[Click eStock] "BioPlus, High Growth in Filler Sales This Year"

[Asia Economy Reporter Ji Yeon-jin] Yuanta Securities presented a buy investment opinion and a target price of 38,000 KRW for BioPlus on the 21st, stating that the company possesses a variety of filler products and that both domestic and overseas sales are expected to grow rapidly. The target price represents a 56% upside potential compared to the closing price of 24,500 KRW on the 18th.

An Joo-won, a researcher at Yuanta Securities, said, "This year's filler sales are estimated to grow 48% year-on-year to 47.1 billion KRW and are expected to lead the overall performance." He added, "The Hainan China segment is not reflected in this year's estimates, and if sales occur in the future, there is a possibility of upward revision in performance, which suggests significant potential for stock price appreciation."

The total sales for this year are projected to increase by 44.1% year-on-year to 53.9 billion KRW, and operating profit is expected to rise by 37.6% to 25.2 billion KRW.

BioPlus is a specialized company in hyaluronic acid (HA)-based fillers. Based on its proprietary platform technology (MDM Tech), it is expanding its business scope by broadening indications. In 2014, it received approval from the Ministry of Food and Drug Safety for 'Skin Plus Hyal (HA filler)' and began full-scale operations. Since then, through exports to countries such as Japan, China, Turkey, and Russia, currently more than 70% of filler sales are generated overseas.

In 2019, BioPlus launched an adhesion barrier, and in 2021, a joint tissue substitute, diversifying its product portfolio by utilizing platform technology.

On the 8th, BioPlus opened its first aesthetic plastic surgery hospital franchise at the Tsiming Boao International Hospital located in Hainan Province in collaboration with Tsiming Health Checkup Group. Tsiming Group is the largest health checkup group in China, operating over 100 large health checkup centers and hospitals across China.

BioPlus will supply products and consumables such as fillers and adhesion barriers, while Tsiming Group will handle the necessary approvals and operations for product use within China. Researcher An said, "Hainan Province is a medical tourism special zone where special import permits can be obtained, so if approval is acquired within the first quarter, product supply can begin immediately, which will give momentum to BioPlus's business in China." He added, "By securing a local partner in China, product sales and related businesses are expected to proceed smoothly."

This content was produced with the assistance of AI translation services.