KR : Medy-Tox - Wait for the risks to clear out

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.

Most Viewed See latest

This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...

Full Tellimer disclaimers