Research Tactical Idea

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M

Idea

August 7, 2026 02:07 PM GMT

PharmaResearch Co Ltd | Asia Pacific

Morgan Stanley & Co. International plc, Seoul Branch+

Mi Hyun Kim

Equity Analyst

Research Tactical Idea

We believe the share price will rise relative to the industry over the next 15 days.

During 2Q26 earnings call, PharmaResearch (PR) said it expected c.W185bn sales in

3Q26 (+37% YoY; vs MSe of W165bn) and 37~39% OP margin for 2026, which

implies upside risk to its 2026 guidance. Given soft seasonality in 3Q in the medical

aesthetic industry, PR's 3Q26 earnings growth will likely be higher than its

competitors. Plus, the expected launch of a micro-needling RF device in Nov 2026

could be a positive catalyst as the combo therapy can reduce pain during the

Rejuran procedure. Pain during Reduran procedure has been the biggest bottleneck

in expanding the customer base. PR also plans to launch a recombinant collagen

injectable in early 2027 to directly compete with ECM skin boosters, which could be

PharmaResearch Co Ltd (214450.KQ, 214450 KS)

S. Korea Healthcare | S. Korea

Stock Rating

Industry View

Price target

Shr price, close (Aug 7, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (bn)

EV, curr (bn)

Avg daily trading value (bn)

Overweight

In-Line

W647,000

W378,500

W713,000-255,000

10

W3,933

W3,596

W60

a positive catalyst as well, depending on the execution.

We estimate that there is about a 60% to 70% (or "likely") probability for the

scenario.

Estimated probabilities are illustrative and assigned subjectively based on our

assessment of the likelihood of the scenario.

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