Hanmi Pharmaceutical, Target Stock Price 400,000 Won Coverage Initiated on Performance and R&D Expectations - SangSangin Securities

[Financial News] SangSangin Securities announced on the 29th that it has initiated coverage on Hanmi Pharmaceutical with a target stock price of 400,000 won and a 'buy' investment opinion, expecting performance in the second quarter of this year.
Researcher Lee Dal-mi stated in the report that "Hanmi Pharmaceutical's operating profit for the first quarter of this year is 58.9 billion won," explaining that "this is a 23.2% decrease compared to the same period last year, as the overall performance declined due to poor performance at Beijing Hanmi."
However, "the inventory depletion at Beijing Hanmi, which continued until the first quarter of this year, is expected to gradually resolve from the second quarter, leading to an improvement in overall profits in the second quarter," he said.
He also predicted that "the continuous high growth of diabetes and chronic disease products will drive the separate sales growth of Hanmi Pharmaceutical in the second quarter."
Furthermore, the researcher forecasted that "Hanmi Pharmaceutical's annual sales this year are expected to increase by 9.7% to 1.6 trillion won, and operating profit is expected to increase by 16.4% to 251.6 billion won," adding that "the R&D momentum is expected to drive Hanmi Pharmaceutical's stock price."  

khj91@fnnews.com Hyun-jung Kim Reporter