External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>For 3Q25, Hugel reported below-consensus results, with revenue of W105.9bn (+0.8% YoY) and operating profit of W47.4bn (-11.2% YoY).</li><li>Overseas, the company saw broadbased growth across botulinum toxin products, fillers, and cosmetics.</li><li>However, overall top-line growth was limited due to lower domestic sales of botulinum toxin and filler products. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</li></ul>

For 3Q25, Hugel reported below-consensus results, with revenue of W105.9bn (+0.8% YoY) and operating profit of W47.4bn (-11.2% YoY).Overseas, the company saw broadbased growth across botulinum toxin products, fillers, and cosmetics.However, overall top-line growth was limited due to lower domestic sales of botulinum toxin and filler products. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hugel (145020 KQ/Buy)Overseas Revenue Growth Is Key

Global Healthcare Analyst

Tina Banerjee

<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> has reported muted 3Q25 result, with flat revenue and profits decreasing compared to year-ago period. Domestic revenue decreased 19% YoY and dragged overall 3Q25 result.</li>
<li>However, strong export revenue of botulinum toxin and dermal fillers is the key bright spot in 3Q25 result. During 3Q25, international revenue grew 12% YoY.</li>
<li>Since declaring 2Q result, Hugel shares plunged ~40%. More downside cannot be ruled out. 4Q result showing recovering domestic business and improved profitability under new leadership should be near-term catalyst.     </li>
</ul>



Hugel Inc (145020 KS) has reported muted 3Q25 result, with flat revenue and profits decreasing compared to year-ago period. Domestic revenue decreased 19% YoY and dragged overall 3Q25 result.
However, strong export revenue of botulinum toxin and dermal fillers is the key bright spot in 3Q25 result. During 3Q25, international revenue grew 12% YoY.
Since declaring 2Q result, Hugel shares plunged ~40%. More downside cannot be ruled out. 4Q result showing recovering domestic business and improved profitability under new leadership should be near-term catalyst.     


Hugel Inc (145020 KS): Disappointing Domestic Sales Dragged 3Q Performance; Export Remains Strong

<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> has reported strong 2Q25 result, with all key parameters marking the highest quarterly figures in the company's history and contributed to a record first-half performance.</li>
<li>Overseas revenue of toxin and derma fillers rose 21% YoY to KRW70B, accounting for 63% of the company's total sales, boosted by robust growth in the U.S., China, and Europe.</li>
<li>Hugel is well-positioned to report ~20% annual revenue growth through 2027 through global expansion amid favorable industry backdrop.</li>
</ul>



Hugel Inc (145020 KS) has reported strong 2Q25 result, with all key parameters marking the highest quarterly figures in the company's history and contributed to a record first-half performance.
Overseas revenue of toxin and derma fillers rose 21% YoY to KRW70B, accounting for 63% of the company's total sales, boosted by robust growth in the U.S., China, and Europe.
Hugel is well-positioned to report ~20% annual revenue growth through 2027 through global expansion amid favorable industry backdrop.


Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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<ul><li>Reiterate BUY, with TP unchanged at W470,000</li><li>Share price remains cheap; potential pullbacks on concerns over 2Q earnings should rather offer entry opportunity</li><li>2H25 earnings slated to improve on increased shipments to the US and China, and a rise in Plant 3 utilization</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reiterate BUY, with TP unchanged at W470,000Share price remains cheap; potential pullbacks on concerns over 2Q earnings should rather offer entry opportunity2H25 earnings slated to improve on increased shipments to the US and China, and a rise in Plant 3 utilizationContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hugel (145020 KQ Aug 5, 2025) - Buy the Dip on 2Q Results

<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

South Korea

Hugel, Inc. is a Bio-pharmaceutical company that focuses on developing beauty/cosmetics related products.  The Company's main products include botulinum toxin and fillers.

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Hugel Inc (145020 KS)

Hugel (145020 KQ/Buy)Overseas Revenue Growth Is Key

For 3Q25, Hugel reported below-consensus results, with revenue of W105.9bn (+0.8% YoY) and operating profit of W47.4bn (-11.2% YoY).

Mirae Asset Securities