[Click eStock] Seegene, the Biggest Beneficiary of COVID-19... "Q1 is Just the Beginning"

[Asia Economy Reporter Oh Ju-yeon] Hana Financial Investment on the 14th designated Seegene as the top preferred stock among diagnostic companies, maintaining a 'Buy' rating and raising the target price to 126,000 KRW. This is based on the expectation that the trend of increasing earnings in the first quarter of this year will continue.

Seegene announced through a public disclosure that its first-quarter sales reached 81.8 billion KRW, a 198% increase compared to the same period last year, and operating profit was 39.8 billion KRW, up 584%.

Minjung Sun, a researcher at Hana Financial Investment, analyzed, "Among Seegene's first-quarter reagent sales, COVID-19 diagnostic kit sales amounted to 29 billion KRW, and other existing reagent sales also increased by 42% year-on-year to 29.4 billion KRW," adding, "The export amount of diagnostic kits other than COVID-19 diagnostic kits also increased significantly."

Researcher Sun added, "In addition, Seegene's equipment sales reached 226 units in the first quarter alone, which is close to the annual 255 units sold in 2019. This indicates that the equipment already installed by Seegene has contributed to increased sales of other reagents."

There is an analysis that Seegene's large-scale performance will continue in the future.

Researcher Sun said, "According to the provisional export data TRASS announced on the 1st, the export amount of diagnostic kits in April was 26.764 million USD, which is a 334% increase compared to March, which had already surged," and added, "Since the COVID-19 virus outbreak is expected again this fall, such large-scale performance is expected to continue for more than two years."

This content was produced with the assistance of AI translation services.