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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<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

Thematic (Sector/Industry)

<ul><li>The 3Q25 earnings season is set to kick off following the Chuseok holiday.</li><li>The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).</li><li>This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. </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.

The 3Q25 earnings season is set to kick off following the Chuseok holiday.The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. 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.

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

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

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

Reiterate BUY, with TP unchanged at W470,000. Share price remains cheap; potential pullbacks on concerns over 2Q earnings should rather offer entry...

Daishin Securities

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

The 3Q25 earnings season is set to kick off following the Chuseok holiday. The consensus for Korean companies’ aggregate operating profit stands at...

Mirae Asset Securities

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