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.
- 1 Macro Analysis/Global G7 reiterates support for SDR allocation and seeks to boost its impact
- 2 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
- 3 Strategy Note/Vietnam Vietnam: The best emerging market is still spoilt by foreign ownership limits
- 4 Strategy Note/Global Egypt's military spend is not securing the Nile in its dispute with Ethiopia
- 5 Strategy Note/India India sues Twitter
This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...