[Click eStock] "BioPlus, Game Changer in the Filler Market"

[Asia Economy Reporter Ji Yeon-jin] Shinhan Investment Corp. announced on the 31st that it has given a buy rating and a target price of 36,000 KRW for BioPlus, stating that its self-developed hyaluronic acid (HA) filler will continue to achieve significant sales growth based on its technological capabilities.

The company manufactures and sells independently developed HA dermal fillers, anti-adhesion agents, joint tissue repair materials, and bladder tissue repair materials. Its flagship product, the HA filler 'SkinPlus-Hyal,' has received approval from the Ministry of Food and Drug Safety in 2014 and commands a premium average selling price compared to existing products. Based on this, it has been experiencing rapid growth domestically and internationally. BioPlus's sales increased from 11 billion KRW in 2018 to 37.4 billion KRW in 2021.

Won Jae-hee, a researcher at Shinhan Investment Corp., stated, "We expect continued research for the development of improved botulinum toxin and enhanced obesity and diabetes treatments as part of a business diversification strategy." He added, "In particular, botulinum toxin is often sold bundled with fillers, so investment in the development of improved botulinum toxin is expected to accelerate."

Researcher Won emphasized, "The product lineup will diversify with the launch of hyaluronic acid-based products such as bio-breast and bio-cartilage substitutes. Additionally, obtaining product approval through the Hainan Medical Tourism Special Import License system in the second quarter and generating sales in China will allow for valuation premiums, making BioPlus more attractive compared to domestic competitors."

On the same day, Ahn Joo-won, a researcher at Yuanta Securities, also evaluated, "BioPlus's fillers have strengths and differentiation in high viscoelasticity, molding, safety, and durability, and they can develop and produce various products that meet the demands of doctors and patients, thus maintaining a diverse portfolio within fillers." He added, "The high growth rate of about 50% annually and high profitability are factors that increase BioPlus's valuation, and there is ample room for upward revision of earnings estimates and valuation depending on the progress of its business in China." Yuanta Securities maintained a target price of 38,000 KRW.

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