[Click eStock] “Furontier, a Hidden Gem with Growth Potential”
Shinhan Investment Corp. analyzed on the 19th that Furontier is a hidden gem with growth potential, as it is expected to become the first year of performance growth this year with full-scale order expansion.
Researcher Oh Kang-ho of Shinhan Investment Corp. explained in a report on the same day, “Furontier is a beneficiary of the expansion of camera module installation for automotive electronics as the autonomous driving market blooms,” adding, “The average number of camera modules installed in autonomous vehicles increased from 2-3 units in 2020 to more than 8 units in 2023.”
Researcher Oh Kang-ho noted, “Unlike existing camera modules, autonomous driving modules require higher precision due to distortion, noise, and other factors,” and analyzed, “The blooming of the autonomous driving market is expected to lead to increased investment by ITset companies and expansion of new applications, resulting in increased demand for core equipment.”
He emphasized, “A notable point in this earnings announcement is the order backlog. The order backlog for automotive electronics equipment in the equipment industry increased from about 1.4 billion KRW in Q1 last year to 12.3 billion KRW in Q4,” adding, “Although differences may occur due to delivery cycles and order backlog recognition, the continuous order expansion since Q4 last year is positive.”
Furthermore, he explained, “The order backlog in Q1 this year also increased to about 16.7 billion KRW, so improvement in automotive electronics equipment performance can be expected this year,” and “Additional upward revisions in performance can be anticipated with the expansion of new customers and increased orders.”
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He continued, “Operating profit this year is expected to reach 16.3 billion KRW, an increase of 897% compared to the same period last year,” and analyzed, “It is a time to focus on valuation rerating along with performance growth.”
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