May 09, 2024

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[THE INVESTOR] Seegene’s earnings will take a sharper upturn this year, said Hanwha Investment and Securities on March 9, upgrading the recommendation to a “buy” from a “hold” and raising the target price 43,000 won (US$40.15) from 32,000 won.

Boosted by expanding clientele base, its earnings last year reached a record high, as its revenue rose 19 percent on-year to 87.7 billion won and operating profit by 39 percent to 14 billion won, said analyst Shin Hyeon-jin.

Its clientele will expand further and as it releases new products, the upturn will be sharper this year, said the analyst estimating that its revenue will come in at 101.3 billion won and operating profit 19.9 billion won.

Revenue from ODM, which has been delayed due to termination of contract with Beckman Coulter, will begin to start coming in the latter half, added Shin. 

By Hwang You-mee (glamazon@heraldcorp.com)