[Click eStock] "BioPlus, Earnings Surprises Continue from Q4"

Stunning Value Research analyzed on the 7th that BioPlus is expected to continue delivering earnings surprises from the 4th quarter. No investment opinion or target price was provided.

BioPlus is a company that manufactures and sells HA fillers, medical devices, cosmetics, and pharmaceuticals using hyaluronic acid (Hyaluronic Acid) as the main ingredient. By applying proprietary patented technology developed in-house, they have developed HA fillers with excellent technology in terms of viscoelasticity, molding ability, safety, and durability. The compound annual growth rate (CAGR) over the past five years was 39.8%. The average operating profit margin over the past five years was 45.5%.

Yeongdae Jeon, a researcher at Stunning Value Research, said, "BioPlus experienced sluggish performance in the first half of this year due to restructuring domestic and international filler sales from early this year," adding, "However, it is expected to continue earnings surprises from the 4th quarter of this year through next year."

The expected sales and operating profit for the 4th quarter are 27 billion KRW and 10.1 billion KRW, respectively, representing increases of 67.1% and 60.8% compared to the same period last year. The expected sales and operating profit for next year are 91.2 billion KRW and 37.4 billion KRW, respectively, which are increases of 40.5% and 76.1% year-on-year.

He stated, "In July 2022, filler approval was obtained from China, and in July 2023 from Brazil," adding, "Contracts have been signed with companies such as Shandong FocusPleda Life Sciences and Nanyeon Life Science Technology in China, and EVO Pharma in Brazil, showing strong overseas export trends." He also added, "Sales growth of the high-performance cosmetic 'Bonix' in the Greater China market is expected."