LS Securities analyzed that due to an increase in filler export countries, including Brazil and Iraq last year, and Thailand and Vietnam next year, Humedix is expected to show sharp performance growth. They set a target price of 57,000 won and an investment opinion of 'buy.' The closing price for Humedix on the last trading day was 42,850 won.
LS Securities analyzed that Humedix's filler export and revenue contribution would expand significantly from 25.4 billion won (17%) last year to 38.1 billion won (23%) this year, and 52.8 billion won (28%) next year.
Jo Eun-ae, a researcher at LS Securities, noted, 'The number of export countries is steadily increasing, and with the body filler item approval in Brazil, an increase in average selling price (ASP) is expected.' As the proportion of more profitable filler exports rises, Humedix's operating profit margin is also expected to improve from 25% last year to 27% this year and 28% next year.
LS Securities estimated that this year, Humedix's revenue would increase by 11% year-over-year to 168.8 billion won, with operating profit rising by 22% to 45.4 billion won.
The researcher explained, 'We are looking forward to the body filler item approval in Brazil next year. For facial fillers, the average usage per procedure is about 3 cc, while for body fillers it's about 60 cc. Therefore, there will be significant upward effects from both supply and demand sides.'
Furthermore, new exports to Southeast Asia and emerging countries, including Thailand and Vietnam, are expected next year, in addition to the existing export countries of China and Brazil. The researcher said, 'Thailand and Vietnam are the markets expected to show the next highest revenue growth after China and Brazil, and the distribution partner contracts have been completed.'
He added, 'Next year, as the export proportion rises and is confirmed numerically, the valuation discount will also be gradually resolved.'