[Infostock Daily= Reporter An Hoe Hyun] Heungkuk Securities said on the 26th that Samsung BioLogics' sales and operating profit in the 3rd · 4th quarters of this year were 274.6 billion won and 56.5 billion won, respectively, with sales above the consensus and operating profit below the consensus. The synergy effect of the expansion of the 4th plant and the completion of maintenance is an expected factor and the investment opinion 'Buy' and the target stock price remained at 890,000 won.
"Sales were affected by a drop in operating rate due to regular maintenance of its 3rd plants in the 2nd · 4th quarters," the company explained, adding, "Operating profit decreased compared to the previous quarter due to increased labor costs and payment fees from the expansion of the 4th plant."
"Although regular maintenance of the 1st plant remains at the end of the year, gradual growth of sales is possible if maintenance of the 3rd plant is completed and projects in the early stages begin in earnest," the company judged.
"The sales and administrative costs from the expansion of the 4th plant have already begun to be reflected, but there is a possibility of a further increase," the company said, adding, "Since it has already completed most of the orders for the 3rd plants, it may be difficult to win as many new orders as before, but it is possible to receive continuous orders using the remaining facilities and additional strategic orders from the 4th plants."
"As the plan to expand the 4th plant takes shape, we expect its rapid growth as the world's best biopharmaceutical contract manufacturing organization(CMO) company," the company explained, adding, "We will raise our performance growth rate from 2023 as we believe that construction will continue for about three years."
Reporter An Hoe Hyun ahh@infostock.co.kr
