Yuhan Corporation (000100) was trading at 87,000 won on the morning of the 21st, up 900 won (1.04%) from the previous session.

Sangsangin Securities projected that Yuhan's third-quarter results this year will be in line with market expectations, highlighting growth in its healthcare business division and expanding orders in its overseas business division.

■ Q3 Operating Profit Estimated at 34.3 Billion Won… 'At Consensus Level'

Sangsangin Securities estimated Yuhan's third-quarter 2026 revenue at 612.5 billion won and operating profit at 34.3 billion won. These figures represent year-on-year increases of 7.4% and 55.6%, respectively, with an expected operating margin of 5.6%. Sangsangin Securities forecast that these results would be at a level similar to the market consensus.

■ Healthcare Division to Grow More Than 30%… Overseas Division Expected to See Modest Increase

By segment, the brokerage projected low single-digit growth in the ethical drugs (ETC) segment. In contrast, it forecast the healthcare division would post growth of more than 30%, driven by increased probiotics sales on the back of marketing effects.

Overseas division revenue was estimated at about 139.1 billion won. The analysis is that it will increase slightly from a year earlier as active pharmaceutical ingredient (API) order volumes grow. Sangsangin Securities also noted that Yuhan has recently been announcing API order contract disclosures.

■ Yuhan Chemical's Expanded Plant to Begin Commercial Operations in First Half of 2028

For the medium- to long-term outlook, the brokerage cited the capacity expansion at Yuhan Chemical, which produces APIs, as a key factor. According to Sangsangin Securities, the expanded plant is scheduled to begin commercial operations in the first half of 2028. It expects the overseas division to show strong long-term growth based on rising order values and the plant expansion.

[This article is intended to provide information for investment reference purposes and does not recommend the purchase or sale of any specific stock. Content is subject to change depending on market conditions. Investment decisions and any resulting responsibility rest with the investor. AI assisted in part.]