Huons Medix builds revenue across several products on the strength of its technology for processing and purifying hyaluronic acid (HA) in-house—cosmetic fillers and skin boosters, HA injections for osteoarthritis, eye drops and pharmaceuticals, and contract manufacturing (CMO). With strong profitability (ROE 17.3%, operating margin 24.9%, net margin 30.5%) yet a P/E of 5.8x, P/B of 1.00x, and forward P/E of 5.7x—below pure-aesthetics peers (P/E around 20x)—and a 3.4% dividend yield plus a June treasury-stock acquisition trust agreement, it keeps returning capital to shareholders. What stands out most recently is that as long as core-business profitability and the return policy continue, the low P/E, P/B, and forward P/E act as grounds for being undervalued, whereas Q1 operating profit fell 22% year on year, so there is a need to confirm the short-term direction of core margins along with the cyclical sensitivity of cosmetic-filler demand.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 5.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.9% higher than a year earlier.
- ROE is 17.3% (total-net basis). It is above the sector average.
- Operating margin is 24.9%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Huons Global 36.08% (corporate)
Controlling bloc incl. related parties 37.43%
With the controlling bloc holding 37%, the ownership structure is stable.
🔎 In-depth analysis
- Huons Medix centers on its technology for processing and purifying the substance hyaluronic acid (HA) in-house and turns it into several products to build revenue.
- The first pillar is the aesthetic area: dermal fillers injected into the skin to fill wrinkles or add volume (its own brand "Elravie") and skin boosters that aid skin hydration.
- The second pillar is the medical area: HA injections for osteoarthritis placed into joints such as the knee to reduce pain and friction.
- Added to these, third, are eye drops (artificial tears and the like), prescription and over-the-counter pharmaceuticals, and contract manufacturing (CMO) revenue from making other companies' products on their behalf.
- In other words, "cosmetic fillers + joint injections + pharmaceuticals" are bundled within one company, giving a diversified business structure that takes in both cyclical aesthetic demand and relatively steady pharmaceutical demand.
- The latest close is ₩25,900 and market capitalization is ₩290.9 billion.
- The price sits below its 20-day line (₩27,065) and below its 60-day line (₩30,144).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward momentum over the past 14 days on a 0-100 scale) is 42.3, a neutral level.
- The one-month change is -1.5%, the three-month change is -19.4%, and the price is -65.8% from its 52-week high.
- Relative strength versus the KOSDAQ is 47 (on a 1-99 scale that converts one-year return versus the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 54% of all stocks by strength.
- Over the past three months it has led the index by 8.1%.
- Chart readings are best viewed together with volume and the dates of disclosures.
- On final annual (2025, separate) results, the P/E (how many times a year's net income the price is) is 5.62x and the P/B (how many times net assets the price is) is 0.97x.
- Both metrics are far below the industry median (P/E 18.2x, P/B 1.44x).
- Even more notable is that the forward P/E computed on this year's expected earnings (a P/E on future earnings) is 5.7x—similar to or even slightly below the trailing P/E—and the forward P/B is 0.88x, cheaper than net assets.
- In other words, it is not only last year's figures that are cheap; the undervalued signal holds even after reflecting this year's earnings.
- Profitability also exceeds the industry average, with ROE (how much is earned in a year on shareholders' equity) of 17.3%, operating margin of 24.9%, and net margin of 30.5%, and while the debt ratio is 108%, the current ratio of 870% and interest coverage of 9.5x leave ample short-term solvency and interest headroom.
- The low P/E and P/B are, closer to the facts, less a burden than a state where the market is still valuing the company low even as profitability holds up.
- Over five years, revenue rose steadily from ₩111.0 billion in 2021 to ₩170.1 billion in 2025 (compound +11.3%), and operating profit grew over the same span from ₩16.0 billion to ₩42.3 billion.
- Net income in particular rose sharply for two consecutive years, from ₩24.8 billion in 2023 to ₩39.3 billion in 2024 and ₩51.8 billion in 2025 (compound +44%), a clear trend of improving earnings quality.
- The 2025 revenue growth rate of +5.1% slowed somewhat in pace, but with steady demand for its mainstay fillers and joint injections and pharmaceuticals and CMO propping up the revenue floor, the earnings power itself is being maintained.
- That the forward P/E on this year's expected earnings comes out low at 5.7x also reflects this stable profit base and high margins (operating margin 24.9%).
- Most recently, Q1 2026 held revenue and net income near prior-year levels at ₩40.5 billion (+0.9%) and ₩13.0 billion (-3.2%), with only operating profit falling to ₩8.9 billion (-22.0%).
- Whether the drop in operating profit is a temporary factor tied to costs and product-mix changes is the point to watch this year, and the near-maintenance of net income shows this is not a phase where the earnings base collapses at once.
- The disclosure flow gathers around shareholder returns and results checks.
- On June 9, 2026, the company decided to sign a treasury-stock acquisition trust agreement to buy back its shares over a set period—a signal aimed at raising per-share value by reducing float, and at the same time a sign that the company has the capacity to return its cash holdings to shareholders.
- On that same day and on June 2, it held investor relations (IR) events to continue communicating with investors.
- On May 12, it set a record date and decided a cash dividend for an interim (quarterly) dividend, showing a policy of collecting dividends on a quarterly rather than once-a-year basis, and on May 15 the quarterly report disclosed final Q1 2026 results.
- The continuing flow of buybacks and quarterly dividends shows a steady commitment to returns.
- Huons Medix is a stock with relatively clear strengths.
- It spreads its core HA technology broadly across aesthetics, joints, and pharmaceuticals for a diversified revenue base, and it pairs strong profitability (ROE 17.3%, operating margin 24.9%, net margin 30.5%) with multiples that are clearly low versus peers—P/E 5.8x, P/B 1.00x, forward P/E 5.7x.
