Sangsangin Investment & Securities projected on the 20th that Humedix will see a recovery in its performance in the second half of the year through the development of the skin booster 'Elabie Rituo' and composite fillers. It maintained a 'buy' rating and a price target of 71,000 won. The closing price of Humedix on the previous trading day was 55,300 won.
Ha Tae-ki, a researcher at Sangsangin Investment & Securities, predicted that the operating performance in the second half of the year would turn around. Ha noted, "In the third quarter, exports of fillers to Brazil are expected to increase while exports to Thailand will begin anew, leading to an increase in sales of Elabie Rituo," and added, "Exports of cosmetics are also expected to rise."
Ha pointed out that, as the stock price has undergone short-term adjustments, a shift back to the buying mode is necessary. He added that investors in the second half should focus on the increasing sales trend of the skin booster Elabie Rituo and the development schedule of the composite filler Belpien.
He said, "Sales of the skin booster Elabie Rituo (cell-free homologous dermis) are performing better than expected," and added, "We have raised our sales forecast for the year to 5.7 billion won and can expect between 9 billion and 10 billion won next year." He continued, "Elabie Rituo is a new concept skin booster, which has great growth potential as a meaningful new item expanding the Humedix portfolio."
Expectations for the development of the composite filler Belpien remain high. Ha estimated that "Belpien is expected to complete clinical trials by the end of this year and has a high possibility of applying for product approval from the Ministry of Food and Drug Safety in the first half of next year," adding, "If the schedule goes smoothly, a launch next year is possible, which could generate positive expectations."
Humedix recorded sales of 43 billion won and an operating profit of 10.8 billion won in the second quarter (April to June) of this year. These figures represent a decrease of 6% and 17% compared to the same period last year, respectively. Ha noted that this was the result of negative growth in domestic sales of toxins and fillers despite the growth trend in filler exports.