Hugel (145020) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Hugel makes the botulinum toxin 'Letybo' that smooths glabellar lines and other wrinkles, along with hyaluronic-acid fillers, cosmetics, and medical devices; toxin and filler are the core of revenue, and as the only Korean company holding sales approvals across all three major aesthetics markets — the United States, Europe, and China — Letybo, which received FDA approval in 2024, has become a new growth axis with full-scale U.S. sales from 2025. On May 6, 2026 the company issued a clarifying filing on reports that its largest shareholder was reviewing a governance restructuring, including a domestic delisting, stating it was 'under review but nothing has been decided,' and on May 7 its Q1 preliminary results showed both revenue and profit growing at double digits. What stands out recently is a set of strengths — a rare position holding approvals in all three markets, an operating margin in the 47% range, almost no debt, and growth that has accelerated around U.S. Letybo so that this year's profit rises roughly 30% and the multiple comes down — against the cautions that toxin and filler can be swayed by the aesthetics cycle, exchange rates, and export-market regulation, and the direction of the largest shareholder's governance restructuring is still undecided.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Toxins & Fillers (Aesthetics)” (Biotech & Pharmaceuticals · Pharmaceuticals (profitable)), a type typically read first through forward P/E.
Toxin and filler companies frequently ride growth phases as they expand into overseas markets and win new approvals, so trailing profits can miss where the business is heading. That is why forward P/E — the share price against expected future earnings — is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 14.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 29.9% higher than a year earlier.
- ROE is 15.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 46.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Aphrodite Acquisition Holdings 43.53% (individual)
Controlling bloc incl. related parties 43.53%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis Reading
Hugel makes and sells the botulinum toxin (an aesthetic injectable commonly called 'Botox') 'Letybo' that smooths glabellar lines and other wrinkles, along with hyaluronic-acid fillers, plus cosmetics and medical devices. The core of revenue is toxin and filler; it holds a top share of the domestic procedure market while its export share is rapidly growing. In particular, as the only Korean company holding sales approvals across all three of the world's major aesthetics markets — the United States, Europe, and China — Letybo, which received U.S. FDA approval in 2024, has become a new growth axis with full-scale U.S. sales from 2025. It supplies Europe through a partner and China through its own and local channels. In sum, 'stable cash flow from domestic toxin and filler + expanding exports to the U.S., China, and Europe' is how this company earns money.
The latest close is ₩279,000 and the market capitalization is ₩3.5 trillion. The price sits above its 20-day moving average (₩239,025) and above its 60-day moving average (₩249,858). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 64.5, a neutral level. The one-month change is +12.5%, the three-month change is +9.4%, and the position relative to the 52-week high is -22.5%. Relative strength versus the KOSDAQ is 80 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 81% of all stocks. Over the past three months it outpaced the index by 60.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Starting with the valuation metrics, the P/E ratio (how many times one year's net profit the share price represents) is 24.37x and the P/B (how many times book net assets) is 3.48x. Profitability is notably good: an operating margin of 47.2% (₩47 of operating profit per ₩100 of revenue) and an ROE (how much it earns in a year on shareholders' equity) of 14.8%, above the peer average. The balance sheet is very solid: the debt ratio (debt against capital) is 113%, but the current ratio (assets usable now against debt due within a year) reaches 730% and interest coverage is 21x, so the debt burden is almost nil. Here, the P/E of 23.98x is a value calculated on last year's (2025) confirmed earnings (trailing); with this year's profit growing at double digits, on a forward earnings basis the multiple comes down below this — a point to view alongside.
Revenue grew from ₩231.9 billion in 2021 to ₩425.1 billion in 2025, about 16% average annual growth over five years, with operating profit (₩95.6 billion → ₩200.9 billion) and net profit (₩57.7 billion → ₩140.9 billion) rising alongside. In 2025 revenue grew 14.0% and operating profit 20.8%, and in Q1 2026 revenue rose 29.9%, operating profit 22.3%, and net profit 31.5% — with growth actually accelerating. The key engine of this acceleration is U.S. Letybo sales, which began in earnest in 2025, plus expanding exports to China and Europe. This year typically layers in the H2 effect of U.S. sales growing further through the year, so rather than simply extending the trend of Q1 net profit of ₩40.6 billion, it is right to view it on an annual trajectory as export volume builds. Reflecting this trend, this year's net profit looks set to rise distinctly above last year's (₩140.9 billion), in which case the forward earnings-based P/E falls to the low 19x range. In other words, the 24x calculated on last year's earnings somewhat overstates the real picture of a company whose profit is growing quickly.
The most notable filing is the May 6, 2026 'clarification on a rumor or report.' Regarding foreign-press reports that the largest shareholder (Aphrodite Acquisition Holdings, in which CBC Group and others participate) was reviewing a governance restructuring, including a domestic delisting, the company officially confirmed that 'the largest shareholder is reviewing various strategic options, but nothing has been decided to date.' Then, on May 7, a Q1 preliminary-results (consolidated operating-results) fair disclosure showed both revenue and profit growing at double digits, followed by filings for an extraordinary shareholder meeting, a stock-option grant, and an IR session. The governance review is still 'undecided,' so whether an actual decision is made and on what terms is a matter to keep confirming.
