[Click eStock] "Hanmi Pharm, Solid Performance... Obesity Pipeline in Full Swing"

Recent Group Ownership Dispute Causes Stock Fluctuation
Core Business Still Shows Solid Performance...Positive Evaluation
This Year, Obesity R&D and Pipeline Also Accelerate

Hana Securities maintained a 'Buy' rating and a target price of 400,000 KRW for Hanmi Pharm on the 11th, citing solid earnings. Hanmi Pharm's closing price on the previous trading day was 306,000 KRW.

Researchers Jaekyung Park and Jungyoon Kim of Hana Securities stated, "Hanmi Pharm has recently shown high stock price volatility due to ownership stake competition issues," adding, "Although Hanmi Pharm's stock return since March has been -8.4%, its core business remains solid, so we maintain a positive investment opinion."

Hanmi Pharm reported consolidated first-quarter sales of 398 billion KRW and operating profit of 70.1 billion KRW, in line with consensus estimates (market average forecasts). In particular, Beijing Hanmi's sales are estimated at 124 billion KRW with an operating profit of 37.6 billion KRW. The two researchers noted, "Following the achievement of 70 billion KRW in operating profit in the fourth quarter of 2023 due to technology fee receipts, this quarter is expected to see strong performance driven by sales growth of major products including Beijing Hanmi and sales of Rolvedon DS," adding, "Despite the high base sales in the first quarter of last year, Beijing Hanmi's major products (respiratory and digestive medicines) are expected to continue growing, benefiting from the influenza outbreak in China."

With continued strong performance, obesity R&D is also expected to accelerate this year. Researchers Jaekyung Park and Jungyoon Kim said, "We have raised overall sales estimates for Rolvedon DS, Beijing Hanmi, and Rosuzet," adding, "The obesity and metabolic pipeline is also being actively developed."