Sangsangin Investment & Securities on the 22nd projected that Humedix's share price will show a positive trend through the first half of next year. It analyzed that sales of the skin booster Elravie Re:Tuo are increasing faster than expected, and that the launch of the PN composite filler Belpien at the end of next year will further strengthen its position in the skin booster field. It raised its target price to 84,000 won from 71,000 won and maintained a "buy" recommendation.
Humedix's third-quarter results are estimated at 42.5 billion won in revenue and 11.1 billion won in operating profit. Those figures are up 13.9% and 19.6%, respectively, from a year earlier. In the filler institutional sector, which accounts for a large share of sales, domestic demand is expected to remain sluggish, but exports to Brazil and Thailand are increasing.
Cosmetics exports are also increasing, centered on Southeast Asia and Japan, leading to rising sales of the new product Elravie Re:Tuo. In particular, Elravie Re:Tuo sales are estimated at 1 billion won in the 2nd quarter, 2.2 billion won in the 3rd quarter, and 2.7 billion won in the 4th quarter, pointing to rapid growth.
The new product launch plan is also positive. The fat-dissolving injection Olifit and the skin booster Riddle Booster are slated for release in the 4th quarter. The composite filler Belpien is targeting item approval in the first half of next year and a launch in the second half.
Ha Tae-gi, an analyst at Sangsangin Investment & Securities, said, "Although the Belpien development timeline has been significantly delayed compared with expectations, the sales growth potential of the PN-based medical device skin booster is large, so the impact on the share price will be significant," and noted, "From the end of this year through the first half of next year, expectations for Belpien could build considerably."