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[南韓公司報告列表]
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Better and stronger. - KITC Full Report - PDF - 2006 年 2 月 16 日
Maintain BUY with the six month price target of W30,600 (W153,000 before the stock split),
due to the following: 1) operating profit in 3QFY05 came in far stronger than expected, and
2) Yuyu has a brisk business outlook from 4QFY05 as monthly sales of MaxMarvil, a new
synthetic drug, has been on an upward trend. In addition, Uclid (anti-dementia and anti-
thrombosis) is slated for launch in Oct 2006, which should bolster fundamentals. <p>In 3QFY05, sales climbed 6.8% YoY to W14.8bn, falling W15.2bn short of our estimate as
November sales dipped below W5bn caused by the restructuring of its sales network.
Sales breakdown by drug: Tanamin (blood circulation enhancer) rose 8.4% YoY, and Clid
(cerebrovascular stroke) slid 0.5% YoY. MaxMarvil, launched In Feb 2005, generated
W1.5bn in sales. However, operating profit more than tripled YoY at W4.2bn, thanks to the
following: 1) reduced sales of low-margin drugs including Aldacton (hypertension treatment
introduced from GSK), 2) positive impact of reserved inventory, and 3) 21.6%p drop in the
YoY COGS-to-sales ratio backed by robust sales of MaxMarvil, whose operating margin
neared 40%. As such, the operating margin tripled to 28.2% when compared to its 9%
level in 3QFY04, posting a record-high. Recurring profit and net profit came in at W4.3bn
and W3.0bn, respectively.
In search of growth potential. - KITC Full Report - PDF - 2005 年 12 月 15 日
Initiate coverage with a BUY rating and a six month price target of W128,000, derived by
applying a PER of 13.1x, a 10% discount to the average PER of the pharmaceutical sector
in the Korea Investment & Securities Universe, based on the 2005 and 2006 EPS
estimates, and adding the EPS of W12,381 given tax benefits by relocating its factory from
the Seoul metro area to north Choongchung province. Yuyu's main products include Marvil (osteoporosis treatment), Tanamin (dementia), and
Clid (cerebrovascular stroke), for which demand is rising significantly due to Korea's
rapidly aging population.
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