[Click eStock] "Spigen Korea, Target Price Raised Thanks to Saber Volume"
Daishin Securities Issues 'Buy' Investment Opinion and Sets Target Price at 81,000 Won... Closing Price on 27th at 65,500 Won
[Asia Economy Reporter Kum Boryeong] Spigen Korea's target stock price has been raised thanks to the surge in Saber volume.
On the 28th, Daishin Securities issued a 'Buy' investment opinion on Spigen Korea. The target price was raised from the previous 66,000 KRW to 81,000 KRW. The closing price on the 27th was 65,500 KRW.
Spigen Korea plans to invest 19.3 billion KRW to secure its own warehouse. By securing its own warehouse (4,033 pyeong) in the Incheon logistics complex, the company is expected to expand its production capacity (capa) for both its own products and third-party Saber mid- to long-term logistics. It is possible to respond to the surging third-party Saber volume through a long-term lease contract until 2023. Currently, it is leasing and using 5,350 pyeong at Bucheon Kendall Square. The Saber business refers to third-party logistics sourcing, distribution, and sales through Amazon.
Researcher Han Kyung-rae of Daishin Securities explained, "With the effect of securing the Incheon logistics warehouse, it is possible to reduce annual depreciation expenses by 2.5 billion KRW when the existing lease contract ends. Since cargo air transport is mainly used, logistics efficiency in Incheon (lead time reduction, cost savings) is also expected compared to Bucheon." He added, "Recently, not only in-house cases and protective films but also the sharp increase in third-party Saber volume meets the need for production capacity expansion." The in-house warehouse can be expanded up to 7,000 pyeong in the future, enabling proactive response to both in-house products and third-party volume.
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The core business of cases and protective films is showing a rapid recovery exceeding pre-COVID-19 levels due to strong global sales of the iPhone SE2. Researcher Han said, "Since the Apple-related sales ratio exceeds 50%, the strong performance of iPhone in the mobile market directly leads to increased sales for Spigen Korea." He analyzed, "As we enter the seasonal peak in the second half of the year, with concerns about sales slowdown due to COVID-19 now resolved, continuous upward stock price movement is expected."
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