[Click eStock] "Hugel Stock Price to Rise Further This Year... Toxin and Filler Exports Increase"

Target Price Raised to 440,000 KRW

Sangsangin Securities forecasted on the 5th that Hugel's stock price will further rise this year, driven by increased exports of toxin and filler products. They maintained a 'Buy' investment rating and raised the target price to 440,000 KRW.

Researcher Ha Taegi of Sangsangin Securities stated, "It cannot be ruled out that Hugel's stock price has risen significantly in a short period," but added, "The price-to-earnings ratio (PER) based on this year's estimated earnings is still only 19.7 times. It is necessary to take a positive investment stance." Hugel's stock price has been hitting new highs, rising to the 310,000 KRW range following the FDA approval of Retivo (domestic product name Botulex) in March last year, the final victory at the US International Trade Commission (ITC) in October, and strong fourth-quarter earnings growth.

This year, toxin and filler products are expected to drive the stock price increase. Researcher Ha said, "From the second quarter, toxin exports to the US will begin, and with the enhancement of the toxin brand value, the business environment is expected to improve in regions outside North America, including Asia, Europe, South America, and the Middle East." Hugel plans to officially launch its toxin products in the US market through its US partner Benev in the first half of the year. He added, "From the second half of the year, sales synergy between fillers and toxins can be expected," anticipating a significant expansion in Hugel's filler export growth potential.

He stated, "With toxin exports increasing significantly centered on the US market, the corporate value will grow substantially," and "This is a period when the stock price will level up accordingly."

Hugel's sales this year are projected to grow 22.2% year-on-year to 456 billion KRW, and operating profit is expected to increase by 33.3% to 221.5 billion KRW. The operating profit margin is forecasted to improve by 4.0 percentage points from last year to 48.6%.