Samsung Biologics Sees 10% Revenue Growth with US Facility Acquisition... Jeju Air Expected to Return to Profit Next Year Despite LCC Downturn [Zootopia]

[Financial News] Here is a summary of major securities reports as of the morning of December 23.
Samsung Biologics is expected to see its revenue rise by more than 10% and its growth premium expand, thanks to the acquisition of a US-based biopharmaceutical production facility. Jeju Air faced a difficult year in 2025 due to the aftermath of the Muan International Airport accident and a slowdown in demand, but is projected to return to profit in the first quarter of 2026. d'Alba Global is anticipated to gradually improve its margins as it expands its offline channels in the US and European markets.
◆Samsung Biologics (207940)― IBK Securities / Analyst Jeong I-su
- Target Price: Not Provided
- Investment Opinion: Not Provided
IBK Securities stated that Samsung Biologics has secured a total production capacity of 60,000 liters for active pharmaceutical ingredients in the US by acquiring the Human Genome Sciences biopharmaceutical facility in Rockville, Maryland. Analyst Jeong I-su noted that, given the increased likelihood of Chinese biotech firms being excluded from the US market due to the Trump administration's biosecurity law, Samsung Biologics is emerging as an alternative supplier with lower geopolitical risk and production facilities in both South Korea and the US. This is expected to lead to a significant increase in large-scale contract development and manufacturing (CDMO) orders.
◆Jeju Air (089590)― Korea Investment & Securities / Analyst Choi Go-un
- Target Price: Not Provided
- Investment Opinion: Neutral
Korea Investment & Securities projects that Jeju Air will post an operating loss of 160 billion KRW in 2025 due to the lingering effects of the Muan International Airport accident and a general decline in demand for low-cost carriers. However, the company is expected to return to profit in the first quarter of 2026, ending a six-quarter streak of losses. Analyst Choi Go-un explained that demand for travel to Japan is rebounding quickly following the Chuseok holiday, with ticket prices for flights to Tokyo and Osaka recovering to the 300,000 KRW range in December. Furthermore, after the merger of Korean Air and Asiana Airlines in 2026, Jeju Air's role in maintaining competition within the airline industry is expected to be reassessed.
◆d'Alba Global (483650)― Kyobo Securities / Analyst Kwon Woo-jung
- Target Price: 220,000 KRW
- Investment Opinion: Buy
Kyobo Securities expects d'Alba Global's consolidated fourth-quarter revenue to reach 140 billion KRW, with operating profit at 24.8 billion KRW, representing year-on-year increases of 51% and 84%, respectively, in line with market expectations. Analyst Kwon Woo-jung noted that North American sales are projected to reach 26.9 billion KRW, up 217% year-on-year, with the share of offline channels (Ulta Beauty, Costco Wholesale) in the US expected to rise to 20%. While Japan and Russia, where B2B sales are dominant, maintain strong operating margins in the high 20% to 30% range, North America currently records single-digit margins. However, margin improvement in North America and Europe is expected to become more pronounced starting in 2026.

sms@fnnews.com Reporter Seong Min-seo Reporter