GL Research "Expecting Performance Growth for Suseong Webtoon"

New Business in Autonomous Mobile Robots and Subsidiary HBM Equipment, Growth in Webtoon Business

Independent research firm GL Research analyzed on the 22nd that Suseong Webtoon is expected to see performance growth due to the successful overseas expansion of the webtoon platform Toomics and the benefits from its subsidiary Future Hightech's HBM business.

Suseong Webtoon was founded in 1973, originating from the logistics machinery and electric forklift business. It operates not only in the forklift business but also in the webtoon platform Toomics, semiconductor equipment and parts specialist company Future Hightech, among other businesses.

GL Research analyst Park Chang-yoon explained about Suseong Webtoon's logistics division, "It is pursuing stable annual sales of around 25 billion KRW and expanding sales through new businesses such as AGV (Automated Guided Vehicle) and AMR (Autonomous Mobile Robot)." He added, "With continued government project orders following the enforcement of the Serious Accident Punishment Act, sales diversification and stable sales growth centered on electric forklifts are expected."

Regarding the webtoon platform Toomics, analyst Park said, "Toomics Global, which oversees overseas services, recorded a cumulative 50 million subscribers in the first half of 2024," and analyzed, "Last year, it achieved sales of 46.9 billion KRW and an operating profit of 11.3 billion KRW." He forecasted, "Operating profit for the first half of this year is 5.2 billion KRW, with an annual operating profit expected to reach 13 billion KRW."

He noted the rapid growth in the Japanese market, stating, "The number of subscribers in the Japanese market increased by 1.6 million over the past two years," and explained, "As of July 2024, it has rapidly grown to 1.8 million subscribers." Sales increased from about 100 to 200 million KRW per month to approximately 700 million KRW per month. He further projected, "Based on recent growth trends, sales growth up to 2 billion KRW per month is expected next year."

Regarding Future Hightech, he explained, "It is highly likely that SK Hynix's HBM3E equipment orders will begin in the second half of the year," and said, "This will mark the starting point for Future Hightech's full-scale performance growth." He analyzed, "Next year, the HBM benefits will be fully realized, with sales expected to reach 35 billion KRW and a profit margin of around 25%."

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