Risk Reward Update

Research evidence excerpt

Risk Reward Update

UpdateM

RiskRisk RewardReward– PharmaResearch- PharmaResearchCo Ltd (214450.KQ)Co Ltd (214450.KQ)

Going global with regenerative injectable

PRICE TARGET W647,000 OVERWEIGHT THESIS

Base case, discounted cash flow model. We think this methodology best captures PR's ▪We expect PharmaResearch's (PR) sales to

sustainable growth potential over the longer term. Our key DCF assumptions include an 8.1% double to W1.0trn by 2030, growing at a

cost of equity (beta 1.05, risk-free rate 3.0%, and risk premium 6.0%), 5.5% terminal growth, CAGR of 13% over 2025-2030, thanks to

and 5.5% FCF growth. Rejuran sales in Korea and overseas markets.

positioned as the originator of PN W490,583 ▪Well

injectables in Asia's medical aesthetic

Consensus Price Target Distribution W330,000.00 W717,000.00 market. MS PT

believe difficulty in sourcing rawSource: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates ▪We

materials (wild salmon) acts as a barrier to

entry for newcomers.

▪Global expansion is in the early phase,

RISK REWARD CHART with plans to enter China and US markets in

2028 and 2032, respectively. The company

KRW launched in the EU market in early 2026.

W995,000W995,000(+191.79%)W995,000(+191.79%)(+191.79%)

Consensus Rating Distribution

94% Overweight

6% Equal-weight

0% Underweight

W647,000W647,000(+89.74%)W647,000(+89.74%)(+89.74%) MS Rating

500000 Source: Refinitiv, Morgan Stanley Research

W341,000W341,000W341,000

250000 Risk Reward Themes

W232,000W232,000(-31.96%)W232,000(-31.96%)(-31.96%) Secular Growth: Positive

Self-help: Positive

JUL '25 JAN '26 JUL '26 JUL '27 View descriptions of Risk Rewards Themes here

Key: Historical Stock Performance Current Stock Price Price Target

Source: Refinitiv, Morgan Stanley Research