[THE INVESTOR] Hugel, which posted record earnings in the first quarter, will continue to grow, said KB Investment and Securities on April 28, raising the target price to 600,000 won (US$527.70) from 510,000 won and maintaining a “buy” recommendation. 

Exports of its toxin, fillers and medical devices lifted the bottom line, noted analyst Seo Geun-heui.

Its toxin was recently granted approval in Russia, Brazil and Mongolia, and is in the process of gaining approvals in more than 20 countries. It second toxin factory will begin operations soon, said the analyst. 

Its flagship product Botulax will start sales in the US by end-2018 at the earliest if it completes phase 3 clinical trials in the US and Europe in the second half of this year, said Seo. Fillers will also continue to rise, as they are expected to expand overseas market in the latter half, added the analyst.

By Hwang You-mee (glamazon@heraldcorp.com)