Hanmi Pharm Co Ltd (128940)?
The market capitalisation of Hanmi Pharm Co Ltd is 6.6T KRW (≈ $4.6B). 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 Hanmi Pharm Co Ltd (128940)?
The price-to-sales ratio of Hanmi Pharm Co Ltd is 3.15 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Hanmi Pharm Co Ltd (128940)?
The dividend yield of Hanmi Pharm Co Ltd is 0.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hanmi Pharm Co Ltd (128940)?
The net margin of Hanmi Pharm Co Ltd is 11.0% (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 Hanmi Pharm Co Ltd (128940)?
The return on equity (ROE) of Hanmi Pharm Co Ltd is 14.1% (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 Hanmi Pharm Co Ltd (128940)?
On an EBIT basis the return on assets of Hanmi Pharm Co Ltd is 9.9% (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 Hanmi Pharm Co Ltd (128940)?
The operating margin of Hanmi Pharm Co Ltd is 11.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hanmi Pharm Co Ltd (128940)?
Revenue at Hanmi Pharm Co Ltd is growing +0.5% versus a year earlier (3y avg +5.1%). 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 Hanmi Pharm Co Ltd (128940)?
Earnings per share at Hanmi Pharm Co Ltd are growing +6.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hanmi Pharm Co Ltd (128940) carry?
The net debt of Hanmi Pharm Co Ltd is 317B KRW (fiscal year 2025, ≈ 3.3 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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