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> 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

<p>South Korea-based EuBiologics is the largest supplier of oral cholera vaccine in the world, representing more than 80% market share. By leveraging on market leadership positioning, amid increasing demand and capacity expansion, its oral cholera vaccine has become a stable cash cow for the company. This year, EuBiologics has started developing COVID-19 vaccine, EuCorVac-19, which is currently under clinical trial. The company is one of the frontrunners among the local COVID-19 vaccine developers. With just 2.5% of the people in low-income countries (EuBiologic’s core operating markets) receiving at least one dose of a COVID-19 vaccine, EuCorVac-19 has the potential of becoming second major revenue stream for EuBiologics. Demand for vaccinations will remain for years to come, as more populations become eligible for vaccinations and booster vaccines are rolled out. EuBiologics has a rich late-stage pipeline of typhoid and pneumococcal conjugate vaccines, which target a combined market size of more than KRW8 trillion.   </p>

South Korea-based EuBiologics is the largest supplier of oral cholera vaccine in the world, representing more than 80% market share. By leveraging on market leadership positioning, amid increasing demand and capacity expansion, its oral cholera vaccine has become a stable cash cow for the company. This year, EuBiologics has started developing COVID-19 vaccine, EuCorVac-19, which is currently under clinical trial. The company is one of the frontrunners among the local COVID-19 vaccine developers. With just 2.5% of the people in low-income countries (EuBiologic’s core operating markets) receiving at least one dose of a COVID-19 vaccine, EuCorVac-19 has the potential of becoming second major revenue stream for EuBiologics. Demand for vaccinations will remain for years to come, as more populations become eligible for vaccinations and booster vaccines are rolled out. EuBiologics has a rich late-stage pipeline of typhoid and pneumococcal conjugate vaccines, which target a combined market size of more than KRW8 trillion.   

EuBiologics (206650 KS): Cashing on Vaccine Business

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Nov 10th which has an aggregated short interest worth USD12.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Medytox, Lg Energy Solution, Kakao, Krafton, Amorepacific.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Nov 10th which has an aggregated short interest worth USD12.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Medytox, Lg Energy Solution, Kakao, Krafton, Amorepacific.


KRX Short Interest Weekly (Nov 10th): Short Covers for LG Energy, Kakao, Krafton, Amorepacific

<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 28% YoY growth in both revenue and operating profit to KRW81.6B and KRW28B in 2Q23, respectively, driven by solid performance of botulinum toxins and fillers.</li>
<li>Hugel has resubmitted marketing application for botulinum toxin in the U.S. for the third time, with approval expected in 1Q24. The U.S. is the world’s single largest botulinum toxin market.</li>
<li>The company is seeing North America, Australia, New Zealand, and China as future growth engines to achieve its long-term target revenue of KRW1 trillion and operating profit margin of 45%.</li>
</ul>



Hugel Inc (145020 KS) reported 28% YoY growth in both revenue and operating profit to KRW81.6B and KRW28B in 2Q23, respectively, driven by solid performance of botulinum toxins and fillers.
Hugel has resubmitted marketing application for botulinum toxin in the U.S. for the third time, with approval expected in 1Q24. The U.S. is the world’s single largest botulinum toxin market.
The company is seeing North America, Australia, New Zealand, and China as future growth engines to achieve its long-term target revenue of KRW1 trillion and operating profit margin of 45%.


Hugel Inc (145020 KS): Achieves Record High Revenue in 2Q23; Resubmits Marketing Application in US

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Hugel is a solid turnaround story. The recent resumption of its Botulax product sales in China is likely to boost the company's sales and profits in 2023 and 2024.</li>
<li>Despite this important catalyst, Hugel continues to face potential legal battle with Medytox over the botulinum toxin-related patent in the United States.</li>
<li>The overall valuation on Hugel remains attractive and it is trading at EV/EBITDA of 7.1x and P/E of 18.2x in 2023.</li>
</ul>


Hugel is a solid turnaround story. The recent resumption of its Botulax product sales in China is likely to boost the company's sales and profits in 2023 and 2024.
Despite this important catalyst, Hugel continues to face potential legal battle with Medytox over the botulinum toxin-related patent in the United States.
The overall valuation on Hugel remains attractive and it is trading at EV/EBITDA of 7.1x and P/E of 18.2x in 2023.


Hugel: A Solid Turnaround Story With Resumption of Botulax Sales in China

South Korea

Medy-Tox Inc. is a biopharmaceutical company.  The Company researches, develops and manufactures biopharmaceutical products using clostridium botulinum which is a microorganism toxin.

Medy Tox Inc (086900 KS)

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

Hugel has received FDA approval for its botulinum toxin Letybo and becomes the only Korean company and one of the top 3 players globally that have...

Tina Banerjee

EuBiologics (206650 KS): Cashing on Vaccine Business

Eubiologics is on a stable growth path, driven by increasing demand of its oral cholera vaccine business. Upcoming commercialization of COVID-19...

Tina Banerjee

KRX Short Interest Weekly (Nov 10th): Short Covers for LG Energy, Kakao, Krafton, Amorepacific

We analyzed KRX short interest report for the past week and highlight short interest changes in Medytox, Lg Energy Solution, Kakao, Krafton,...

Ke Yan, CFA, FRM

Hugel Inc (145020 KS): Achieves Record High Revenue in 2Q23; Resubmits Marketing Application in US

Hugel reports 28% growth in revenue and operating profit in 2Q23, driven by toxins and fillers. They have resubmitted botulinum toxin BLA in the...

Tina Banerjee

Hugel: A Solid Turnaround Story With Resumption of Botulax Sales in China

Hugel is a solid turnaround story. The recent resumption of its Botulax product sales in China is likely to boost the company's sales and profits...

Douglas Kim

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

Hugel has received FDA approval for its botulinum toxin Letybo and becomes the only Korean company and one of the top 3 players globally that have...

Tina Banerjee

EuBiologics (206650 KS): Cashing on Vaccine Business

Eubiologics is on a stable growth path, driven by increasing demand of its oral cholera vaccine business. Upcoming commercialization of COVID-19...

Tina Banerjee

KRX Short Interest Weekly (Nov 10th): Short Covers for LG Energy, Kakao, Krafton, Amorepacific

We analyzed KRX short interest report for the past week and highlight short interest changes in Medytox, Lg Energy Solution, Kakao, Krafton,...

Ke Yan, CFA, FRM

Hugel Inc (145020 KS): Achieves Record High Revenue in 2Q23; Resubmits Marketing Application in US

​Hugel reports 28% growth in revenue and operating profit in 2Q23, driven by toxins and fillers. They have resubmitted botulinum toxin BLA in the...

Tina Banerjee

Hugel: A Solid Turnaround Story With Resumption of Botulax Sales in China

Hugel is a solid turnaround story. The recent resumption of its Botulax product sales in China is likely to boost the company's sales and profits...

Douglas Kim

Hugel reports 28% growth in revenue and operating profit in 2Q23, driven by toxins and fillers. They have resubmitted botulinum toxin BLA in the...