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Earnings exploded but stock price didn't rise...Foreigners scooping up medical beauty?! | Kim Dahye, Hana Securities Research Center Senior Researcher [Double Check]

Watch on YouTube ↗  |  July 03, 2026 at 02:08  |  21:59  |  3PRO TV (삼프로TV)
Speakers
Kim Dahye — Senior Researcher, Hana Securities Research Center

Summary

Kim Dahye, senior researcher at Hana Securities, discusses the K-esthetics sector. She highlights strong foreign inbound demand for skin beauty treatments and booming exports, but stock prices have lagged due to elevated expectations. She expects a second-half recovery driven by peak seasonality and recommends focusing on injectables over energy-based devices. Her top picks are PharmaResearch (Rejuran) and LNC Bio (ECM), with Hugel also attractive on US direct sales, while energy device stocks should be avoided.

  • Foreign medical tourism for skin beauty reached ₩1.2tr in 2024, up 87% YoY, and continued strong in 2025.
  • K-esthetics stock prices have lagged fundamentals, with injectables outperforming energy-based devices.
  • PharmaResearch benefits directly from Rejuran demand, with cosmetics expansion and cheap valuation at 15x.
  • LNC Bio is a top pick due to aggressive US expansion plans and revenue surging from ₩6bn to an estimated ₩14bn in Q2.
  • Hugel will start direct US sales in H2, effectively doubling revenue per unit and acting as a strong catalyst.
  • Hans BioMed is recommended as an ECM play backed by institutional interest including National Pension Service.
  • Energy-based device stocks (Classys, Wontech, Hironic) face inventory risk and should be avoided in favor of injectables.
  • Seasonality supports stronger performance in the second half for medical aesthetics.
Ideas
Kim Dahye Senior Researcher, Hana Securities Research Center 6:29
Rejuran demand and cosmetics drive upside.
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.
214450.KQ HIGH
Kim Dahye Senior Researcher, Hana Securities Research Center 6:29
US entry catalyst and rapid growth.
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.
290650.KQ HIGH
Kim Dahye Senior Researcher, Hana Securities Research Center 18:42
ECM category with institutional backing.
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.
042520.KQ MED
Kim Dahye Senior Researcher, Hana Securities Research Center 19:13
EBD stocks face inventory risk, prefer injectables.
Energy-based device (EBD) companies such as Classys faced inventory issues that caused Q1 results to miss consensus, and inventory risk remains a headwind. In contrast, injectables have stronger demand and less inventory burden. She prefers injectables over EBD, implying EBD stocks should be avoided or underweighted.
214150.KQ 336570.KQ 149980.KQ MED
Kim Dahye Senior Researcher, Hana Securities Research Center 20:09
US direct sales double revenue per unit.
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.
145020.KQ HIGH
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This 3PRO TV (삼프로TV) video, published July 03, 2026, features Kim Dahye discussing 214450.KQ, 290650.KQ, 042520.KQ, 214150.KQ, 336570.KQ, 149980.KQ, 145020.KQ. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kim Dahye  · Tickers: 214450.KQ, 290650.KQ, 042520.KQ, 214150.KQ, 336570.KQ, 149980.KQ, 145020.KQ