We see little visibility for a recovery in Medy-Tox’s earnings in FY21-22F despite sales resumption of its key botulinum toxin products in Korea. We think a brand new litigation risk in the US regarding data manipulation on its botox product ‘Innotox’ needs to be resolved before the stock can re-rate. We resume coverage of Medy-Tox with a Hold rating and a new TP of W170,000, based on FY22F EBITDA and 17.9x target EV/EBITDA multiple.
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