SOUTH KOREA FIRST TO MARKET

Research evidence excerpt

SOUTH KOREA FIRST TO MARKET

Asia Pacific Equity Research

South Korea First to Market 16 June 2026

Top Stories

Classys (Jihyun Cho) (214150 KS, OW)

May exports: strengthening devices vs. moderating consumables with Brazil’s recovery gaining

clarity

Classys’s May exports rose to $14mn (+27% y/y and +27% m/m), rebounding from a softer April. Devices drove the upside at

$8mn (+49% y/y and +50% m/m) on a strong recovery in Brazil, the US and Thailand. Consumables increased to $6mn (+6%

y/y and +5% m/m), lagging devices – likely reflecting promotional consumables bundled with device placements – though

trends in Brazil, Japan and Taiwan remain constructive. For investors’ key watchpoints, exports to Brazil strengthened across

both devices and consumables, supporting a smoother post-Medsystems normalization. However, industry data show the

opposite mix: devices were relatively muted at $38mn (+2% y/y and +5% m/m) vs. consumables at $36mn (+58% y/y, +21% m/

m). Altogether, we believe that May’s data further support improving operating momentum in Classys: 1) robust device sales to

eventually drive up consumables sales; 2) Brazil recovery underway in both devices and consumables; and 3) more broad-

based growth with ongoing geographic expansion and portfolio diversification via new launches. We view the recent

weakness as a buying opportunity and reiterate OW.

Samsung Biologics (Jihyun Cho) (207940 KS, OW)

Our key takeaways from EU NDR: Constructive mid- to long-term outlook vs. near-term issues; OW

We hosted an EU NDR with Samsung Biologics. Following the sharp YTD de-rating, investor focus was on near-term operating

friction and the supply/demand backdrop to reassess Samsung Bio’s competitive positioning. Investors remain broadly