DAISHIN SECURITIES forecasted that this year the camera module company MCNEX will expand its market share in Samsung Electronics smartphones and achieve record-high sales. Accordingly, it maintained its investment opinion of 'buy' and raised its target price from 34,000 won to 37,000 won, an increase of 8.8%. The previous day's closing price for MCNEX was 24,750 won.
Park Gang-ho, a researcher at DAISHIN SECURITIES, noted, 'This year, we expect record-high sales due to the expansion of Samsung Electronics’ smartphone market share and stable growth in automotive components.' He presented an expected sales figure of 1.42 trillion won and an operating profit of 76.6 billion won for this year.
He continued, 'Differentiated performance is expected compared to competitors,' adding that 'the current price-to-earnings ratio (PER) is 6.8 times, indicating it is undervalued.' He maintained MCNEX as his top pick among mid-cap stocks.
Researcher Park analyzed, 'As market share increases within Samsung Electronics, sales of drive systems and camera modules have also increased,' adding that 'by expanding the supply of camera and drive systems in the Galaxy S25 and premium A series, MCNEX has recorded differentiated profitability compared to other companies.'
He believes that an increase in sales of automotive components is also expected. Sales of automotive components are projected to rise from 270.8 billion won last year to 312.5 billion won this year and 342.9 billion won next year.
Researcher Park added, 'Along with the effect of transitioning to a first-tier supplier for Hyundai Motor, additional sales increases will be reflected in the application of autonomous driving. With Tesla expected to provide autonomous driving services in the second half of this year, the expansion of applications by other automakers and the elevation of levels may provide new growth opportunities for MCNEX.'