[Click eStock] "Metacare Expands AI Medical Business... Asset Value Highlighted at 2.3 Times Market Cap"

On July 7, independent research firm ValueFinder analyzed that Metacare, after becoming the largest shareholder of TechLabs, has not only secured new business opportunities based on medical data, but also offers attractive undervaluation relative to its asset value.

Lee Choongheon, a researcher at ValueFinder, stated, "Metacare has established a foundation to expand its medical data business by connecting its hospital network with TechLabs' artificial intelligence (AI) platform." He added, "The scale of the company's real estate and cash equivalents is about 2.3 times its market capitalization, so the potential for a corporate value revaluation should also be noted."

Metacare is a company specializing in pharmaceuticals and medical distribution, established in 2009 through a spin-off. After acquiring J&S Pharm, its main business has focused on pharmaceutical distribution, with hospitals, pharmacies, and pharmaceutical wholesalers as key clients based on bulk purchasing.

Through its subsidiary Momolabs, Metacare provides hospital management support (MSO) and medical service solutions to specialized hair transplantation hospitals. It is evaluated as expanding business synergy by linking existing pharmaceutical and medical device distribution operations.

On June 29, Metacare acquired shares in TechLabs, becoming its largest shareholder. After the acquisition, Metacare holds a 47.51% stake, and TechLabs is expected to be included as a consolidated subsidiary.

TechLabs is a company that provides AI-based adtech services and hospital operation solutions for cosmetic medical hospitals. It supports all aspects of hospital operations, including hospital marketing, customer relationship management (CRM), and advertising efficiency analysis, based on data. The company has also built a platform that links advertising data with hospital revenue data using AI agents.

The report projected that, as Metacare already operates pharmaceutical, medical device distribution, and hospital management support businesses, it will be able to expand its medical data business by combining its hospital network with TechLabs' AI platform, thereby generating synergy among affiliates.

The report also expected improved performance. TechLabs recorded sales of approximately 92.4 billion KRW and an operating profit of 7.4 billion KRW in 2025, and its inclusion in consolidated results from the second half of this year is anticipated to contribute to both top-line growth and improved profitability.

ValueFinder also highlighted Metacare's asset value. As of the first quarter of this year, its price-to-book ratio (PBR) was about 0.2 times, and its investment real estate and cash equivalents totaled approximately 66.3 billion KRW, about 2.3 times its market capitalization. The recent participation of majority shareholder Metalabs in a third-party paid-in capital increase of about 6 billion KRW was also evaluated as a positive factor.

Researcher Lee stated, "With the consolidation of TechLabs, the combination of the hospital network and AI adtech platform is expected to generate synergy among affiliates. Considering the company is significantly undervalued relative to its asset value, if performance improves and business portfolio expansion continues, the likelihood of a corporate value revaluation is high."

This content was produced with the assistance of AI translation services.