汇丰银行-韩国整容业-korea cosmetic surgery：looking good-20170721-hsbc

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1、21July2017KoreaCosmeticSurgeryEQUITIESBIOTECH&PHARMALookinggoodKoreaWearerevisitingourpositivestanceoncosmeticsurgerysectorYeonLee*AnalystBTXstilllooksgood,HAfillerstoalsosellwellpackagedwithTheHongkongandShanghaiBankingCorporationLimited,SeoulSecur

2、itiesBranchBTX;2Q17eresultstostandoutforKoreaBTXmakersyeonlee@kr.hsbc.com+82237068778RaisingTPforallfourplayerswithvaluationbaserolloverBrianCho*HeadofResearch,KoreaBTXisstillgood.WecontinuetopreferKoreaBTXmakers(Medy-tox,Hugel)overnon-TheHongkongandShan

3、ghaiBankingCorporationLimited,SeoulSecuritiesBranchBTX(Caregen,Humedix)aswethinktherestillissufficientroomforBTXplayerstoenjoybriancho@kr.hsbc.comgrowth.Demandforfacialinjectableproducts,particularlyBTXremainsstrongglobally+82237068750givenitssimpleproced

4、uresandcheapprice.Itstillseemsearlytoworryoncompetition.*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisHugelandMedy-toxalsobothexpandedtheirBTXcapacitylastyear,thuscanramp-upnotregistered/qualifiedpursuanttoFINRAregulationstheirsalesforoversease

5、xpansion.Korea’sstrongBTXexportshavebeenagoodindicatorofthisstrongdemand;itwasup77%in2016andisup142%y-o-yasofJuney-t-d.Weexpectexportstocontinuetogrowatmorethana100%ratein2Hinthefavourableenvironment.HAfillersalsoworkbetterwithBTX.WethinkBTXplayersarealso

6、betterpositionedtodeliverfastHAfillersalesgrowth.HAfillersarelowentrybarrierproductsasitisrelativelyeasytoobtainapprovalsgiventheirmedicalequipmentclassification.Also,asthereisnosignificantqualitydifferenceamongHAfillerbrands,pricingisthemostdefinitewayto

7、gainend-userinterestwhichcouldleadtoapricewar.Assuch,webelievethemostefficientwaytoexpandHAfillersalesisthroughpackagebundlingwithBTX.Thatsaid,✔VoteinAsiamoneyBrokersPoll2017wethinkHugelandMedy-toxarecapableofgeneratingrapidHAfillersalesviacreatingsynergy

8、withitsBTX.Wethinkc100%growthofHAfillersalesatMedy-toxandHugelVotingstarts6thJulyIfyouvalueourserviceandinsight,voteforHSBCversus15%growthatCaregenandHumedixin2016supportsourstance.Clickheretovote2Q17epreview.Weesti