[Click e-Stock] "Wontech Expected to Exceed Q1 Consensus Amid Overseas Direct Sales Expansion"

On April 15, Samsung Securities analyzed that Wontech is continuing stable earnings growth, supported by overseas equipment exports and a recovery in consumables sales. In particular, the company projects that first-quarter results will slightly exceed market expectations, citing the expansion of equipment shipments centered on Southeast Asia and the United States and the full-fledged effect of operating leverage.

Jung Donghee, a researcher at Samsung Securities, stated, "First-quarter revenue is expected to reach 47.9 billion won, up 28.1% year-on-year and 3.3% quarter-on-quarter, while operating profit is projected at 15.9 billion won, representing a 9.6% increase year-on-year and a 30.2% increase quarter-on-quarter, marginally surpassing market expectations." He explained, "Operating leverage is recovering through shipments of OligeoX to Southeast Asia and laser equipment to the United States."

By business segment, equipment sales led by the Thailand subsidiary continue to remain stable. Jung analyzed, "Despite a high base in the fourth quarter, OligeoX equipment shipments centered on the Thailand subsidiary are progressing smoothly, with Oligeo equipment sales expected to reach 16.5 billion won, up 2.9% year-on-year and 1.2% quarter-on-quarter." He added, "Consumables sales are projected to reach 11.3 billion won, a 16.6% year-on-year increase and a 106.8% quarter-on-quarter increase, indicating normalization."

Growth in the laser equipment division is also notable. He explained, "Growth in exports of laser equipment such as PicoCare and Lavieen (Novaderm) to the United States, along with revenue recognition of advances from technology transfer services to China, will be reflected. Laser and other sales are projected to reach 20.1 billion won, a 72.0% increase year-on-year but an 18.3% decrease quarter-on-quarter." He added, "Despite an increase in SG&A expenses year-on-year, operating leverage is being generated, and the operating margin is expected to recover to the 30% range."

The company is also strengthening its foundation for mid- to long-term growth by expanding its overseas direct sales network. Jung evaluated, "This year's key theme is further expansion of overseas subsidiaries. Following the Thailand subsidiary, which recorded 37.2 billion won in revenue in 2025, up 130.2% from the previous year, the company is enhancing its sales capabilities by hiring seasoned industry executives as heads of its U.S. and Japan subsidiaries."

He further emphasized, "Since each subsidiary had annual revenue of about 5 billion won, there is additional growth potential through the activation of direct sales." He added, "In China, the company is proceeding with distribution of existing approved products through a joint venture with SBT, while aiming to launch localized products in the future."

The company is also pursuing shareholder return policies in parallel. He explained, "Recently, shareholder return initiatives have been underway, including the cancellation of treasury shares (438,000 shares, worth 3.5 billion won, on April 8) and the signing of a new treasury share acquisition trust contract worth 6 billion won (on April 10)."

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