Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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

External broker reports(aggregated public sources)

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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><p><em>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.</em></p>

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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 6 August, the Korean government confirmed visa-free entry of group tourists from China to South Korea.</li>
<li>The new policy will allow the group tourists from China to visit South Korea on a visa-free basis from 29 September 2025 to end of June 2026.</li>
<li>We provide a list of top 20 companies in Korea that are key beneficiaries of the no visa policy for group tour visitors from China to South Korea.</li>
</ul>


On 6 August, the Korean government confirmed visa-free entry of group tourists from China to South Korea.
The new policy will allow the group tourists from China to visit South Korea on a visa-free basis from 29 September 2025 to end of June 2026.
We provide a list of top 20 companies in Korea that are key beneficiaries of the no visa policy for group tour visitors from China to South Korea.


Korean Government Confirms Visa-Free Entry of Group Tourists from China to South Korea

<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 strong 1Q25 result, with all key parameters recording double-digit growth. The robust growth was driven by balanced gains across all product portfolios.</li>
<li>In March, Hugel has fully commercialized Letybo in the U.S. through the partnership with Benev. The company aims to capture 10% market share in the U.S. within three years.</li>
<li>Earlier this month, Hugel has officially launched Botulax in UAE. This marked the second official launch in the Middle East, following the product’s debut in Kuwait.</li>
</ul>



Hugel Inc (145020 KS) reported strong 1Q25 result, with all key parameters recording double-digit growth. The robust growth was driven by balanced gains across all product portfolios.
In March, Hugel has fully commercialized Letybo in the U.S. through the partnership with Benev. The company aims to capture 10% market share in the U.S. within three years.
Earlier this month, Hugel has officially launched Botulax in UAE. This marked the second official launch in the Middle East, following the product’s debut in Kuwait.


Hugel Inc (145020 KS): Record High 1Q Earnings; US Commercialization and UAE Debut to Trigger Growth

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Index Rebalance

<ul>
<li>Real alpha? Tight basket means outsized passive flows. The play? SK Innovation, no contest.</li>
<li>Samsung SDI faces -0.54x ADTV outflows. Other movers: Netmarble 0.68x, Wemade Max 0.54x, NHN -0.46x ADTV.</li>
<li>Net-Net? SK Innovation is the trade. Long here, hedge short on Samsung SDI or the broader Battery space.</li>
</ul>


Real alpha? Tight basket means outsized passive flows. The play? SK Innovation, no contest.
Samsung SDI faces -0.54x ADTV outflows. Other movers: Netmarble 0.68x, Wemade Max 0.54x, NHN -0.46x ADTV.
Net-Net? SK Innovation is the trade. Long here, hedge short on Samsung SDI or the broader Battery space.


Got the BBIG Rebalancing Results: SK Innovation Is the Trade This Week

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)