- Compared with pure-aesthetics peers (PharmaResearch, Hugel) that command P/E around 20x, its valuation is low relative to profitability, and with a 3.4% dividend yield and a treasury-stock trust added on, its shareholder-return appeal holds up too.
- The points to watch carefully are that Q1 2026 operating profit fell 22% year on year, so the short-term direction of core margins needs confirming; that cosmetic-filler revenue is somewhat sensitive to the economy and consumer sentiment; and that as a small- and mid-cap with a market cap of ₩300.4 billion, it can be volatile depending on supply and demand.
- In sum, it is a range where, as long as core-business profitability and the return policy continue, the low P/E, P/B, and forward P/E act as grounds for being undervalued, and its strengths become clearer when revenue growth revives or when the Q1 operating-profit decline is confirmed to have been temporary.
🔎 Valuation vs peers Undervalued
The peer set is drawn from aesthetic and cosmetic-pharmaceutical companies close to Huons Medix's actual business (HA-based cosmetic fillers, joint injections, cosmetic pharmaceuticals): PharmaResearch (fillers, regenerative injections), Hugel (botulinum toxin, fillers), and Huons, part of the same Huons group.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Pharma Research | 19.44x | 4.66x | 23.95% |
| Hugel | 20.61x | 3.06x | 14.82% |
| Huons | 7.44x | 0.85x | 11.41% |
The pure-aesthetics peers PharmaResearch and Hugel command P/E of 18-21x and P/B of 3-4x reflecting high growth, whereas Huons Medix is at a clear discount with a P/E of 6.1x and P/B of 1.06x. Profitability (ROE 17.3%) is comparable to peers, yet the valuation is low, seemingly because (a) revenue growth in the +5% range is slower than peers (PharmaResearch +53%, Hugel +14%), and (b) with pharmaceuticals and CMO mixed in, it is hard to command the growth premium of a pure aesthetics name. So rather than simply seeing it as cheap, one must also weigh the limitation that the low P/E is "on last year's results." With Q1 2026 operating profit dipping to -22%, this year's earnings viewed on a seasonality approximation (operating profit of about ₩34.9 billion, forward P/E of about 7.7x) need to actually hold up for the discount to be justified. If core-business profitability and returns are maintained, there is ample room to view it as undervalued, but if the earnings slowdown persists, the assessment could change.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩43.5 billion | approx. ₩10.0 billion | approx. ₩8.1 billion |
Price history Close · MA20 · MA60
The latest close is ₩25,900 and the market capitalization is ₩290.9 billion. The price sits below its 20-day moving average (₩27,065) and below its 60-day moving average (₩30,144). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 42.3, a neutral level. The one-month change is -1.5%, the three-month change is -19.4%, and the position relative to the 52-week high is -65.8%. Relative strength versus the KOSDAQ is 47 (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 46% of all stocks. Over the past three months it outpaced the index by 8.1%. 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 +8.06% / 6M -22.81% / 12M -52.52%
Key metrics vs sector median
Valuation
The P/E of 5.62x is below the sector median (15.98x). The P/B of 0.97x is below the sector median (1.37x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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)
DCF (discounted cash flow) estimate — discount rate 11.6%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.802x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 17.3%, above the sector average (3.0%). The operating margin is 24.9%. The debt ratio is 108.0%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $100.9M | $107.3M | $112.7M | +5.05% ↓ slower |
| Operating profit | $24.7M | $28.6M | $28.1M | -1.88% ↓ slower |
| Net profit | $16.5M | $26.0M | $34.3M | +31.91% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $73.6M | $81.6M | $100.9M | $107.3M | $112.7M |
| Operating profit | $10.6M | $17.3M | $24.7M | $28.6M | $28.1M |
| Net profit | $6.7M | $14.0M | $16.5M | $26.0M | $34.3M |
| Revenue CAGR | 4-yr avg 11.26% | ||||
Revenue rose 5.1% year over year (2023 ₩152.3 billion → 2024 ₩161.9 billion → 2025 ₩170.1 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 1.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.3%. The two-year revenue CAGR is 5.7%. In the most recent quarter (Q1 2026), revenue was 0.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.5%, is on the high side.
- ROE of 17.3% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 5.1% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-06-09UpdateDecided to sign a treasury-stock acquisition trust agreement to buy back its shares over a set periodFavorable for supply and demand in the short term, and in the mid term a signal of raising per-share value through reduced float and of the commitment to shareholder returns. Source
- 2026-06-09IRHeld an investor relations (IR) event to communicate its business and results to investorsRather than a short-term price impact, in the mid term it narrows information gaps as a venue where the company's official explanations can be confirmed directly. Source
- 2026-05-15EarningsQuarterly report (2026.03) disclosing final Q1 results — revenue ₩40.5 billion, operating profit ₩8.9 billionRevenue was similar to the same period a year earlier, but operating profit fell 22%, making it a short- and mid-term check point for gauging whether this year's earnings slow. Source
- 2026-05-12DividendSet an interim (quarterly) dividend record date and decided a cash-and-in-kind dividendA signal of continuing a quarterly return policy that, together with a 3.2% dividend yield, adds to the mid-term shareholder-return appeal. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09Disclosure
- 2026-06-09TreasuryMaterial-fact report
- 2026-06-02Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12DividendCash/stock dividend decision
- 2026-05-12Dividend disclosure
- 2026-04-27OwnershipOwnership-change filing
- 2026-04-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-13DividendCash/stock dividend decision (amended)
- 2026-04-01Dividend disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
📖 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.