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Shinyoung Securities Slashes Binex Price Target Amid Growth Slowdown
Health Technology · Biotechnology · yonhap_finance · 2026-09-02
053030
Shinyoung Securities has significantly lowered its price target for Binex to 11,000 won, citing sluggish growth in the bio division and facility downtime.
What Happened
Price Target Cut: Shinyoung Securities has revised its price target for Binex downward from 37,000 won to 11,000 won, citing slower-than-expected revenue growth. This adjustment reflects the company's recent lackluster financial performance and market conditions.
Performance Analysis: Binex reported a 15.1% year-on-year decline in second-quarter revenue, totaling 37.8 billion won. While the chemical division remained stable, the bio division experienced a significant 29.1% contraction, heavily impacting the overall results.
Operational Challenges: The slowdown is largely attributed to the temporary suspension of the Osong plant, which is currently preparing for inspections by the European Medicines Agency (EMA). Analysts noted that a strong recovery in the bio division is essential for the company to regain its growth momentum.
Future Outlook: Despite current headwinds, the firm maintains a 'Buy' rating, anticipating that global client products will receive FDA and EMA approvals by the first half of next year. Additionally, expectations for new contract wins in the first quarter of next year provide a basis for the continued positive investment stance.