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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Daewoong Pharmaceutical Co / Equity Bottom-Up

<ul><li>We retain our target price of W210,000 on Daewoong Pharmaceutical.</li><li>Our valuation represents the sum of the firm’s operating value (W2.5tr) and the value of its stake in HanAll Biopharma (W369.9bn), minus net debt (W455.5bn).</li><li>While we slightly revised up our earnings forecasts following strong 3Q25 results, we kept our target price unchanged due to a reduction in our target multiple (9.3x). </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>

We retain our target price of W210,000 on Daewoong Pharmaceutical.Our valuation represents the sum of the firm’s operating value (W2.5tr) and the value of its stake in HanAll Biopharma (W369.9bn), minus net debt (W455.5bn).While we slightly revised up our earnings forecasts following strong 3Q25 results, we kept our target price unchanged due to a reduction in our target multiple (9.3x). 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.

Daewoong Pharmaceutical (069620 KS/Buy)Compelling Valuation