Sangsangin Investment & Securities said on the 16th that KOSDAQ-listed Seers Technology has greater growth potential for domestic and overseas sales of its inpatient monitoring platform "thynC."
It kept its investment opinion at "Buy" and raised the target price to 260,000 won from 190,000 won. The previous trading day's closing price of Seers Technology was 160,600 won.
Ha Tae-gi, an analyst at Sangsangin Investment & Securities, said, "thynC is expected to install 3,000 beds in the first quarter of this year," and "the supply price per bed is estimated at about 3 million to 4 million won."
Seers Technology's first-quarter consolidated sales this year are estimated at 31.9 billion won, with operating profit of 15.6 billion won. Sales are expected to surge 684.2% from a year earlier, and operating profit is expected to swing to a surplus.
Last year's consolidated sales totaled 48.2 billion won, with operating profit of 16.3 billion won. Those figures represent a 495.1% increase and a swing to a surplus, respectively, from a year earlier.
Ha said, "The reason thynC sales growth can't help but accelerate is because bed installations are beginning at the 'Big 5' major hospitals," adding, "Orders are increasing significantly, centered on large hospitals."
Beds have been installed in some departments at Seoul National University Hospital and Samsung Medical Center, and additional wards at Asan Hospital and Samsung Medical Center are scheduled for installation in March. In this case, domestic thynC sales are expected to increase to 126.5 billion won. For total operating profit, a strong operating leverage effect is expected to bring it to 66.9 billion won.
Ha said, "In the second half of this year, exports of MobiCARE to the Middle East should be possible," adding, "We are undergoing a supplementation process for MobiCARE approval from the U.S. Food and Drug Administration (FDA) and expect 510(k) clearance, a premarket authorization, around June."