Source Fact: SK Securities / June 26, 2026
Investment Opinion & Target Price: Not Rated / Current Price (as of June 25, 2026): 40,000 KRW
Core Momentum: Favorable 4-year follow-up data from Egypt, upcoming main contract with Northwell Health, and impending Nasdaq listing of its US subsidiary
📊 1. [Section Title: Valuation and Investment Metrics Analysis]
- Rating & Target Price: This analysis is released as a ‘Not Rated’ IPO update report with no official target price assigned. The current stock price stands at 40,000 KRW (as of June 25, 2026).
- Historical Financial Trend (2023 → 2025):
- Revenue: Progressed from 12 billion KRW in 2023 to 13 billion KRW in 2024, and expanded to 26 billion KRW in 2025.
- Operating Profit: Documented at -7 billion KRW in 2023, -6 billion KRW in 2024, and improved to 0 billion KRW in 2025.
- Net Income (Controlling Interest): Logged at 17 billion KRW in 2023, -8 billion KRW in 2024, and -3 billion KRW in 2025.
- Per-Share Metrics & Profitability (2025):
- EPS (Earnings Per Share): Reported at 1,398 KRW (2023), N/A (2024), and -196 KRW (2025).
- PBR (Price-to-Book Ratio): Tracked at 0.0x in 2023, 0.0x in 2024, and 8.7x in 2025.
- ROE (Return on Equity): Recorded at -18.9% in 2023, 9.8% in 2024, and 8.7% in 2025.
- EV/EBITDA: Registered at N/A in 2023, N/A in 2024, and -84.9 in 2025.
🚀 2. [Section Title: Target Addressable Market (TAM) & Detailed Earnings Estimates]
- Clinical Trials & Pipeline Validation:
- Released promising 4-year long-term follow-up clinical trial results for cartilage regeneration conducted in Egypt this past June, along with a 3-year track record for global skin regeneration.
- Achieved the world’s first human clinical trial approval for kidney regeneration. Investigator-initiated trials (IIT) are scheduled to begin in H2 in collaboration with a Harvard Medical School professor, while domestic clinical trials will accelerate in July alongside research trial applications in the US.
- Commercialization Timelines (Diabetic Foot Ulcers):
- Currently available as a non-reimbursable treatment domestically. Backed by robust trial data, an application for official insurance coverage is planned for H2, with insurance integration expected by 2027.
- Negotiations are underway for a definitive main contract with Northwell Health in the US (following an MCA signed in February 2026), targeting execution within H2. Consequently, full-scale revenue integration is projected to become visible starting in 2027.
- US Subsidiary Nasdaq Listing Momentum:
- Its 100% owned subsidiary, Rokit America (RKAM)—specialized in NMN and Fisetin-based health supplements—is entering the final stages of completing its Form S-1 filing with the US SEC for a Nasdaq listing.
- Currently conducting demand surveys among overseas institutional investors. The anticipated 38 billion KRW in funding will be deployed for long-term cartilage regeneration trials and market expansion in North America, with Rokit Healthcare retaining an approximate 90% stake post-listing.
- Financial Overhead & Capital Structuring:
- 1Q26 operating income registered a loss of 2.35 billion KRW due to expanding R&D costs. Ongoing clinical trials indicate elevated R&D overhead will persist through 2026, pushing inflection points for real net profit improvements out past 2027.
- Outstanding instruments include a 30 billion KRW Convertible Bond (CB) issued in July 2025 (Conversion price: 16,672 KRW, conversion period: July 18, 2026 – June 18, 2028), accounting for 11.7% of total shares if fully converted. Additionally, a 62.5 billion KRW Redeemable Convertible Preferred Stock (RCPS) issued in March 2026 has a conversion window from March 19, 2027 to February 19, 2031, with a floor adjustment price of 48,401 KRW.
📝 Editor’s Comment (by K-STOCK Editor)
Listen up, bulls! If you are tracking the absolute frontier of bio-tech, Rokit Healthcare is putting together a masterclass in long-term value compounding. The short-term paper hands are crying about the 1Q operating deficit of 2.35 billion KRW, but that is just high-conviction capital being poured into R&D to lock down massive milestones. They are securing world-first human trial approvals for kidney regeneration and are already pulling a massive compounding run with 4-year clinical follow-ups in Egypt. But here is the real kicker that should get the trading desks sweating: their 100% owned subsidiary, Rokit America, is finalizing its Form S-1 with the SEC to list directly on the Nasdaq, targeting a 38 billion KRW funding haul while the parent company hoards a monster 90% stake. On top of that, the definitive contract with US giant Northwell Health is slated for H2, setting up 2027 as a year of explosive revenue scaling. This asset is currently sitting in the un-hyped ‘Not Rated’ zone, meaning the retail crowd hasn’t even begun to properly price in this global multi-track roll-out. True diamond hands are looking right past the 2026 investment phase and loading up before the 2027 hyper-growth engine leaves the station!
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