20171208-三星证券-Poised_for_rapid_growth_through_2020_8页_407kb

报告摘要

Hans Biomed (042520) Summary

Core Content

Hans Biomed is a Korean tissue bio-engineering company that has been commercializing products such as skin, bone, and silicone breast implants since its establishment in 1993. It was listed on the Kosdaq in 2009 and is the only Korean company to obtain US FDA approval for its demineralized bone matrix (DBM) product. The company has a diversified product portfolio and a strong international presence, particularly in the export market.

Key Points

Company Overview:
- Founded in 1993, listed on Kosdaq in 2009.
- Products include skin, bone, and silicone breast implants.
- Only Korean company with US FDA approval for DBM.
- Products are also approved in Europe and China.
Recent Developments:
- Launched BellaGel Micro in August 2017 for breast implants.
- Plans to launch BellaCell for skin graft material by year-end.
- Engages in doctor-to-doctor marketing to promote its products.
Market Growth:
- Korea's national insurance coverage for breast cancer reconstructive implants was expanded in April 2015.
- The number of breast cancer patients tripled between 2000-2014, and reconstructive surgeries increased tenfold.
- The global breast implant market was valued at KRW1.3t in 2016 with projected growth of 5-6% annually.
Product Line:
- BellaGel Smooth, BellaGel Texture, and BellaGel Micro are part of the silicone breast implant line.
- BellaGel Micro has minimal side effects due to its improved silicon surface.
Sales and Performance:
- 2017 sales reached KRW39.2b, with a 34.9% increase from the previous year.
- Operating profit increased by 58.3%, and net profit by 70.2%.
- Sales growth guidance for FY20 is 36.6% to reach KRW100b, with DBM, BellaGel, and MINT expected to grow at 25%, 45%, and 90% CAGR respectively.
Market Share:
- Exports account for 56.3% of total sales in 2016.
- China-bound exports surged 181% in 2016 to KRW5.9b.
Financial Highlights:
- Revenue (FY16): KRW29b, Net profit (FY16): KRW5b.
- Adjusted EPS (FY16): KRW469, with 70.2% growth compared to FY15.
- P/E ratio (FY16): 58.8, P/B ratio (FY16): 5.6.
- ROE (FY16): 10.3%, EBITDA margin (FY16): 24.4%.
Ownership and Structure:
- Hwang, Ho-chan: 24.1%
- Franklin Resources: 14.1%
- Partners Venture Capital: 6.7%
- Treasury shares: 4.5%
- Total employees: 180, with 10 in management, 40 in sales and marketing, 25 in R&D, and 105 in production.
Analyst Ratings:
- Not Rated as of 2017.12.8.
- SAMSUNG vs THE STREET:
  - Number of estimates: 1
  - Target price: KRW34,200
  - Recommendation: 4.0
  - Rating distribution (12 months prior to 2017.09.30): BUY (82.2%), HOLD (17.8%), SELL (0%)

Key Financial Data (FY12–FY16)

Metric	FY12	FY13	FY14	FY15	FY16
Revenue (KRWb)	21	23	29	39	29
Net profit (adj) (KRWb)	3	5	5	8	5
EPS (adj) (KRW)	361	498	469	798	469
EPS (adj) growth (% y-y)	-3.6	37.8	-5.8	70.2	-5.8
EBITDA margin (%)	21.6	25.2	24.4	n/a	n/a
ROE (%)	10.2	11.9	10.3	n/a	n/a
P/E (adj) (x)	76.4	55.4	58.8	20.2	20.2
P/B (x)	6.6	6.0	5.6	n/a	n/a

Key Ratios (FY12–FY16)

Ratio	FY12	FY13	FY14	FY15	FY16
Sales growth (%)	n/a	14.1	4.8	11.4	24.0
Operating profit growth (%)	n/a	23.9	0.1	29.5	18.4
Net profit growth (%)	n/a	36.7	1.6	40.4	-2.8
Adjusted EPS growth (%)	n/a	21.4	-3.6	37.8	-5.8
ROE (%)	10.5	12.9	10.2	11.9	10.3
ROA (%)	9.3	11.4	9.0	10.2	8.2
ROIC (%)	14.1	15.1	10.4	10.7	9.9
Payout ratio (%)	42.2	49.3	53.9	38.4	40.7
P/E (x)	89.4	73.7	76.4	55.4	58.8
P/B (x)	8.7	8.0	6.6	6.0	5.6
Net debt to equity (%)	-27.9	-9.7	-5.1	-0.8	19.4

Disclaimer

This report is for information purposes only and does not constitute investment advice.
No guarantees are made regarding the accuracy or completeness of the information.
The analyst(s) did not own any shares or convertible debt instruments of the company as of Dec 7, 2017.
The report is not intended for public distribution and is subject to copyright laws.
Samsung Securities disclaims all liability for any loss or damage arising from the use of this report.