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Korea Small Cap Gem #38: Infinitt Healthcare

Korea Small Cap Gem #38: Infinitt Healthcare

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Douglas Kim
Jul 05, 2025
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Douglas Research Insights
Douglas Research Insights
Korea Small Cap Gem #38: Infinitt Healthcare
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  • Infinitt Healthcare is a leading Korean healthcare IT solutions specializing in medical imaging and enterprise imaging platforms. It is the number one provider of PACS system in Korea.

  • Five major investment highlights include strong export growth, solid growth in sales and operating profits, number one player in PACS system in Korea, strong balance sheet, and attractive valuations.

  • The company has a strong balance sheet. Net cash was 150 billion won at the end of 1Q 2025, representing 95% of its market cap.

Investment Highlights

The following are the five major investment highlights of Infinitt Healthcare (071200 KS) :

  • Strong export growth - The company is experiencing a strong export growth. Exports as a percentage of total sales increased from 55.8% in 2023 to 60.7% in 2024 and 66.67% in 1Q 2025. Its exports increased by 24.8% YoY in 2024.

  • Solid growth in sales and operating profits - The company's sales and operating profits increased at CAGR of 9.1% and 24.3%, respectively from 2021 to 2024.

  • Number one player for PACS system in Korea - The company is the number one player for PACS systems in Korea with nearly 70% market share. The company serves more than 1,500 medical institutions for its PACS systems. It has a loyal and stable customer base for its PACS and other medical imaging platforms in Korea.

  • Strong balance sheet - The company has a strong balance sheet. Net cash was 150 billion won at the end of 1Q 2025, representing 95% of its market cap. Debt ratio was 27% at the end of 1Q 2025.

  • Attractive Valuations - The company is trading at attractive valuations. It is trading at EV/EBITDA of 0.5x based on LTM EBITDA and 0.9x P/B multiple based on equity of 179 billion won at the end of 1Q 2025.

Infinitt Digital Pathology Solution (Source: Company data)

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