In today’s briefing:
- Full Details & Trading Ramifications of Official Revisions to CFD Trade Rules in Korea
- Jeisys Medical (287410 KS): Solid Q1 Result; New Product Launch and China Expansion to Drive Growth
- Almac IPO Valuation Analysis
Full Details & Trading Ramifications of Official Revisions to CFD Trade Rules in Korea
- It’s crucial to note that margin balances from CFDs will also be disclosed through each brokerage’s Home Trading System (HTS), providing insight into the risk of margin call-triggered covering trades.
- It has been challenging to discern which are being targeted for illegal trading operations using CFDs. The disclosure of CFD margin balances can be an indicator to address this issue.
- This may lead to a short-term selling spiral on suspected stocks, where illegal trading forces rush to liquidate their positions, and additional selling pressure targeting such activities exacerbates the situation.
Jeisys Medical (287410 KS): Solid Q1 Result; New Product Launch and China Expansion to Drive Growth
- Jeisys Medical (287410 KS) recorded 15% YoY revenue growth in 1Q23, mainly driven by a 25% YoY growth in consumables due to the increasing number of aesthetic procedures globally.
- As of 1Q23, cumulative sales of two major devices of Jeisys, LinearFirm/LinearZ and Potenza reached 3,411 and 2,431 units, respectively. Expanding installed base should further drive consumables revenue growth.
- Jeisys has launched a new device in domestic market and Japan in current quarter. The company aims to accelerate growth momentum through entry in to new market, including China.
Almac IPO Valuation Analysis
- Our target price of Almac is 58,573 won per share, which is 30% higher than the high end of the IPO price range of 45,000 won.
- Our target price is based on 14.8x P/E using our estimated net profit of 25.4 billion won in 2024.
- Almac ranks first in domestic market share (Korea) in the aluminum extruded module cases that protect batteries from external shocks.
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