Following its spin-off, Samsung Biologics has transformed into a pure contract development and manufacturing organization (CDMO), prompting securities firms to unanimously raise their target prices for the company.
According to the securities industry on December 3, major brokerage firms have recently released reports highlighting several factors: a large influx of demand due to the restructuring of global supply chains; a series of mega-scale order acquisitions; entry into a high-profit regime driven by increased utilization rates at Plants 4 and 5; and visible expansion of production capacity, including the groundbreaking of Plant 6 and consideration of a U.S. facility. Based on these factors, they assessed that Samsung Biologics has entered a full-fledged phase of corporate value re-rating.
Securities analysts noted that the spin-off has clarified the business structure, creating an environment where Samsung Biologics’ core CDMO competitiveness is directly reflected in the market. As a result, the company’s mid- to long-term growth potential and valuation are now being evaluated with greater precision. In particular, as order intake, facility expansion, and profitability improvement are occurring simultaneously, the company’s EBITDA margin and growth rate are significantly outpacing global competitors. Therefore, analysts believe there is ample room for the stock price to rise further, beyond the current consensus target price.
Mirae Asset Securities raised its target price for Samsung Biologics to 2.3 million won, the highest among major securities firms. Other firms, such as Daishin Securities (2.2 million won) and SangSangin Securities (2 million won), also set their target prices above 2 million won.
Kim Seungmin, a researcher at Mirae Asset Securities, stated, "We applied a premium multiple compared to global peers based on 2028 EBITDA," adding, "Key momentum includes the acceleration of Plant 5’s capacity utilization driven by a large-scale contract worth 1.8 trillion won in the United States, as well as the groundbreaking of Plant 6."
Lee Heeyoung, a researcher at Daishin Securities, commented, "Reflecting the effects of the spin-off and the reduction in the number of shares outstanding, we have raised our target price to 2.2 million won." He further analyzed, "Profitability is expected to level up due to reduced fixed costs from higher utilization rates at Plants 4 and 5, and we forecast an operating profit margin (OPM) in the 46% range."
Meanwhile, on November 28, Samsung Biologics further strengthened its mid- to long-term growth foundation by securing an additional site in Zone 11 of Songdo, Incheon. The company plans to establish its third campus on this site, building research and production infrastructure for next-generation modalities such as cell and gene therapies (CGT), antibody vaccines, and peptides. This land acquisition is expected to accelerate the expansion of new businesses and diversification of future pipelines, serving as a mid- to long-term growth driver for both corporate value and share price.
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