Yuanta Securities maintained a neutral rating on Daewoong Pharmaceutical on the 16th. However, we revise up our target price of KRW110,000. It is analyzed that the US export ban will limit the growth rate of domestic sales alone.
Daewoong Pharmaceutical recorded sales of 241.5 billion won and operating profit of 9.1 billion won in the fourth quarter of last year. Sales fell 7.5% from the same period last year, while operating profit increased 572%. With 6.9 billion won in litigation costs reflected, domestic Nabota sales rose 76% to 8.9 billion won, and annual sales rose 80.2% to 20.4 billion won.
Researcher Mihwa Seo said, “We applied the expected EBITDA for 2021 to KRW 84.5 billion from 62 billion KRW, and raised the target price to KRW 110,000, but maintained a Hold rating.” According to the 21-month export ban, exports to the United States are impossible from last December.”
Researcher Seo said, “There is growth in our own products such as Olmetech and Crejet, but there are no products of a size to replace them after the sale of Albis was stopped.” “He explained.
![“Daewoong Pharmaceutical’s Resolving Uncertainty Is Key… Maintain Hold” [유안타증권]](https://image.ajunews.com/content/image/2021/02/16/20210216090031491118.jpg "“Daewoong Pharmaceutical’s Resolving Uncertainty Is Key… Maintain Hold” [유안타증권]")
