Hello, this is Daily Stock. We will closely examine the persistent net buying trend of retail investors who defended the KOSDAQ 1160 line despite the extreme fear in the NASDAQ, and Samchundang Pharm, which stands at the center of it, using the latest data as of March 20, 2026.
Core Summary
As of March 20, 2026, major domestic and international market indicators closed at KOSPI 5781.20, KOSDAQ 1161.52, NASDAQ 22090.69, and the USD/KRW exchange rate at 1494.10 KRW.
According to Daily Stock's own Fear & Greed Index, the KOSPI has entered the Fear (37.1) zone, while the NASDAQ remains in Extreme Fear (17.3), indicating extremely high external volatility.
Nevertheless, in the KOSDAQ market, Samchundang Pharm surged 14% on the news of its oral insulin European clinical trials, ascending to 1st place in KOSDAQ market capitalization.
Before and after the Middle East geopolitical risks, a distinct supply-demand realignment phenomenon is being observed, where retail investor funds are shifting massively from traditional passive exchange-traded funds (ETFs) to KOSDAQ active ETFs and leveraged products.
Current Situation Summary
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On March 20, 2026, the South Korean stock market achieved a successful rebound from the previous day's decline, bolstered by US President Trump's remarks urging restraint on escalation.
The KOSDAQ index closed at 1161.52, up 1.6% from the previous session, with strong bottom-fishing by retail investors flowing in despite an unstable macro environment.
A notable feature on the supply-demand side is that retail investors are betting on the revitalization of the KOSDAQ market, strongly net buying new active ETFs such as 'KoAct KOSDAQ Active' and 'TIME KOSDAQ Active'.
Amidst this recovery in bio investment sentiment, Samchundang Pharm's stock price skyrocketed 14% today alone, pushing aside Ecopro, which had long held the bellwether position, to become the #1 company in KOSDAQ market cap.
The direct background of this explosive buying spree was strongly driven by the news of the submission of an Investigational New Drug (IND) application for Phase 1/2 clinical trials in Europe for its oral insulin (SCD0503), which applies the company's proprietary oral absorption platform 'S-PASS'.
Financial Analysis
| Item | 2024 (Actual) | 2025 (Provisional) | Key Features |
|---|---|---|---|
| Revenue | 210.9 billion KRW | 231.8 billion KRW | 9.9% YoY increase |
| Operating Profit | 2.6 billion KRW | 8.5 billion KRW | 220.5% YoY increase (Turnaround to profit) |
| Net Income | Deficit | 11.9 billion KRW | YoY turnaround to profit |
As a result of attempting to improve its constitution beyond its core ophthalmic treatments into global biosimilars, Samchundang Pharm successfully achieved a dramatic turnaround to operating profit in 2025.
The biosimilar for macular degeneration treatment 'Eylea' (Bysenfree), launched pre-emptively in the Canadian market last September, generated 9.7 billion KRW in revenue and 5.7 billion KRW in operating profit in just three months, serving as a strong cash cow.
This year, confirmed purchase orders (PO) from Europe and Canada alone reached 750,000 vials, a 1.5-fold increase YoY, proving an earnings stamina that more than offsets R&D investment costs.
Valuation
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Currently, Samchundang Pharm's market capitalization has well exceeded 15 trillion KRW, receiving a valuation premium that overwhelms traditional pharmaceutical companies.
The securities industry evaluates the scalability of the 'S-PASS' platform—which converts daily injectables into oral medications—not merely at the level of simple generics but as a 'game changer' in the market.
Korea Investment & Securities estimated that Samchundang Pharm's operating profit would reach 768.3 billion KRW in 2032, when sales begin in earnest, based on expectations for a semaglutide (GLP-1) partnership with a Japanese pharmaceutical company and formal contracts in major countries like the US.
If such long-term earnings estimates materialize without a hitch, a scenario is raised where the enterprise value based on net income in 2032, applying a time discount, could be justified at a scale of up to 14.7 trillion KRW.
