[Click eStock] Sangsangin Securities "Humedics, Filler High Growth... Maintain Holdings"

Target Price Raised from 50,000 Won to 52,000 Won

Sangsangin Securities recommended maintaining a continuous holding position on Humedix on the 17th, forecasting a stock price increase due to this year's growth in filler exports.

Sangsangin Securities stated this while maintaining a 'Buy' investment opinion and raising the target stock price from 50,000 won to 52,000 won.

Researcher Ha Taegi of Sangsangin Securities explained, "An increase in filler exports is expected this year in overseas markets such as Brazil, Thailand, and Vietnam," adding, "This year's operating performance will significantly increase due to filler exports, which will serve as the foundation for the stock price rise." In particular, in Brazil, approval was obtained for body filler products, and filler export revenue in the second half of this year is expected to exceed 20 billion won.

The potential for stock price growth was highly evaluated at 44.5%. Researcher Ha said, "The current stock price is undervalued, with a price-to-earnings ratio (PER) based on this year's estimated earnings of only 8.7 times," and analyzed, "Along with fillers, expectations for the composite filler Belpien in the second half of this year are also reflected, making the stock price upward trend valid in the long-term trend."

Humedix's sales in the fourth quarter of last year amounted to 36.7 billion won, a 2.1% increase compared to the previous year, and operating profit was 10.1 billion won, a 93.0% increase. Although sales fell short of expectations, operating profit showed a recovery trend due to increased filler exports such as Elavie.