J.P. Morgan South Korea FTM 16 Jun 26 Classys; Samsung Biologics and More

研报英文原文证据摘录

J.P. Morgan South Korea FTM 16 Jun 26 Classys; Samsung Biologics and More

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