[Click e-Stock] "Age of Fat Reduction" If You’re Interested in Hanmi Pharmaceutical, Watch This Stock Too

IBK Investment & Securities Initiates Coverage on InBody with "Buy" Rating
Target Price Set at 81,000 Won

As the obesity treatment market evolves beyond simple weight loss to emphasize the "quality of weight loss," securities analysts suggest increased attention should be paid to InBody, a body composition analyzer company.

On August 27, IBK Investment & Securities initiated new coverage on InBody, assigning a "Buy" rating and a target price of 81,000 won. This suggests approximately 35% potential upside compared to the previous day's closing price of 60,300 won.

Yoo Changkeun, an analyst at IBK Investment & Securities, stated, "Hanmi Pharmaceutical's next-generation obesity drug, which minimizes muscle loss, is attracting market attention," and described InBody as "Hanmi Pharmaceutical's partner." He commented, "As the quality of weight loss becomes more important than simple weight reduction, the demand for body composition analyzers is bound to expand," and forecasted that "industry leader InBody will increasingly benefit."

The front-end market for InBody is rapidly expanding from traditional fitness to the obesity treatment market. In addition, as next-generation obesity treatments that minimize muscle loss and selectively reduce body fat garner attention, experts anticipate increased demand for precise measurement and management of body composition.

Yoo also assessed that InBody's potential market is expanding significantly. He estimated, "The potential market size for body composition analyzers is now more than six times greater than before," and added, "With the global fitness population at around 200 million and the obese population estimated to be close to 1 billion, the user base for these products is expected to grow more than fivefold compared to previous levels."

InBody's U.S. business has already been shifting toward the medical sector. In the first half of 2026, the proportion of revenue from hospitals and healthcare institutions for the U.S. subsidiary reached 43.6%, far surpassing the share from fitness and sports (23.3%). Yoo noted that following the spread of obesity treatments, demand for body composition analyzers has been rapidly increasing at hospitals, clinics, and research institutions.

Additionally, the home-use market is cited as an emerging growth engine. Since obesity is a chronic condition requiring continuous management, it is expected that demand for home-based body composition monitoring will increase even after GLP-1 treatment. Particularly in the U.S., where adult obesity rates approach 40% and single-family homes account for about 65% of residences, market conditions are regarded as favorable for the spread of home healthcare devices.

Yoo described the home-use InBody as a "blue ocean," explaining, "In the home-use body composition analyzer market, InBody products are priced at a premium compared to standard mass-market options." He attributed InBody's growing home market share to its overwhelming brand recognition and measurement accuracy built in the professional sector, as well as its differentiated features such as B2B expert-level data and integration with B2C apps (cloud connectivity).

This year, InBody's sales revenue is estimated to rise 23.6% year-on-year to 289.2 billion won, and its operating profit is projected to increase by 58.0% to 58.1 billion won. The operating margin is also expected to improve from 15.7% last year to 20.1% this year. Yoo stated, "Soaring demand for monitoring obesity treatment will drive both professional and home-use InBody sales," and added, "While the growth rate measured in numbers may appear somewhat subdued due to currency effects, we expect the actual business growth to remain robust." He further commented, "Rather than being concerned about elevated multiples, now is the time to focus on the expanding front-end market driven by obesity treatments."

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