[Eugene Investment & Securities] Emro : Beyond leveling up, emrging as a leading AI software player(2023.07)
This is an Emro report published by Se-hee Kim, an analyst at Eugene Investment & Securities.
Emro : Beyond leveling up, emrging as a leading AI software player
- Earnings estimates have been raised, driven by Samsung SDS’s equity acquisition, accelerating overseas expansion, and clearer visibility on strong growth momentum.
- The rapid increase in customers adopting Emro’s AI business unit and the continued revenue growth of o9 Solutions are also viewed as positive factors.
- Synergies with o9 Solutions and Samsung SDS are expected to presentationize from the second half of the year.
A rare combination in the domestic B2B software sector: overseas expansion and SaaS business acceleration.
- Among Korean AI software companies, Emro stands out as the only one capable of validating its narrative.
→ As market attention shifts from AI hardware to AI software, both EPS and valuation multiples are expected to expand.
The target price has been raised to KRW 153,000, reflecting upward revisions to earnings forecasts (2024: KRW 168.4bn; 2025: KRW 324.2bn).
