[Alpha Biz= Reporter Kim Sangjin] Sangsangin Securities raised its target price for Clasis from 42,000 KRW to 60,000 KRW, an increase of 43%, while maintaining a 'Buy' rating. The firm noted that Clasis's corporate value continues to grow.
Sangsangin Securities highlighted that sales of cosmetic medical devices are experiencing strong growth. Specifically, the domestic sales of its Shrink (High-Intensity Focused Ultrasound, HIFU) equipment are maintaining quarterly sales around 6 billion KRW, while exports are seeing growth of around 40%. Exports are particularly growing rapidly in South America and Asia.
Additionally, Sangsangin Securities mentioned that Clasis's new product, the Volnumer (a monopolar RF device for collagen replenishment), has been launched in various countries, including the U.S. (October 2024), Thailand (February 2024), Brazil (April 2024), and Taiwan and Australia (Q3 2024). The product is expected to launch in Europe in 2025, and in the U.S. and China in 2026. Strong sales growth is anticipated from Volnumer.
Sangsangin Securities forecasts that total sales of cosmetic medical devices will grow by 24.8%, reaching 112.3 billion KRW in 2024.
The firm also pointed out that sales of consumables, such as cartridges, are growing rapidly both in the domestic market and in exports. Consumables sales are expected to grow by 29.2% to 104.8 billion KRW in 2024. Given that consumables are growing faster than equipment sales, they are expected to drive overall revenue growth in 2025.
Furthermore, Sangsangin Securities noted that Clasis merged with the brands Secret (microneedle RF) and Quras (laser) in October 2024. This merger is expected to increase sales by around 50 billion KRW by 2025, with synergies from the merger expected in South America, Asia, the U.S., and Europe, where product and regional overlap is minimal.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
