Kiwoom cuts Hanmi Pharm stock target to KRW 710,000

Published on 10/20/2026 at 00:29 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Kiwoom kept Buy for Hanmi Pharm stock. Third-quarter 2026 operating profit was forecast at KRW 38.4 billion on KRW 385.1 billion sales.

Earnings timing and pipeline

Kiwoom set a KRW 710,000 target on October 14, 2026.
Second-quarter revenue reached KRW 467.2 billion, up 29.3 percent year on year.
Hanmi Pharm is scheduled to report third-quarter results on October 27, 2026.

Hanmi Pharm, KR7128940004, Illustration mit AI erstellt.

Hanmi Pharm (ISIN KR7128940004) now carries a KRW 710,000 target after Kiwoom Securities cut it from KRW 730,000 on October 14, 2026, according to Financial News. The brokerage kept its Buy rating while expecting weaker third-quarter earnings and a recovery in the fourth quarter.

Target cut reflects third quarter

Kiwoom estimated third-quarter revenue at KRW 385.1 billion, up 6 percent year on year, and operating profit at KRW 38.4 billion, down 30 percent. Those estimates were below consensus revenue of KRW 450.1 billion and operating profit of KRW 107.9 billion, with the difference tied to the timing of a licensing payment and higher research and development costs, Financial News reported.

What does the target cut mean for earnings?

The earnings profile depends heavily on when licensing income enters the accounts. Kiwoom expected a USD 19.00 million upfront payment linked to HM17321 to be recognized in the fourth quarter after US administrative procedures were completed. The forecast also included the effect of Aptose research and development spending from the third quarter.

Hanmi Pharm entered this period with stronger first-half figures. Provisional second-quarter revenue was KRW 467.2 billion, up 29.3 percent from the same period a year earlier, while operating profit increased 116.9 percent to KRW 131.1 billion, according to Health Chosun. First-half revenue reached KRW 860.2 billion, a 14.4 percent increase, while operating profit rose 54.6 percent to KRW 184.7 billion.

Three events shape the timeline

On August 24, 2026, Hanmi Pharm licensed the obesity candidate HM17321 in a deal carrying a USD 19.00 million upfront payment, as eToday reported. On September 28, 2026, the company disclosed second-quarter revenue of KRW 467.2 billion and operating profit of KRW 131.1 billion, according to Health Chosun. On October 14, 2026, Kiwoom lowered its target from KRW 730,000 to KRW 710,000.

Upcoming reporting date

Hanmi Pharm is scheduled to publish its third-quarter results on October 27, 2026, according to TradingView. That report will test whether the delayed licensing income and added research spending match the brokerage scenario.

KRX price sets the market context

Hanmi Pharm closed at KRW 397,500 on the KRX on October 16, 2026. The dated market value places the stock below Kiwoom's KRW 710,000 target while the next earnings release approaches.