SOUTH KOREA FIRST TO MARKET

研报英文原文证据摘录

SOUTH KOREA FIRST TO MARKET

Asia Pacific Equity Research

Due to market closures, there will be no publication of South Korea First to Market on 17 July. Publication

resumes on 20 July.

South Korea First to Market 16 July 2026

Top Stories

Classys (Jihyun Cho) (214150 KS, OW)

June exports: Strong quarter-end with record-high device exports

Classys’s June exports soared to $25mn (+52% y/y and +84% m/m) with strong quarter-end shipping in both devices and

consumables across key markets. With a strong quarter-end, 2Q26 ended with $50mn (+33% y/y and +11% q/q) at a record-

high level. In June, devices renewed their record-high at $15mn (+51% y/y and +88% m/m) and were particularly robust in

Thailand, the US, and Russia, despite moderate growth in Brazil after the previous two months of strength. Consumables also

expanded to $10mn (+55% y/y and +77% m/m), as a sharp rebound in Thailand and US exports more than offset the softening

in Brazil. I ndustry-wide exports also remain broadly resilient, but more reliant on devices at $66mn (+40% y/y and +74% m/m)

vs. steady consumables exports at $36mn (+6% y/y and +1% m/m). Given the enhanced overseas operations, 2Q26 earnings

are likely to largely meet Street expectations with W116bn sales (+40%y/y) and W54bn OP (+27%y/y), from 1Q26’s depressed

base. Today, the company appointed a new CEO who has specialized in M&As and global businesses (Table 4) . Under the

new leadership, we expect to see: (1) gradual global expansion to build a larger installed base and recurring consumables

orders; (2) revamping of the operations in Brazil; and (3) a more diversified product portfolio. We reiterate OW.

Korea: June employment rose, but details remained mixed (Jooeun Kim)