IBK cuts target for Yuhan stock to KRW 110,000

Published on 10/19/2026 at 03:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

IBK cut its target from KRW 160,000 to KRW 110,000 on October 16, 2026. For Yuhan stock, the margin forecast is 5.4 percent.

Royalty growth and valuation

On October 16, 2026, IBK kept its Buy rating and cut the target from KRW 160,000 to KRW 110,000.
For the third quarter of 2026, IBK projected revenue of KRW 612.6 billion and operating profit of KRW 33.2 billion.
Yuhan's market capitalization was KRW 5.7 trillion as of October 19, 2026.

Yuhan, KR7000100008, Illustration mit AI erstellt.

Yuhan Corporation (ISIN KR7000100008) is facing a lower analyst valuation after IBK Investment & Securities cut its target from KRW 160,000 to KRW 110,000 on October 16, 2026, while keeping its Buy rating. The report centered on rising royalties from the lung cancer treatment Lazcluze and the development potential of allergy candidate YH35324.

Royalty sales set the near-term frame

EDAILY reported on October 17, 2026, that IBK estimated third-quarter revenue at KRW 612.6 billion, up 7.5 percent year over year, and operating profit at KRW 33.2 billion, up 50.8 percent. The projected operating margin was 5.4 percent, while Lazcluze royalties were estimated at KRW 9.1 billion, 30 percent above the previous quarter.

The royalty thesis has a concrete commercial signal. Yuhan said on October 16, 2026, that global sales of the Lazcluze and Rybrevant combination reached USD 320 million in the third quarter of 2026, up 62.3 percent year over year. Sales for the first nine months of 2026 reached USD 866 million, up 67.4 percent.

What does the target cut mean?

The lower target reflects a change in IBK's valuation method rather than a withdrawal of its positive view. The report used a sum-of-the-parts approach and maintained the Buy rating, but the new target is 31.25 percent below the former KRW 160,000 level.

Three dates explain the setup

On October 7, 2026, CHOSUNBIZ reported that CEO Cho Uk-je's term will expire in March 2027. On October 13, 2026, Yuhan's Lazcluze partner reported USD 320 million in quarterly combination-therapy sales. On October 16, 2026, IBK cut its target to KRW 110,000 while retaining its Buy rating.

Which dates come next?

EDAILY reported that key data from the global Phase 2 trial of YH35324 is expected in the second half of 2027. The same report says the primary evaluation is scheduled for June 2027 and the full trial for July 2027.

Market value remains a separate test

Yuhan's market capitalization was KRW 5.7 trillion as of October 19, 2026. The stock last stood at KRW 84,100 on the KRX on October 19, 2026 at 9:59 a.m. KST. That level leaves the analyst target materially above the latest Korean-market quote, but the valuation case still depends on royalty growth and follow-on pipeline progress.