[Infostock Daily= Reporter An Hoe Hyun] Hana Financial Investment raised its target price for Seegene from 200,000 won to 280,000 won on the 25th, saying that demand for diagnostic kits will continue as the re-proliferation of new coronavirus infections(COVID19) continues around the world. The investment opinion maintained a 'Buy'.
Seegene's sales and operating profit for the second quarter of this year increased by 838% and 3,540%, respectively, to 274.8 billion won and 169 billion won, respectively. All of them are said to have exceeded their market forecasts.
Hana Financial Investment said, "Even though the one-off cost of about 11.6 billion won was incurred in the second quarter, the company was able to confirm the leverage effect due to the increase in the volume of sales by achieving an operating margin of 61.5%," adding, "The number of PCR equipment sales in the first half of the year is already nearly twice the number of 255 units sold last year, and the system in which equipment and reagents are linked will lead to steady sales of reagents."
"Seegene has also started selling products that are set up with existing respiratory products and COVID19 diagnostic kits,” Hana Financial Investment said.
Reporter An Hoe Hyun ahh@infostock.co.kr
