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JONBUR Research · Update note

Seers · 458870 · Medical & precision devices

Seers: ₩110B Convertible Bond Fundraising Completed, Overseas Investment Phase Begins

Why this report

Written after:

A news report on October 21 says the company completed its ₩110B fundraising, and a filing the same day reports the results of the 2nd series convertible bond issue. This turns the plan in our October 18 initiation into a completed financing, while the model still has no estimate for the company.

Written Oct 25, 2026 · Data as of Oct 23, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

On October 21, 2026, Money Today reported under the headline "Cerus Completes ₩110B Fundraising, Full-Scale US and Middle East Investment Begins" that the fundraising was completed. The headline's company name differs from Seers, but the timing and amount match Seers' ₩110B convertible bond, so we treat it as the same event. A filing dated October 21 is titled "Results of Securities Issuance (Voluntary Disclosure): 2nd Series CB". No filing excerpts were provided, so details such as the conversion price, coupon, maturity and investors are not available to us.

Earlier headlines said ₩70B of the proceeds would be invested overseas. On October 22, Etoday reported a new Yongin plant raising wearable patch capacity "1.6x". The UAE screening news from October 16 is background.

For scale, ₩110B is about 12.1% of the ₩908.8B market cap and about 1.1 times trailing twelve-month revenue of ₩97.0B. The share price closed at ₩23,700 on October 23.

What it changes for the thesis

The previous report centered on very fast growth, from ₩8.1B of revenue in 2024 to ₩48.2B in 2025, with a trailing operating margin of 43.5%. It also flagged that it was unclear whether this pace can be sustained and that a large convertible bond was planned. The completed fundraising removes uncertainty about whether the money was raised, but not the question of sustainability.

The funds point to a shift toward US and Middle East expansion. Trailing cash was ₩25.9B and borrowings ₩3.0B, so the new money is large relative to the existing balance sheet. Whether the overseas spending produces revenue is not shown in the data. The earlier concerns about the wearable ECG market and foreign selling remain open. Foreign ownership is now 4.0%, down from 5.1% sixty days ago.

What it changes for the valuation

The model has no fair value estimate for this company, and the previous report had none either. So there is no bear, base or bull range per share to compare with the ₩23,700 price, and a model estimate based on the assumptions shown cannot be given.

On current figures the P/E is 21.7, P/B 13.3 and P/S 9.4. These do not reflect the new funding. Convertible bonds can add shares if converted, but the terms are not available to us, so the possible dilution cannot be measured. Peer P/E ratios range from 13.2 to 71.9 and P/B from 3.3 to 6.0, so Seers' P/B remains well above the peers listed.

Closing view

The completed ₩110B raise gives the company substantial funding for its overseas plans, which supports the growth story in the earlier report. At the same time, the terms are not available, so the effect on dilution and financing cost cannot be assessed. The valuation still has no model estimate and the multiples remain high on book value. The evidence is mixed and depends on the bond terms, how the proceeds are used, and whether recent earnings levels persist.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 25, 2026Update noteNewsSeers: ₩110B Convertible Bond Fundraising Completed, Overseas Investment Phase Begins
  2. Oct 18, 2026InitiationStart of coverage (reader request)Seers: Sharp Profit Turnaround, High Multiples and a New ₩110B Convertible Bond Plan

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information