KR : Inbody Co Ltd - Back on the growth highway

Inbody reported total sales/OP of W33bn/W10.2bn (+18.7%/+83.4% yoy) mainly driven by reopening of fitness centres in Korea in 1Q21. We forecast Inbody to report OP of W30bn/W35bn (+55%/+19% yoy) in FY21/22F thanks to firm topline growth in professional/consumer-use BCAs. Reiterate Add with a new TP of W36,000 based on FY21-22F EPS average and 17x FY22F P/E. This note marks the transfer of coverage to Jiwon Lee.

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