[Infostock Daily= Reporter An Hoe Hyun] SK Securities explained on the 25th that Foodnamoo is expected to grow due to the launch of its Chinese business and increased external activities. No investment opinion or target stock price was offered.
Foodnamoo's sales last year were 117.1 billion won and operating profit was 6.6 billion won, up 80.8% and 21.7%, respectively, from a year earlier.
"Foodnamoo is a fitness product distribution platform with 'rankingdak.com'," the company explained, adding, "There are representative platforms such as rankingdak.com(chicken breast applied HMR comprehensive platform), Masitdak(brand-specialized mall) and Love-eat(sliced chicken breast)."
In addition, it has platforms such as 'GGJ Mart', a fitness product mall, 'Picky Diet' and '1am', a diet-related food mall. The total number of platform users increased from 1.36 million(1.21 million rankingdak.com) in the third quarter of last year to 1.47 million(1.29 million) in the fourth quarter.
"It is preparing to produce Wing Yip Food and Foodnamoo products in China," the company explained, adding, "The establishment of Join Venture has been completed and prototype production and quality verification have been completed last year." Currently, there are still decisions on local sales items in China and applications for permission to produce such items, referring to the results of local market research.
"China has virtually resumed economic and external leisure activities since the declaration of the end of COVID-19 in September 2020, and demand for Foodnamoo products will be high in the summer," the company predicted, adding, "Wing Yip Food has installed two product production lines and will now start applying for production permits on a scale that can generate up to 20 billion won in annual sales per line, and China's local production will begin by the end of this year."
Reporter An Hoe Hyun email@example.com