# Chong Kun Dang Pharmaceutical (185750.KO)

Canonical: https://gigainvestors.com/s/185750.KO

Analysis as of: 2026-10-16T07:45:46.029Z. Financial observations: FY2016–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 66,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 97,749.13 per share, central KRW 108,172.91 per share, high KRW 122,049.18 per share. Buy at or below the central value KRW 108,172.91 per share. Valuation as of 2026-10-16T07:45:46.029Z; scenarios are not confidence intervals.

Expected annual return: 16.9% at the stated quote. About 16.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.10×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.15×

- FY2024: 0.06×

- FY2025: 0.05×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 6.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 11.6%

- ROIC, second-lowest year: 9.7%

- Typical minus recent gross margin: 6.4 pp

- Typical gross margin (annual median): 37.5%

- Recent gross margin (lower of latest and 3-year median): 31.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 10.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.7%

- FY2017: 12.2%

- FY2018: 10.1%

- FY2019: 11.0%

- FY2020: 17.5%

- FY2021: 10.0%

- FY2022: 12.9%

- FY2023: 32.5%

- FY2024: 12.8%

- FY2025: 7.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.70×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 368B

- Net income, five-year total: KRW 523B

- Return on incremental invested capital: 6.9%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -2.0 pp

- Working capital / revenue, final three-year average: 25.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.71×

- FY2022: 1.00×

- FY2023: 0.99×

- FY2024: 0.75×

- FY2025: -0.46×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 10.1% vs 12.8%

- Per-share earnings: 4707.43 to 8234.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 4.2%

- Market cap gain: KRW 28B

- Cumulative retained earnings: KRW 634B

- Diluted shares, 5-year annual growth: 4.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.8%

- Per-share value change: KRW 4K

- Per-share value, starting three-year median: KRW 5K

- Per-share value, ending three-year median: KRW 8K

- Buybacks concentrated in cheaper years (correlation): 0.48

- Average buyback yield: 0.4%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: KRW 805B

- ROIC, first three-year median: 10.1%

- ROIC, last three-year median: 12.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 5K

- FY2018: KRW 4K

- FY2019: KRW 5K

- FY2020: KRW 8K

- FY2021: KRW 4K

- FY2022: KRW 6K

- FY2023: KRW 14K

- FY2024: KRW 8K

- FY2025: KRW 6K

### accounting: pass

- Sloan accruals: 0.6%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -4.1%

- FY2018: -0.0%

- FY2019: -2.9%

- FY2020: -1.3%

- FY2021: 2.8%

- FY2022: 1.2%

- FY2023: -7.5%

- FY2024: 3.1%

- FY2025: 0.6%

## Holders

## Price story

Down 47% since Dec 2023 · sales +5.3%

Story as of 2026-10-16T10:00:13.503Z; price observation 2026-10-15.