The strengths are clear: a rare position as the only Korean toxin-and-filler company holding approvals across all three major markets — the U.S., Europe, and China — high profitability with an operating margin in the 47% range, a balance sheet with almost no debt burden, and growth that has reaccelerated around U.S. Letybo. The P/E calculated on last year's earnings looks high, but the key is that with this year's profit rising roughly 30%, on a forward earnings basis the multiple comes down. There are two cautions. First, toxin and filler results can be swayed by the aesthetic-procedure cycle, exchange rates, and export-market regulation and marketing performance. Second, reports of the largest shareholder's governance restructuring (including a delisting review) are not yet confirmed, so depending on the direction they could act as a variable for minority shareholders. Taken together, if export expansion proceeds as planned, both growth and valuation are favorable, while it could waver if the aesthetics cycle slows or governance uncertainty grows.
🔎 Valuation vs peers Fairly valued
Actual domestic aesthetics peer set (toxin, filler, aesthetic devices) — PharmaResearch (filler and regeneration), Classys (aesthetic medical devices), and Daewoong Pharmaceutical (holder of the Nabota toxin, a diversified pharmaceutical company).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Pharma Research | 24.82x | 5.88x | 25.52% |
| Classys | 22.52x | 5.69x | 25.94% |
| Daewoong Pharmaceutical | 7.57x | 1.45x | 19.65% |
Hugel's trailing P/E of 23.98x is essentially the same level as pure aesthetics peers PharmaResearch (23.1x) and Classys (23.7x). Its P/B, however, is 3.55x — actually lower than the two peers (5.5–5.7x). The P/E calculated on last year's earnings looking high is a characteristic of an inflection phase where profit is growing quickly, and reflecting this year's earnings (Q1 net profit +31.5%, expanding U.S. exports) brings the forward earnings-based P/E down to the low 19x range. In that case the premium over aesthetics peers with similar growth and profitability is not large, and on a P/B basis there is even a discount element. Daewoong Pharmaceutical (7.0x) holds the Nabota toxin but its business is diversified across general pharmaceuticals, making a direct comparison with pure aesthetics valuation difficult. In sum, it is judged 'fairly valued,' with the outcome of the governance review potentially acting as a separate variable for the valuation.
Price history Close · MA20 · MA60
The latest close is ₩279,000 and the market capitalization is ₩3.5 trillion. The price sits above its 20-day moving average (₩239,025) and above its 60-day moving average (₩249,858). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 64.5, a neutral level. The one-month change is +12.5%, the three-month change is +9.4%, and the position relative to the 52-week high is -22.5%. Relative strength versus the KOSDAQ is 80 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 81% of all stocks. Over the past three months it outpaced the index by 60.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +60.83% / 6M +42.90% / 12M -15.75%
Key metrics Computed vs sector median
Valuation
The P/E of 24.37x is above the sector median (15.02x). The P/B of 3.48x is above the sector median (1.10x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 11.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.222x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 15.0%, above the sector average (1.0%). The operating margin is 46.4%. The debt ratio is 9.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $224.6M | $262.1M | $298.6M | +13.96% ↓ slower |
| Operating profit | $82.7M | $116.8M | $141.1M | +20.83% ↓ slower |
| Net profit | $65.4M | $95.4M | $99.0M | +3.72% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $162.9M | $197.9M | $224.6M | $262.1M | $298.6M |
| Operating profit | $67.2M | $71.2M | $82.7M | $116.8M | $141.1M |
| Net profit | $40.6M | $40.3M | $65.4M | $95.4M | $99.0M |
| Revenue CAGR | 4-yr avg 16.36% | ||||
Revenue rose 14.0% year over year (2023 ₩319.7 billion → 2024 ₩373.0 billion → 2025 ₩425.1 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 20.8% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 16.4%. The two-year revenue CAGR is 15.3%. In the most recent quarter (Q1 2026), revenue was 29.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 15.0% points to solid profitability.
- Revenue grew 14.0% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-06UpdateClarifying filing on reports of the largest shareholder's governance restructuring, including a domestic delisting. The company stated it is 'reviewing various strategic options, but nothing has been decided.'Short term: a factor widening share-price volatility as the possibility of a delisting or sale comes to the fore. Mid term: depending on whether an actual decision is made and on what terms (price, method), it could affect the standing of minority shareholders. Source
- 2026-05-07EarningsQ1 2026 consolidated operating (preliminary) results fair disclosure — revenue ₩116.6 billion (+29.9%), operating profit ₩47.6 billion (+22.3%), net profit ₩40.6 billion (+31.5%)Short and mid term: confirms that growth has reaccelerated on the back of expanding exports. Grounds for a valuation reassessment on this year's earnings. Source
- 2026-05-07IRInvestor-relations (IR) meeting, resolution to convene an extraordinary shareholder meeting, and stock-option grant filingMid term: communicating results and strategy to the market and drawing in key talent via stock options. Whether the extraordinary-meeting agenda relates to the governance review needs checking. Source
- 2026-05-13FilingLarge-holding report (simplified form) — disclosing changes in major shareholders' stakesMid term: the moves of the largest and major shareholders' stakes are a reference indicator during the governance-review phase Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-01Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-13OwnershipOwnership-change filing
- 2026-05-07Disclosure
- 2026-05-07Disclosure
- 2026-05-07Shareholders' meeting notice
- 2026-05-07Disclosure
- 2026-05-07EarningsFair-disclosure notice
- 2026-05-06Disclosure
- 2026-04-30Disclosure
- 2026-04-30EarningsEarnings disclosure
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.