[Asia Economy Reporter Kwon Jae-hee] Hanwha Investment & Securities has identified BioPlus, a specialist company in non-surgical filler procedures, as a noteworthy company due to its reopening and the start of its business in Hainan, China. No investment opinion or target price was provided.
BioPlus is a company that researches, develops, manufactures, and sells HA (hyaluronic acid) based products. Its main products include hyaluronic acid fillers, anti-adhesion agents, and synovial fluid for joints.
Last year, BioPlus achieved sales of 37.4 billion KRW and an operating profit of 18.2 billion KRW. As of last year, fillers accounted for the largest share of BioPlus's sales at 82%.
BioPlus is expected to continue its high growth this year as well. Kim Hyung-soo, a researcher at Hanwha Investment & Securities, stated, "With the decline of COVID-19, the easing and abolition of social distancing, reduction and voluntary use of masks, and the return to daily life, non-surgical procedures are expected to increase significantly." He projected, "BioPlus's sales this year are expected to reach 58.6 billion KRW, with an operating profit of 28.8 billion KRW."
In particular, the preparation for entering the Chinese market centered on Hainan is also attractive. Due to the rapid approval of fillers, expansion of consumer spending in Hainan, and securing hospital franchise partners, BioPlus's business in China is expected to increase significantly in the second half of the year.
Researcher Kim analyzed, "BioPlus is undervalued compared to the average of domestic non-surgical procedure companies such as Medytox, Hugel, and Jetema, making it highly attractive in terms of price."
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