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

21 July 2017   Korea Cosmetic Surgery EQUITIES BIOTECH PHARMA Looking good Korea We are revisiting our positive stance on cosmetic surgery sector Yeon Lee* BTX still looks good, HA fillers to also sell well packaged with Analyst The Hongkong and Shanghai Banking Corporation BTX; 2Q17e results to stand out for Korea BTX makers Limited, Seoul Securities Branch yeonlee@ +822 3706 8778 Raising TP for all four players with valuation base roll over Brian Cho* Head of Research, Korea BTX is still good. We continue to prefer Korea BTX makers (Medy-tox, Hugel) over non- The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch BTX (Caregen, Humedix) as we think there still is sufficient room for BTX players to enjoy