Binex holds unrivaled competitiveness among small and medium-sized CDMOs (Shinhan Financial Investment)

Shinhan Financial Investment maintained its target stock price of KRW 29,000 and its investment opinion "buy", saying that Binex has unrivaled competitiveness among small and medium-sized CDMOs (commissioned development production).

Shinhan Financial Investment analyzed, "The third-quarter earnings fell slightly below Shinhan Financial Investment's estimate, but it is positive in that a clear recovery has been detected from the Ministry of Food and Drug Safety issue in the first half of the year.".

"Sales of the pharmaceutical division in the third quarter reached KRW 19.3 billion. The KFDA's decision to temporarily suspend manufacturing and sales of six chemical drugs at the beginning of the year showed a significant recovery from a temporary drop in sales," Shinhan Investment Corp. said.

"The sales of the bio business division achieved record-high sales of KRW 14.1 billion in the third quarter," Shinhan Investment said.

"The drug division is expected to grow about 11% to KRW 85.6 billion based on recovery from a drop in sales in the first half of this year.". Shinhan Investment added,

"We expect the expansion of production facilities in the pharmaceutical division to be completed in the first half of next year, and we expect the growth to expand in the future.". Shinhan Investment predicted, "Next year's sales of the bio division will be 68.3 billion won.".

Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com