[Click eStock] "Sears, Blue Ocean in Patient Monitoring Market... Target Price Raised"

On August 14, Sangsangin Securities announced that it is proactively raising its target price for Sears Technology from 30,000 won to 40,000 won, citing a high assessment of the growth potential of its inpatient monitoring solution 'thynC.' The firm maintained its 'Buy' investment rating.

Sears Technology provides diagnostic and health screening solutions (mobiCARE) as well as inpatient monitoring solutions (thynC) to hospitals. Among these, thynC is a solution that enables real-time integrated monitoring of key vital signs-such as electrocardiograms, body temperature, oxygen saturation, and blood pressure-of hospitalized patients. The company is expected to secure orders covering approximately 10,000 beds in 2025. During the first half of the year, it completed installation for 3,000 beds, resulting in total first-half sales of 9.8 billion won. In the second quarter alone, sales reached 6.7 billion won, accounting for about 84% of total quarterly revenue. For the second quarter of 2025, revenue rose 799.8% year-on-year to 8 billion won, with operating profit coming in at 1.5 billion won.

Ha Taeki, a researcher at Sangsangin Securities, stated, "This is considered a blue ocean market in Korea, with no clear competitors." He projected, "Assuming that 4,900 beds out of the remaining 7,000 beds under contract are installed in the second half, thynC sales will reach 16 billion won." He added, "If overseas exports, such as to the Middle East, are added from next year, there is ample room for further growth."

With the increase in orders, production and sales staff are expanding. As a result, consolidated revenue for 2025 is estimated at 32.2 billion won, with operating profit projected at 6.2 billion won. In 2026, thanks to operating leverage, revenue is expected to rise to 47.5 billion won, with operating profit increasing to 14.7 billion won.

Regarding the stock price trend, he noted, "The stock price, which had been in a prolonged correction in the low 10,000 won range until the first quarter of 2025, surged after the announcement of thynC hospital contracts in the second quarter and is now consolidating around 33,000 won." He analyzed, "With a market capitalization of about 410 billion won, the current share price already reflects the annual order achievement of 10,000 beds."

He emphasized, "Although thynC is not yet widely known in the market and the business is B2B, resulting in low public awareness, Daewoong Pharmaceutical is in charge of sales, which enhances business continuity and reliability. It is considered an essential service that improves hospital efficiency and provides cost-saving benefits." He continued, "Looking at the order performance in the first half of 2025, hospitals responded positively, and with no strong competitors, the growth potential is significant." He added, "The outlook for the thynC business and revenue after 2026 is also positive."

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