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

<ul><li>For 3Q25, PharmaResearch reported revenue of W135.4bn (+52% YoY), missing the consensus.</li><li>By division, revenue was W22bn for pharma (+36% YoY; +33% YoY in Korea and +42% YoY overseas), W76.7bn for medical devices (+51% YoY; +59% YoY in Korea and +34% YoY overseas), and W35.2bn for cosmetics (+108% YoY; +126% YoY in Korea and +99% YoY overseas).</li><li>Operating profit was W61.9bn (+77% YoY; OP margin of 45.7%), in line with the consensus. We estimate adjusted EBITDA came in at W66.2bn (+67% YoY; adjusted EBITDA margin of 48.9%).</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, PharmaResearch reported revenue of W135.4bn (+52% YoY), missing the consensus.By division, revenue was W22bn for pharma (+36% YoY; +33% YoY in Korea and +42% YoY overseas), W76.7bn for medical devices (+51% YoY; +59% YoY in Korea and +34% YoY overseas), and W35.2bn for cosmetics (+108% YoY; +126% YoY in Korea and +99% YoY overseas).Operating profit was W61.9bn (+77% YoY; OP margin of 45.7%), in line with the consensus. We estimate adjusted EBITDA came in at W66.2bn (+67% YoY; adjusted EBITDA margin of 48.9%).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.

PharmaResearch (214450 KQ/Buy)An inevitable valuation reset