 |
Photo = INNOX Advanced Materials |
[Alpha Biz= Paul Lee] IBK Investment Securities raised its target price for InnoX Advanced Materials by 8%, from KRW 37,000 to KRW 40,000, while maintaining a "Buy" rating, citing expectations for improved profitability.
According to IBK, InnoX Advanced Materials recorded Q4 revenue of KRW 105.8 billion, a 5.3% increase from the previous quarter but slightly below forecasts. While sales of SMARTFLEX exceeded previous projections, other business segments underperformed compared to expectations.
However, IBK noted that sales of new functional products grew more than anticipated, resulting in Q4 operating profit of KRW 25.4 billion, surpassing projections.
For Q1 2024, IBK expects revenue to remain steady at KRW 101.8 billion, similar to the previous quarter, with no apparent seasonality trends. The firm projects Q1 operating profit to reach KRW 26.9 billion, a 5.95% increase from Q4 and a 70.5% jump year-over-year, marking the highest quarterly operating profit in the company’s history.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
