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Dr. Andrew Stotz, CFA

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<ul><li>Strong sales momentum, low price volatility versus the Korean market, and improving asset turnover relative to its sector </li><li>In April, Hugel signed a term sheet to make private equity firm Bain Capital the controlling and largest shareholder, which should enhance market penetration overseas, especially in the US </li><li>Growth should be supported by Botulinum Toxin (BTX) getting approval in new overseas markets; the BTX market has grown at about 11% per year in Korea over the past 10 years </li><li>Attractive at a 17CE* PEG ratio of 0.5 versus the Asian sector at a PEG of 1.1 and Hugel has a solid net-cash position </li><li>Risks: No approval for BTX in US and European markets</li></ul>* Consensus Estimates

Strong sales momentum, low price volatility versus the Korean market, and improving asset turnover relative to its sector In April, Hugel signed a term sheet to make private equity firm Bain Capital the controlling and largest shareholder, which should enhance market penetration overseas, especially in the US Growth should be supported by Botulinum Toxin (BTX) getting approval in new overseas markets; the BTX market has grown at about 11% per year in Korea over the past 10 years Attractive at a 17CE* PEG ratio of 0.5 versus the Asian sector at a PEG of 1.1 and Hugel has a solid net-cash position Risks: No approval for BTX in US and European markets* Consensus Estimates

Hugel: Botulinum Injects Sales from Exports

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: Botulinum Injects Sales from Exports

Strong sales momentum, low price volatility versus the Korean market,and improving asset turnover relative to its sector In April, Hugel signed a...

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