Report

i-SENS (099190.KS): Emerging as a total diabetes solutions company

- We maintain BUY on i-SENS in light of the momentum to come from its transformation into a total diabetes solution company from just a maker of blood glucose meters and test strips.

- The company’s earnings in the US and Europe continue to grow and the Chinese unit is normalizing. Earnings momentum is intact. We raise our target price from KRW31,000 to KRW35,000.

Underlyings
i-SENS

i-SENS, Inc. is a Korea-based company mainly engaged in the manufacture and sale of biosensors. The Company's products consist of blood glucose monitoring systems, including blood glucose monitors, blood glucose meters, glucose monitors, blood glucose meter kits and blood sugar meters under the brand names of CareSens, MedTrust, BGStar, Barozen and others; electrolyte analyzers and cartridges; immunosensors, as well as other related accessories, such as connectors, lancets, blood glucose data management software and lancing devices, among others. The Company distributes its products within domestic market and to overseas markets including Japan, Europe, the United States and others.

Walmart Inc.

Walmart is engaged in global operations of retail, wholesale and other units, as well as eCommerce, located throughout the U.S., Africa, Argentina, Canada, Central America, Chile, China, India, Japan, Mexico and the U.K. The company's operations are conducted in three reportable segments: Walmart U.S., which is a mass merchandiser of consumer products, operating under the Walmart and Walmart Neighborhood Market brands, as well as walmart.com, jet.com and other eCommerce brands; Walmart International, which includes various formats divided into retail, wholesale and other categories; and Sam's Club, which is a membership-only warehouse club that also operates samsclub.com.

Provider
Hyundai Motor Investment & Securities
Hyundai Motor Investment & Securities

Hyundai Motor Investment & Securities is the investment banking arm of the Hyundai Motor Group. The company offers stock brokerage and advisory services; derivative products brokerage and advisory services; wrap account portfolio management services; and VIP wealth management and tax planning, institutional equities, derivatives, and futures brokerage services, as well as sells investment and institutional products. It also provides equity offering, ABS, real estate PF and real estate PF securitization, offshore SOC, structured financing, asset securitization, real estate sales, IPO advisory, and private equity fund and fund management services; and CMA/RP portfolio management and fixed income based investments, as well as involved in the issuance, management, and brokerage of OTC derivatives. In addition, the company offers research services, including macro economic forecasts and stock market outlook, industry overviews and forecasts, fixed income strategies, corporate credit analysis, and valuation analysis. Further, it offers a range of retirement and pension services for individuals and corporate members; portfolios and asset allocation consulting and marketing services; proposing retirement pension plans; contract and payment management services; pension plan advisory and actuarial services; and system development and implementation services, as well as operates call centers for retirement pension services, etc. 

Analysts
Yang Ku Kang

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