Kim Dahye

Hugel will start direct sales in the US from the second half of 2025, switching from a distributor model to direct selling. Because sales will be recognized at consumer prices instead of supply prices, the same volume will double the revenue recorded. This is a concrete near-term catalyst that will boost growth for a traditional toxin franchise.

PharmaResearch is a direct beneficiary of strong foreign inbound demand for skin beauty treatments, as its Rejuran product is a must-have in treatment packages and difficult to substitute. Exports are surging, and the cosmetics division is booming with US retail entry (Olive Young, Sephora) after direct Sephora contact. The DRJ acquisition is improving supply chain efficiency and margins. Q2 earnings are expected to be strong, and the valuation has corrected to 15x, which is seen as excessively cheap relative to its overseas performance and a clear buying opportunity.

LNC Bio is her top pick. The CEO targets 1 trillion won revenue by 2030 with 50:50 domestic/overseas split, implying major US and China expansion. Revenue is already surging (Q1 ₩8bn after ₩6bn annual last year, Q2 estimated ₩14bn). US entry represents a big catalyst similar to the historical multiple expansion for toxin stocks entering the US. Although the stock is volatile due to the new ECM category and regulatory concerns, she recommends buying on pullbacks, as the US catalyst can significantly re-rate the stock.

Hans BioMed is part of the new ECM (human dermis injectable) category that is preparing for big market expansion. The National Pension Service recently disclosed a stake, confirming institutional interest in this category. She recommends watching this name as a way to capture the growth of the emerging ECM segment alongside LNC Bio.