Sangsangin Securities analyzed on the 16th that BioPlus is expected to grow significantly due to its improved distribution structure this year and the planned construction of a factory next year. No investment recommendations or target prices were provided. The closing price on the previous trading day was 7,160 won.
BioPlus is a company that sells hyaluronic acid (HA) cosmetics and dermal fillers. Research Institute Hae Tae-gi noted that BioPlus's revenue for the fourth quarter is expected to increase significantly compared to the previous year due to the improvement in HA distribution structure. Research Institute Hae explained, "BioPlus has avoided low-cost OEM orders in the first half of this year and transitioned to large-scale OEM orders," adding, "Also, by significantly increasing the proportion of direct exports over indirect exports, revenue will see a considerable increase starting from the fourth quarter."
Sangsangin Securities also analyzed that the construction of BioPlus's new factory will be a positive factor for performance improvement. Research Institute Hae said, "BioPlus is currently building a new factory with an investment of about 150 billion won," and added, "Once the new factory is completed, the HA filler production capacity (CAPA) will increase from 5.4 million to 40 million units."
Research Institute Hae projected, "If BioPlus's exports increase, focusing on fillers, next year's consolidated revenue will reach 80.5 billion won, which is a 28.2% increase compared to the previous year, and operating profit will increase by 34.3% to 28.6 billion won."