[Click eStock] "Seegene's Q3 Performance to Surpass Q2"

Hana Financial Investment Issues 'Buy' Rating and 350,000 KRW Target Price... Closing Price on 15th at 253,200 KRW

[Asia Economy Reporter Kum Bo-ryeong] As Seegene's third-quarter performance is expected to surpass that of the second quarter, Hana Financial Investment has issued a 'Buy' rating on Seegene with a target price of 350,000 KRW. The target price was raised from the previous 280,000 KRW. The closing price on the 15th was 253,200 KRW.

According to Hana Financial Investment on the 16th, Seegene's third-quarter sales increased compared to the second quarter, and its annual sales are expected to exceed 1 trillion KRW.

Sun Min-jung, a researcher at Hana Financial Investment, explained, "According to the customs clearance data for diagnostic kits announced by the Korea Customs Service yesterday, the export amount of diagnostic kits from Songpa-gu, Seoul, where Seegene is located, was 65.8 million USD (approximately 77.8 billion KRW) based on the departure date, showing a remarkable 36.0% increase compared to July. The export amount in August was 54.05 million USD, which is about 22% higher than the peak in April."

The provisional cumulative data for the first 10 days of this month, released on the 11th, also showed an increase of about 92.4% compared to the same period in August. The export amount in September is also expected to increase compared to August. Researcher Sun said, "Since the export of diagnostic kits peaked in April, it was estimated that the third-quarter topline would decrease compared to the second quarter, but the August customs clearance data and the sustained growth in September show that this estimate was incorrect. If this trend continues, Seegene's third-quarter topline will be about 318 billion KRW, an increase of approximately 16% compared to the second quarter."

One of the reasons for the increase in third-quarter export data is the rise in confirmed COVID-19 cases in Europe. Additionally, as the twin-demic of COVID-19 and influenza viruses is expected to soon occur, demand for Seegene's set products has also increased.

Researcher Sun stated, "Because COVID-19 is highly contagious and can flare up immediately when quarantine measures are relaxed during summer vacations or holidays, the pandemic is expected to become a long-term battle. It is estimated that Seegene's sales will increase by more than 7% next year, maintaining sales of about 1.1 trillion KRW."

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