[Click e-Stock] "Intekplus Expected to Achieve Structural Growth... Target Price Raised"

Sangsangin Securities projected on January 19 that Intekplus is expected to experience structural growth. The firm maintained its "Buy" investment rating and raised its target price to 18,000 won.

Sangsangin Securities anticipated that Intekplus would record sales of 36.1 billion won and operating profit of 7.6 billion won in the fourth quarter of last year. Compared to the previous year, sales are expected to increase by 47.4%, and the company is expected to return to profitability in terms of operating profit. Jeong Minkyu, a researcher at Sangsangin Securities, stated, "Sales of semiconductor inspection equipment are on the rise, reaching 19.1 billion won," and added, "Sales of secondary battery inspection equipment are expected to be recognized in bulk as deferred revenue."

Due to the base effect from last year's fourth-quarter sales concentration and seasonal off-peak factors, the company is expected to inevitably post an operating loss in the first half of 2026. However, from the second half of the year, equipment sales are expected to accelerate, enabling structural growth.

He said, "Orders are expected in the second half for CoWoS inspection equipment for Taiwanese OSATs, FC-BGA inspection equipment for Japanese substrate manufacturers, and ultra-large area substrate inspection equipment for North American IDMs." He further anticipated, "For the full year, sales are projected at 103.1 billion won and operating profit at 7.5 billion won, with sales increasing by 20.5% year-on-year and a return to operating profitability."