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JONBUR Research · Initiation

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Seers · 458870 · Medical & precision devices

Seers: Sharp Profit Turnaround, High Multiples and a New ₩110B Convertible Bond Plan

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Seers, a KOSDAQ medical device company, moved from a loss in 2024 to trailing operating profit of ₩42.2B on ₩97.0B of revenue, but the shares are down 21.3% over three months. A ₩110B convertible bond decision on October 13 and UAE screening news are the latest developments.

Written Oct 18, 2026 · Data as of Oct 16, 2026 · 0 views

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

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Thesis

The data supports a story of very rapid growth: annual revenue rose from ₩8.1B in 2024 to ₩48.2B in 2025 (up 494.7%), and trailing twelve-month revenue to H1 2026 is ₩97.0B. Margins are high, with a trailing operating margin of 43.5% and net margin of 43.2%.

What the data does not show is whether this pace can be sustained. Only two annual periods are available, and the 2024 base was a loss. The shares trade at 13.3 times book and 21.7 times earnings, and the price is 63.2% below the 52-week high of about ₩64,234 (close ₩23,650). Foreign ownership fell from 6.0% to 4.6% over 60 days, and foreign and institutional investors were net sellers over the last 20 days while retail investors were net buyers. A news headline also mentions the company's market position wobbling in wearable ECG, though details are not in the data.

Business overview

Seers is listed on KOSDAQ in the medical and precision devices sector, was founded on August 11, 2009 and listed on June 19, 2024. It has 38,345,362 listed shares and a market capitalization of about ₩906.9B. The CEO is listed as 이영신. News headlines in the data describe AI arrhythmia screening work, including IRB approval from the Abu Dhabi Department of Health and a demonstration in the UAE, plus an intention to target the US AI diagnostics market. Product and customer detail is not otherwise available in the data.

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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