[Asia Economy Reporter Hyunseok Yoo] KTB Investment & Securities analyzed on the 11th that the sales proportion of the secondary battery pack business of IrenTech is expected to expand. No investment opinion or target price was provided.
IrenTech is a specialized manufacturer of secondary battery packs, smartphone cases, chargers, and protection circuits. The Vietnam subsidiary mainly produces smartphone cases and battery packs, the Malaysia subsidiary produces electronic cigarettes (KT&G brand), and domestically, it mainly produces ESS battery packs.
Jae-yoon Kim, a researcher at KTB Investment & Securities, stated, "This year, high growth is expected in the mobility battery pack business of the new Indian subsidiary," adding, "They have started supplying mobility battery packs for E-Bikes to global automakers, and considering that the customer is the world's number one bike company and that India has a high number of two-wheeled vehicles, additional expansion within the year is also anticipated."
He emphasized, "Additional orders for ESS battery packs are also expected. Since 2018, they have been preparing medium and large battery packs, signed supply contracts with major domestic battery companies, and started mass production lines last year," and "Additional ESS orders for North America and Europe are expected in 2021."
Exports of electronic cigarettes are also expected to increase. He said, "The Malaysia subsidiary is the exclusive supplier of KT&G's newly launched electronic cigarette ‘Lil Solid 2.0’ in September last year, and overseas launches are also expected in the first half of this year."
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