Yuanta Securities Korea analyzed that the sales growth of InBody is continuing due to the expansion of overseas sales of its body composition analyzers, noting that the rise in the won-dollar exchange rate has a positive impact. It did not provide a target stock price or investment opinion. The closing price of InBody on the previous trading day was 23,800 won.
InBody sells body composition analyzers, blood pressure monitors, height measuring devices, and software. Over the past 10 years, the average annual sales growth rate has been 15.4%, with body composition analyzers accounting for over 70% of total sales. The proportion of overseas sales recorded an overwhelming 83.2% in the first quarter of this year. As most overseas payments are made in dollars, the recent rise in the won-dollar exchange rate is positive for InBody.
Yuanta Securities Korea pointed out that InBody has two sales capabilities. First, it is pushing for the expansion of subsidiary establishments rather than relying solely on agency sales using local distribution channels. Researcher Kwon Myung-jun explained, "Unlike agencies that can sell multiple products, subsidiaries sell only InBody's products, resulting in higher sales intensity." He also noted that sending domestic personnel abroad could strengthen overseas sales and marketing activities, leading to improved overseas performance.
Researcher Kwon said, "InBody holds more than 180 million body composition data worldwide and provides body composition data and solutions with user consent, while actively engaging in various cooperation projects."
He added, "It is expected that new businesses utilizing data or collaborations across various industries will expand," and stated, "If data utilization methods are expanded, it will act as a factor for valuation improvement along with InBody's performance enhancement."