Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> reported solid performance in 1Q23, with double-digit revenue growth, driven by expansion of domestic consumables sales for Shrink Universe and growth in overseas device and consumables sales.</li>
<li>Operating profit increased 19% YoY to KRW 19.9 billion, leading to 380 basis point margin expansion to 51%. Net profit increased 46% YoY to KRW 18.8 billion.</li>
<li>Classys continues to strengthen its competitiveness through product line and geography expansion. The company has reiterated 2023 revenue guidance of KRW170 billion, representing year-over-year increase of 20%.</li>
</ul>



Classys (214150 KS) reported solid performance in 1Q23, with double-digit revenue growth, driven by expansion of domestic consumables sales for Shrink Universe and growth in overseas device and consumables sales.
Operating profit increased 19% YoY to KRW 19.9 billion, leading to 380 basis point margin expansion to 51%. Net profit increased 46% YoY to KRW 18.8 billion.
Classys continues to strengthen its competitiveness through product line and geography expansion. The company has reiterated 2023 revenue guidance of KRW170 billion, representing year-over-year increase of 20%.


Classys (214150 KS): Strong 1Q23 Result Lifted by Overseas Performance and Consumables Sales

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hugel-inc" target="_blank" data-smartkarma-citation="entities:22860:1" rel="noopener">Hugel Inc (145020 KS)</a> reported 4% YoY increase in revenue to KRW89B, while operating profit grew 22% YoY to KRW37B in 4Q23. Revenue was mainly driven by strong demand filler.</li>
<li>In domestic market, Hugel’s Botulax maintained the largest market share for the eight consecutive years thanks to the long-standing safety and quality track records as well as holistic value-adding services.</li>
<li>Hugel has resubmitted biologics license application in the U.S. for BTX. In the coming year, Hugel plans to solidify its position in both the domestic and international BTX markets.</li>
</ul>



Hugel Inc (145020 KS) reported 4% YoY increase in revenue to KRW89B, while operating profit grew 22% YoY to KRW37B in 4Q23. Revenue was mainly driven by strong demand filler.
In domestic market, Hugel’s Botulax maintained the largest market share for the eight consecutive years thanks to the long-standing safety and quality track records as well as holistic value-adding services.
Hugel has resubmitted biologics license application in the U.S. for BTX. In the coming year, Hugel plans to solidify its position in both the domestic and international BTX markets.


Hugel Inc (145020 KS): Achieves Record High Revenue and Operating Profit in 4Q23

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In a recent discussion with a client, one of the questions that was raised was regarding the impact the local investors are having on the corporate governance reforms in Korea.</li>
<li>The number of local investors in the Korean stock market has jumped in the past few years from 5.3 million in 2017 to 14.4 million in 2022.</li>
<li>All in all, I think Korea is about 3-5 years behind Japan in various corporate governance reforms. So it has a lot of catching up to do.</li>
</ul>


In a recent discussion with a client, one of the questions that was raised was regarding the impact the local investors are having on the corporate governance reforms in Korea.
The number of local investors in the Korean stock market has jumped in the past few years from 5.3 million in 2017 to 14.4 million in 2022.
All in all, I think Korea is about 3-5 years behind Japan in various corporate governance reforms. So it has a lot of catching up to do.


Locals Driving Corporate Reforms and 10 Korean Companies Recently Announcing Share Cancellations

Equity Capital Markets

<ul>
<li>In this insight, we discuss a trading strategy for APR (278470 KS) which starts trading on 27 February. APR is the most anticipated IPO in Korea so far in 2024.</li>
<li>Our base case (6 months - 1 year) target price of APR is 370,809 won, which is 48% higher than the IPO price. </li>
<li><em><strong>We recommend investors to take some profits off the table (30%-50%) if the share price shoots higher by 100% to 200%+ from the IPO price on the first day.  </strong></em></li>
</ul>


In this insight, we discuss a trading strategy for APR (278470 KS) which starts trading on 27 February. APR is the most anticipated IPO in Korea so far in 2024.
Our base case (6 months - 1 year) target price of APR is 370,809 won, which is 48% higher than the IPO price. 
We recommend investors to take some profits off the table (30%-50%) if the share price shoots higher by 100% to 200%+ from the IPO price on the first day.  


Trading Strategy of APR on the First Day of IPO

<ul>
<li>APR reported a very strong IPO book-building results. APR IPO price has been determined at 250,000 won, which is 25% higher than the high end of the IPO price range.</li>
<li>A total of 1,969 institutional investors participated in this IPO book-building. The demand ratio was 663 to 1. APR IPO will start trading on 26 February. </li>
<li>Our base case valuation of APR is target price of 370,809 won per share which represents a 48% upside from the IPO price of 250,000 won. </li>
</ul>


APR reported a very strong IPO book-building results. APR IPO price has been determined at 250,000 won, which is 25% higher than the high end of the IPO price range.
A total of 1,969 institutional investors participated in this IPO book-building. The demand ratio was 663 to 1. APR IPO will start trading on 26 February. 
Our base case valuation of APR is target price of 370,809 won per share which represents a 48% upside from the IPO price of 250,000 won. 


South Korea

Classys Inc. operates as a medical equipment manufacturing company. The Company develops and sells non surgical painless fat reduction instruments, fat freezing fat reduction instruments, and other products. Classys markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Classys (214150 KS)