We expect Hugel’s domestic botulinum toxin (botox) sales to rise 48%/27% in FY21/22F, supported by its leading market share in Korea. With the successful launch of Letybo in China in 1Q21, we expect Hugel’s botox exports to Asia to rise 91%, driving total OP growth of 55% in FY21F. We resume our coverage of Hugel with an Add rating and a revised TP of W260,000 based on FY21-22F EBITDA and 17.9x EV/EBITDA multiple.
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