[Click eStock] "iWons, This Year's Performance Normalization and Next Year's New Business Acceleration"

[Asia Economy Reporter Hyunseok Yoo] Hana Financial Investment analyzed on the 4th that I-ONE-S is expected to realize new businesses next year after showing performance normalization this year. The investment opinion 'Buy' and the target price of 11,500 KRW were maintained.

I-ONE-S recorded sales of 37.7 billion KRW and operating profit of 6.7 billion KRW in the first quarter. This represents increases of 13.7% and 420.9%, respectively, compared to the same period last year. Hwang Seonghwan, a researcher at Hana Financial Investment, said, "This is due to a significant reduction in selling and administrative expenses last year and the cost of sales structure improvement that began in earnest from the first quarter of this year." He added, "The cost of sales structure improvement trend continues due to strong sales of major products and increased production volume in the precision processing-semiconductor sector, so stable profit growth is expected this year."

Hana Financial Investment projected this year's sales and operating profit at 157.4 billion KRW and 25.1 billion KRW, respectively, representing increases of 7.6% and 168.1% compared to the previous year. He said, "I-ONE-S is expected to demonstrate stable and steady growth by supplying AMAT etching equipment chamber parts mainly to the before-market." He added, "Having entered a full-scale performance recovery phase, I-ONE-S is expected to enter the high-profit margin new material quartz ring and semiconductor fine coating business starting in 2022."

At the same time, new business areas are also expected to be concretized. He emphasized, "I-ONE-S is preparing new businesses in quartz rings and precision fine coating." He continued, "In particular, the quartz ring is developing a new material with higher etching performance and lower cost ratio compared to existing quartz (silica) materials, and is currently conducting tests with major equipment companies. It is expected that the new business will be concretized as early as the first half of 2022, so continuous attention is necessary."

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