[Click eStock] "DoubleWSI, Expectations for New Business Next Year"
IBK Investment & Securities analyzed on the 27th that DoubleWSI is expected to diversify its business into the cardiovascular disease sector and others next year. No investment opinion or target price was provided.
DoubleWSI is a wholesale and retail company that sells purchased products by signing supply contracts for domestic distribution rights with overseas manufacturers for pharmaceuticals and medical devices related to spinal surgery, such as hemostatic agents. As of the cumulative third quarter, consolidated sales amounted to 23.1 billion KRW, and operating profit was 2.9 billion KRW, representing increases of 15.4% and 12.0%, respectively, compared to the same period last year. Kim Taehyun, a researcher at IBK Investment & Securities, stated, "The growth in scale is attributed to strong performance in the medical device business and increased sales volume of topical hemostatic agents," adding, "Operating profit margin declined due to increased purchase prices of topical hemostatic agents and costs related to the relocation of the head office."
IBK Investment & Securities expects DoubleWSI to achieve its highest sales this year and for new businesses to be fully launched next year. He explained, "Sales this year are expected to exceed 30 billion KRW, marking the highest sales," and added, "Costs related to the head office relocation were completed in the third quarter, so there is anticipation for margin improvement in the fourth quarter." He also noted, "The supply price of topical hemostatic agents is expected to gradually increase starting next year."
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He said, "To overcome the limitations of the existing distribution business, the company is entering new businesses to create additional growth engines," and added, "Sales related to cardiovascular business are expected to become visible from next year, and since research and development of surgical robots is ongoing, sales are expected to occur as early as 2025."
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