External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>For 3Q25, Dentium posted revenue of W78.2bn (-17% YoY) and operating profit of W12.5bn (-49% YoY; OP margin of 15.9%), with both figures falling significantly short of the consensus.</li><li>We estimate adjusted EBITDA came in at W19.7bn (-32% YoY; adjusted EBITDA margin of 25.2%).</li><li>By product, revenue was W67.1bn (-22% YoY) for dental implants, W2.3bn (+78% YoY) for digital dentistry, and W8.9bn (+16% YoY) for other products. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, Dentium posted revenue of W78.2bn (-17% YoY) and operating profit of W12.5bn (-49% YoY; OP margin of 15.9%), with both figures falling significantly short of the consensus.We estimate adjusted EBITDA came in at W19.7bn (-32% YoY; adjusted EBITDA margin of 25.2%).By product, revenue was W67.1bn (-22% YoY) for dental implants, W2.3bn (+78% YoY) for digital dentistry, and W8.9bn (+16% YoY) for other products. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dentium (145720 KS/Hold)Familiar Challenges Resurface

<ul><li>Dentium reported below-consensus 2Q25 results, with revenue of W82.3bn (-26% YoY) and operating profit of W15.5bn (-44% YoY; OP margin of 18.9%).</li><li>Adjusted EBITDA came in at W22.4bn (-41% YoY; adjusted EBITDA margin of 27%). The new hydrogen fuel cell business recorded an operating loss of W1.1bn.</li><li>By product, revenue was W74bn (-25% YoY) for dental implants, W1.2bn (-36% YoY) for digital dentistry, and W7bn (-36% YoY) for other products.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dentium reported below-consensus 2Q25 results, with revenue of W82.3bn (-26% YoY) and operating profit of W15.5bn (-44% YoY; OP margin of 18.9%).Adjusted EBITDA came in at W22.4bn (-41% YoY; adjusted EBITDA margin of 27%). The new hydrogen fuel cell business recorded an operating loss of W1.1bn.By product, revenue was W74bn (-25% YoY) for dental implants, W1.2bn (-36% YoY) for digital dentistry, and W7bn (-36% YoY) for other products.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dentium (145720 KS/Buy) - Multi-Pronged Strategy Needed to Address Undervaluation

South Korea

Dentium Co., Ltd. manufactures dental instruments and materials.  The Company's products include dental implant kits and lab tool kits.

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Dentium (145720 KS)