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| (사진=Chong Kun Dang) |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Eugene Investment & Securities maintained its investment opinion "buy" on Chong Kun Dang on the 26th, saying, "Its mid- to long-term growth strategy should take shape," and lowered its target stock price from 110,000 won to 100,000 won. Chong Kun Dang's closing price on the previous trading day is 82,800 won.
According to Eugene Investment & Securities, Chong Kun Dang strengthened its marketing power in the domestic market and its average annual sales and operating profit continued to grow by 10% over the past three years thanks to the joint marketing of 'K-cap', an antiulcer drug of HK inno.N. However, it is expected that the terms of the contract with HK Innoen will be changed from next year, and the investment index will continue to fall due to the lack of remarkable R&D results as a top pharmaceutical company.
Eugene Investment & Securities said, "We maintain the purchase of investment opinions in consideration of upward capacity, but corporate value is expected to rise at a time when specific new growth engines are identified," adding, "The mid- to long-term growth strategy should be embodied by the end of this year."
Factors that will drive sustainable growth potential include the launch of promising new products, expansion of overseas businesses, and visibility of R&D performance.
Eugene Investment & Securities said, "In the case of the overseas sector, the contribution to performance is low as it accounts for only 4% of sales," adding, "We need to reinforce new drug R&D personnel and select and focus on pipelines."
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