Price needs cash profits to shrink 7.5% a year for ten years

### Sales · FY2025–2026

sales +5.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 884B 

- FY2018: KRW 956B 

- FY2019: KRW 1.08T 

- FY2020: KRW 1.30T 

- FY2021: KRW 1.34T 

- FY2022: KRW 1.49T 

- FY2023: KRW 1.67T 

- FY2024: KRW 1.59T 

- FY2025: KRW 1.69T 

- FY2026: KRW 1.78T 

### Gross margin · FY2025

gross margin 31.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 40.3% 

- FY2017: 40.7% 

- FY2018: 39.8% 

- FY2019: 37.5% 

- FY2020: 37.5% 

- FY2021: 36.9% 

- FY2022: 36.5% 

- FY2023: 39.7% 

- FY2024: 33.6% 

- FY2025: 31.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are KRW 1.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2025: revenue 1692403987130; grossProfit 526377892980; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 185750.KO: Chong Kun Dang Pharmaceutical Corp. manufactures, markets, and sells medicines in South Korea and internationally. It offers prescription drugs for anti-hypertension, anti-hyperlipidaemia, and anti-diabetics, as well as immunosuppressants; over-the-counter medicines; and consumer health products, such as insecticides and hair dye products, as well as health supplements. The company was founded in 1941 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 31.1% to 39.7% during 2023–25; it earns 11.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2023: grossProfit / revenue = 39.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2024: grossProfit / revenue = 33.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2025: grossProfit / revenue = 31.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); 10-year return on capital observations [[2016,0.09661690684576475],[2017,0.12210189492673225],[2018,0.10103905903872522],[2019,0.11018908602979141],[2020,0.1749259915720382],[2021,0.10003253801861406],[2022,0.12881805890698306],[2023,0.3252182535074481],[2024,0.12752289259603702],[2025,0.07491914403989273]]; median 0.11614549047826184. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 1.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2016: growth capex 0; upkeep 39439463920; owner earnings 25440231490. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2017: growth capex 0; upkeep 19788585050; owner earnings 61884249460. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2018: growth capex 0; upkeep 21916025250; owner earnings 20711736930. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2019: growth capex 0; upkeep 21836695940; owner earnings 53694474488. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2020: growth capex 8853911550; upkeep 23785568000; owner earnings 90600465650. Growth capex / owner earnings = 0.09772479077760678.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2021: growth capex 9151731933.202545; upkeep 39091137736.797455; owner earnings 30417026757.202545. Growth capex / owner earnings = 0.30087529613772906.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2022: growth capex 11300824770; upkeep 33597662000; owner earnings 80614517320. Growth capex / owner earnings = 0.14018349480579634.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2023: growth capex 31776172360; upkeep 37029876000; owner earnings 210908180580. Growth capex / owner earnings = 0.15066353648594924.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2024: growth capex 0; upkeep 66102296590; owner earnings 81602178938. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); Dividend observations: [[2016,5642233200],[2017,8463349800],[2018,8463349800],[2019,8838972000],[2020,9277124400],[2021,10808292000],[2022,11238797000],[2023,11608529000],[2024,13331034200],[2025,13823939800]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); FY2025: cash repurchases 1769703420 KRW.

### Are managers owners

Insiders own 45% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 185750.KO SharesStats.PercentInsiders = 44.964 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 7.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:46.029Z); Ten-year compound average after fade. Initial solved rate -0.1172752888929241. Price 66500; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-11: KRW 67,210.15 per share

