External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

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Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>For 3Q25, ST Pharm reported revenue of W81.9bn (+32.7% YoY) and operating profit of W14.7bn (+141.1% YoY), both well above the consensus estimates (W66.9bn and W6.5bn, respectively).</li><li>The company recognized oligonucleotide (oligo) CDMO revenue related to a chronic hepatitis B treatment earlier than expected, which appears to have been a major factor driving the strong consensus beat.</li><li>Oligo CDMO revenue came in at W68.6bn (+92.9% YoY), including W22.2bn from the chronic hepatitis B treatment, W25.6bn from a rare cardiovascular disease treatment, W7.9bn from a hyperlipidemia treatment, and W7.2bn from an arteriosclerosis treatment.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

For 3Q25, ST Pharm reported revenue of W81.9bn (+32.7% YoY) and operating profit of W14.7bn (+141.1% YoY), both well above the consensus estimates (W66.9bn and W6.5bn, respectively).The company recognized oligonucleotide (oligo) CDMO revenue related to a chronic hepatitis B treatment earlier than expected, which appears to have been a major factor driving the strong consensus beat.Oligo CDMO revenue came in at W68.6bn (+92.9% YoY), including W22.2bn from the chronic hepatitis B treatment, W25.6bn from a rare cardiovascular disease treatment, W7.9bn from a hyperlipidemia treatment, and W7.2bn from an arteriosclerosis treatment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ST Pharm (237690 KQ/Buy) - Above-Consensus Results Led by Oligo CDMO Revenue

South Korea

ST Pharm Co., Ltd.  manufactures active pharmaceutical ingredients.  The Company is also engaged in new drug custom manufacturing services, fine chemical business, and bio-therapy businesss.

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ST Pharm Co Ltd (237690 KS)

ST Pharm (237690 KQ/Buy) - Above-Consensus Results Led by Oligo CDMO Revenue

For 3Q25, ST Pharm reported revenue of W81.9bn (+32.7% YoY) and operating profit of W14.7bn (+141.1% YoY), both well above the consensus estimates...

Mirae Asset Securities

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