Vieworks (100120.KQ) is expected to post improved annual earnings this year on the back of strong second-half results, according to analysts. In addition to its stable revenue base from its core medical imaging solutions business, an expansion of overseas exports of cameras for golf simulators starting in the second half is expected to widen the scope of the earnings recovery.
LS Securities issued a "buy" rating in a report Tuesday, saying, "Vieworks will see a significant recovery in operating profit in 2026 as profitability improvement effects emerged in the first quarter of this year." The brokerage added, "This is because overseas exports of golf simulators are expected to expand in earnest starting in the second half."
Vieworks develops, manufactures and sells imaging solutions, including X-ray detectors and industrial cameras. Its main products include still-image X-ray detectors, video X-ray detectors for dental and other applications, industrial X-ray detectors and industrial cameras. Detectors are core components that detect X-ray signals and convert them into digital images, and are used in hospital digital X-ray equipment and dental imaging devices.
Vieworks posted consolidated revenue of 239.3 billion won ($175 million) and operating profit of 21.4 billion won last year. Medical imaging solutions, including X-ray detectors, accounted for 80.3% of total revenue. First-quarter revenue rose 6.9% year-on-year to 58.2 billion won. Operating profit surged 329.7% to 8.8 billion won, while net profit jumped 298.3% to 9.3 billion won.
Vieworks is expanding its industrial imaging solutions business in addition to its medical business. The solutions are used in industrial cameras and golf simulators. In 2024, while sales of cameras for inspection equipment grew, a slump in the golf simulator market caused revenue to fall approximately 23% year-on-year to 42.4 billion won. In 2025, revenue recovered on the back of semiconductor capital expenditure, with consolidated sales rising 11% year-on-year to approximately 47.2 billion won. In 2026, annual earnings improvement is expected to continue on the back of expanded golf simulator exports in the second half.
LS Securities issued a "buy" rating on Vieworks with a target price of 36,000 won. "The strong first-quarter results were driven by efficient allocation of human resources and reduced fixed costs stemming from the recovery of medical and industrial detectors," LS Securities said. "Operating profit will recover significantly in 2026."