- 2016-12: KRW 70,729.71 per share

- 2017-01: KRW 66,330.26 per share

- 2017-02: KRW 74,113.91 per share

- 2017-03: KRW 74,790.75 per share

- 2017-04: KRW 78,851.79 per share

- 2017-05: KRW 83,589.66 per share

- 2017-06: KRW 82,574.40 per share

- 2017-07: KRW 76,144.43 per share

- 2017-08: KRW 70,391.30 per share

- 2017-09: KRW 73,437.07 per share

- 2017-10: KRW 76,144.43 per share

- 2017-11: KRW 91,034.89 per share

- 2017-12: KRW 93,742.25 per share

- 2018-01: KRW 99,156.97 per share

- 2018-02: KRW 92,033.23 per share

- 2018-03: KRW 90,611.87 per share

- 2018-04: KRW 83,149.72 per share

- 2018-05: KRW 74,621.54 per share

- 2018-06: KRW 71,423.48 per share

- 2018-07: KRW 74,266.20 per share

- 2018-08: KRW 77,108.92 per share

- 2018-09: KRW 83,860.40 per share

- 2018-10: KRW 61,616.07 per share

- 2018-11: KRW 72,844.84 per share

- 2018-12: KRW 76,113.97 per share

- 2019-01: KRW 79,098.84 per share

- 2019-02: KRW 78,352.62 per share

- 2019-03: KRW 76,113.97 per share

- 2019-04: KRW 76,113.97 per share

- 2019-05: KRW 68,726.44 per share

- 2019-06: KRW 68,801.06 per share

- 2019-07: KRW 65,219.23 per share

- 2019-08: KRW 61,861.26 per share

- 2019-09: KRW 62,234.36 per share

- 2019-10: KRW 71,412.81 per share

- 2019-11: KRW 68,427.95 per share

- 2019-12: KRW 76,002.04 per share

- 2020-01: KRW 72,789.58 per share

- 2020-02: KRW 67,696.66 per share

- 2020-03: KRW 66,599.73 per share

- 2020-04: KRW 75,610.27 per share

- 2020-05: KRW 73,964.87 per share

- 2020-06: KRW 85,012.59 per share

- 2020-07: KRW 105,776.03 per share

- 2020-08: KRW 152,004.08 per share

- 2020-09: KRW 130,065.34 per share

- 2020-10: KRW 119,487.74 per share

- 2020-11: KRW 136,333.55 per share

- 2020-12: KRW 186,342.11 per share

- 2021-01: KRW 150,965.91 per share

- 2021-02: KRW 140,682.13 per share

- 2021-03: KRW 113,532.95 per share

- 2021-04: KRW 114,355.64 per share

- 2021-05: KRW 107,362.67 per share

- 2021-06: KRW 112,710.24 per share

- 2021-07: KRW 106,951.32 per share

- 2021-08: KRW 106,128.62 per share

- 2021-09: KRW 99,135.65 per share

- 2021-10: KRW 96,667.54 per share

- 2021-11: KRW 87,617.81 per share

- 2021-12: KRW 95,885.98 per share

- 2022-01: KRW 79,732.21 per share

- 2022-02: KRW 83,101.18 per share

- 2022-03: KRW 85,001.62 per share

- 2022-04: KRW 85,519.92 per share

- 2022-05: KRW 80,164.13 per share

- 2022-06: KRW 75,585.79 per share

- 2022-07: KRW 77,831.77 per share

- 2022-08: KRW 74,203.65 per share

- 2022-09: KRW 67,897.63 per share

- 2022-10: KRW 72,562.36 per share

- 2022-11: KRW 72,303.20 per share

- 2022-12: KRW 74,467.12 per share

- 2023-01: KRW 74,013.60 per share

- 2023-02: KRW 71,746.03 per share

- 2023-03: KRW 70,385.48 per share

- 2023-04: KRW 76,825.40 per share

- 2023-05: KRW 79,909.30 per share

- 2023-06: KRW 74,467.12 per share

- 2023-07: KRW 70,022.67 per share

- 2023-08: KRW 78,911.56 per share

- 2023-09: KRW 85,079.37 per share

- 2023-10: KRW 86,077.09 per share

- 2023-11: KRW 112,290.25 per share

- 2023-12: KRW 124,666.66 per share

- 2024-01: KRW 104,761.91 per share

- 2024-02: KRW 103,047.62 per share

- 2024-03: KRW 104,952.38 per share

- 2024-04: KRW 99,333.34 per share

- 2024-05: KRW 99,523.81 per share

- 2024-06: KRW 93,238.09 per share

- 2024-07: KRW 106,190.48 per share

- 2024-08: KRW 118,476.19 per share

- 2024-09: KRW 107,047.62 per share

- 2024-10: KRW 97,904.77 per share

- 2024-11: KRW 90,190.48 per share

- 2024-12: KRW 89,000.00 per share

- 2025-01: KRW 86,600.00 per share

- 2025-02: KRW 80,800.00 per share

- 2025-03: KRW 77,800.00 per share

- 2025-04: KRW 81,600.00 per share

- 2025-05: KRW 86,600.00 per share

- 2025-06: KRW 82,900.00 per share

- 2025-07: KRW 84,600.00 per share

- 2025-08: KRW 79,900.00 per share

- 2025-09: KRW 82,100.00 per share

- 2025-10: KRW 82,800.00 per share

- 2025-11: KRW 87,500.00 per share

- 2025-12: KRW 82,900.00 per share

- 2026-01: KRW 85,500.00 per share

- 2026-02: KRW 93,400.00 per share

- 2026-03: KRW 89,100.00 per share

- 2026-04: KRW 85,700.00 per share

- 2026-05: KRW 79,400.00 per share

- 2026-06: KRW 66,200.00 per share

- 2026-07: KRW 66,900.00 per share

- 2026-08: KRW 68,400.00 per share

- 2026-09: KRW 64,200.00 per share

- 2026-10: KRW 66,200.00 per share

## Annual estimated value (KRW per share)

- FY2020: low KRW 78,116.83 per share, central KRW 87,155.13 per share, high KRW 99,187.03 per share

- FY2021: low KRW 75,432.84 per share, central KRW 83,960.39 per share, high KRW 95,312.37 per share

- FY2022: low KRW 66,173.27 per share, central KRW 74,067.18 per share, high KRW 84,575.66 per share

- FY2023: low KRW 89,973.27 per share, central KRW 99,261.53 per share, high KRW 111,626.18 per share

- FY2024: low KRW 91,317.35 per share, central KRW 101,093.11 per share, high KRW 114,106.72 per share

- FY2025: low KRW 95,348.50 per share, central KRW 105,243.58 per share, high KRW 118,416.03 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:51:44.773Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.