[Click eStock] "Hanmi Pharm, Corporate Value Highlighted Amid Management Dispute"

NH Investment & Securities evaluated on the 11th that Hanmi Pharm's stock price is in an extremely undervalued state due to intensified corporate value discounting caused by a management rights dispute. They predicted that next year will be the first year of a stock price rebound driven by new drug momentum.

Hanmi Pharm holds key products such as Rosuzet, a combination therapy for hyperlipidemia; Amozaltan, a combination therapy for hypertension; and Esomazol, a treatment for gastroesophageal reflux disease. Notably, Esomazol was the first domestically formulated new drug to receive marketing approval from the U.S. Food and Drug Administration (FDA) in 2013. Currently, the company has MASH therapies including dual and triple agonists, as well as obesity and metabolic disease treatments such as HM25275 (LA-TRIA).

Han Seung-yeon, a researcher at NH Investment & Securities, stated, "We evaluate Hanmi Pharm's operating value at 4.3 trillion KRW and the value of new drugs at 1.3 trillion KRW," adding, "We set the combined value at 5.6 trillion KRW and propose a target stock price of 440,000 KRW." The target price is more than 36% higher than Hanmi Pharm's closing price last week of 323,000 KRW.

The researcher diagnosed, "Hanmi Pharm's corporate value has continuously declined over the past two years due to underperformance in the U.S. market compared to expectations," and added, "Recently, the management rights dispute within the group has intensified the stock price discount."

He noted, "Currently, LA-TRIA shows high weight loss effects and the potential for lean mass maintenance and drug switching, so attention should be paid to Phase 1 clinical safety data," and forecasted, "LA-UCN, which has not been reflected in the new drug value, is an innovative first-in-class muscle-enhancing obesity treatment new drug that is expected to have high demand from global major pharmaceutical companies (Big Pharma)."

He also said, "Merck, the partner for the dual agonist, has shown its commitment to development and commercialization by expanding clinical trials from one to four," and expressed expectations, "Considering the case where Zealand Pharma's market capitalization increased by 1.3 trillion KRW immediately after announcing Phase 2 clinical trial results, the new drug value could rise up to 2 trillion KRW."