2025-06-10-花旗集团-SK生物制药（326030）_SK生物制药（326030.KS）_停止覆盖_11页_268kb

SK Biopharmaceuticals (326030.KS) - Citi Research Coverage Review

Discontinuing Coverage:

Citi announces the discontinuation of research coverage for SK Biopharmaceuticals due to reallocation of resources. The firm’s final rating is Neutral with a target price of ₩124,000 per share. Key Changes:

• Target Price: ₩124,000
• Expected Stock Price Return: 33.8%
• Current Price: ₩92,700
• Last Rating: Neutral
• Recommendation (Final): Do not rely on future updates; stock outlook based on previous research is now independent.

Financial Highlights & Forecasts:

• Market Cap: ₩7.26 trillion (approx. US$5.36 billion)

Summary of Key Metrics (2022-2026E):

Balance Sheet Insights - 2023 and Beyond:

• Expected strong revenue growth (44.2% YoY in 2024E).
• Pipeline reliant on CNS drug development (Xcopri expected to drive revenue, but failure risks remain).

Valuation (DCF Model):

• Target Price: ₩124,000 (50.8% upside from ₩92,700).
• Assumptions:
  • Terminal growth: 1.5%
  • WACC: 10.2%
  • Key revenue drivers: Xcopri royalties/milestones, potential new products.

Investment Strategy & View:

• Rationale: Citi maintains a Neutral stance, valuing the company’s R&D capabilities and pipeline, particularly Xcopri’s FDA approval and upcoming CNS drug milestones.
• Growth Outlook:
  • Revenue growth projected steadily through 2026E due to drug uptake and partnerships.
  • Concerns center on pipeline maturity, market niche sustainability, and modest catalyst potential.
• Recommendation: Owners of SK Biopharmaceuticals should not expect significant upside from current prices; investors do not need alerts.

Risk Assessment & Conclusion:

• Major Risks:
  • Pipeline drug development failure or market reception risks.
  • Difficulty scaling beyond existing CNS portfolio.
  • Low forecasted dividends and payout rates.

Analyst Certification & Compliance Information:
This report reflects an independent view by the analyst at the time of publication (Heejin Lim). However, note permissible conflicts of interest with SK Biopharmaceuticals and disclosure obligations under certain regions. Consider target price relative to growth projections caution.
1每股收益增长百分比
2所有数字均以预测值为主