[Edaily Reporter Kwon Oh Seok ] IBK Investment & Securities announced on the 22nd that it is initiating coverage of SEERS TECHNOLOGY(458870)with a “Buy” rating and a target price of 30,000 won.

Jo Eun-ae, an analyst at IBK Investment & Securities, stated, “There is a high likelihood that export markets will expand, starting with the UAE. If the number of beds in the UAE—the company’s first export reference—and the timing of revenue recognition are finalized, an upward revision of earnings estimates and a multiple re-rating are possible.”
Previously, SEERS’ stock price had fallen 45% year-to-date (YTD). This was because the pace of domestic hospital bed expansion in the second quarter was slower than investors’ high expectations, and expectations regarding the timing of full-scale exports had also diminished.
Analyst Cho noted, “Despite signing a product supply contract worth approximately 20 billion won with Pure Health in the UAE in May 2026, the stock price continued to correct; market attention has shifted from the signing of the export contract itself to the sustainability of domestic hospital bed expansion and the timing of overseas revenue recognition,” while also he emphasized, “While the domestic market continues to grow based on a low market penetration rate and a high market share, the time is approaching when meaningful exports will be added for the first time.”
He continued, “In the domestic market, the penetration rate for beds equipped with remote patient monitoring is only 6%, with approximately 40,000 out of 700,000 beds nationwide. SEERS is the leading provider, supplying 67% of these.” He added, “Secondary hospitals are the main focus for expanding the number of supplied beds, as we can supply 100 to 500 beds per hospital and the lead time for implementation is short. Starting in the second half of the year, we will begin supplying beds to long-term care hospitals, where the penetration rate is currently only around 1%,” he analyzed.
He further projected, “Focusing on the expansion of Think beds, domestic sales are expected to grow from 128.3 billion won in 2026 (+166% year-over-year) to 169.3 billion won in 2027 (+32%).”
The firm added, “Regarding exports, following the signing of an MOU with PureHealth in the UAE in February and a definitive agreement in May that included minimum order quantities, we are currently awaiting the finalization of local reimbursement rates. In addition to Pure Health, we are discussing large-scale projects such as health screenings in the UAE and are expanding discussions to the U.S., Saudi Arabia, and other Asian markets,” the company added, noting, “Our projected earnings reflect only approximately 20 billion won in exports to Pure Health, for which the minimum order quantity has been finalized.”