Expert & Institutional Analysis
Fund managers of 'KOSDAQ Active ETFs', which recently appeared in the KOSDAQ market and swept the 1st and 2nd places in retail net purchases, are selecting growth companies with imminent pipeline commercialization for their portfolios rather than simply stocks with large market caps.
Pharmaceutical and bio experts are paying attention to the fact that oral insulin, which Samchundang Pharm has been researching for over 10 years, has entered European clinical trials targeting 'Type 1 diabetes' patients.
Since Type 1 diabetes patients cannot produce insulin at all in their bodies, the pharmacokinetic (PK) profile after administration must be clearly confirmed, suggesting that the clinical design itself is underpinned by the company's strong technical confidence.
A researcher at Korea Investment & Securities also diagnosed that "the constitution has changed by realizing three major global business momentums in the first quarter of this year alone," and raised the possibility that the landscape of the 40 trillion KRW insulin injection market could be shaken depending on the clinical results expected to be derived at the end of the year.
Risk Factors
However, in a situation where uncertainties in the global macro environment persist, such as the NASDAQ Fear & Greed Index pointing to 17.3 (Extreme Fear), a concentration of supply and demand on a single bio stock could lead to increased volatility.
As the stock price has risen explosively compared to early 2025, reaching the #1 market cap on KOSDAQ, the short-term valuation burden has grown significantly, and there is a possibility that heavy profit-taking could emerge if the schedule for formal contracts with partners is delayed.
Furthermore, since oral insulin clinical trials always entail risks of unexpected side effects such as hypoglycemic shock or patient-by-patient deviations in drug absorption rates, conservative risk management is necessary until clinical data is transparently disclosed.
Investment Perspective Summary
The phenomenon of retail investors taking the lead in pushing Samchundang Pharm to the #1 market cap on KOSDAQ is interpreted not as a simple thematic market, but as the result of betting on the platform's scalability, which can target both the 175 trillion KRW GLP-1 market and the 40 trillion KRW insulin market.
The current price level has largely pre-reflected future cash flows around 2032, but if core momentums, such as the signing of a profit-sharing formal contract targeting the US region, materialize, additional value re-rating cannot be ruled out.
Therefore, investors considering new entry should inversely utilize the overall market volatility represented by the KOSPI Fear Index (37.1) to explore short-term correction phases while closely tracking the global technology transfer trends of individual pipelines.
Frequently Asked Questions (FAQ)
Q1. Why did Samchundang Pharm overtake Ecopro to become #1 in KOSDAQ market cap?
The news of the submission of the Phase 1/2 clinical trial plan for oral insulin (SCD0503) in Europe served as a catalyst, and a massive concentration of supply and demand for platform technologies capable of replacing injectables drove the 14% surge.
Q2. What exactly is the S-PASS platform technology?
It is Samchundang Pharm's proprietary oral absorption platform. It is a core technology that utilizes nano-emulsification and complex formation technologies to help proteins (such as insulin and GLP-1), which are easily degraded in the gastrointestinal tract, be smoothly absorbed into the bloodstream without being destroyed.
Q3. Why is the clinical target for oral insulin Type 1 diabetes rather than Type 2?
Type 1 diabetes patients cannot produce any autologous insulin due to the destruction of pancreatic beta cells. Therefore, the blood concentration and efficacy (PK profile) of solely the administered oral drug can be measured most accurately without external variables.
Q4. Is Samchundang Pharm's current earnings in a deficit state?
No. Thanks to strong sales of its macular degeneration treatment (Eylea) biosimilar in Canada, the company successfully turned to a profit, recording an operating profit of 8.5 billion KRW in 2025.
Q5. What are the key short-term events that will affect future stock price movements?
The most important events are the announcement of interim and final data from the oral insulin European clinical trials, aimed to be derived within the year, and the timing of signing S-PASS semaglutide (obesity drug) formal contracts with partners in the US and Canada.