Kyobo Securities noted that PharmaResearch is expected to continue its growth due to the increase in visa-free travel for Chinese group tourists, new entries into Europe, and the rise in sales of Rejuran for the U.S. market. Kyobo Securities maintained a 'Buy' investment opinion on PharmaResearch and raised its target price to 800,000 won, which is 22.5% higher than the previous day's closing price of 653,000 won.
Researcher Jeong Hee-ryeong at Kyobo Securities projected that PharmaResearch will record sales of 148.9 billion won and operating profit of 64.7 billion won in the third quarter (July to September) of this year. This represents increases of 66.9% and 85.3%, respectively, compared to the same period last year.
Researcher Jeong noted, "The third quarter is typically a slow season for the beauty industry, but there is a possibility of further raising earnings estimates depending on the number of entrants after the visa-free travel for Chinese group tourists scheduled for September."
Jeong listed the plans for PharmaResearch to finalize contracts for the European market during the third quarter, maintain the schedule for Chinese Class 3 medical devices and U.S. licensing, and implement a bundling strategy with the launch of new products such as collagen skin boosters as growth factors.
Researcher Jeong said, "Among consumables that are at the beginning stage of a trend rise, there are still numerous growth drivers for PharmaResearch's products, providing sufficient reasons to apply a high multiple for evaluations."