Korea Aesthetics

Research evidence excerpt

Korea Aesthetics

t fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Hugel (145020 KS) None

Outperform

12-month target:KRW300,000 - PER

Valuation: KRW 300,000 - PER

Price:KRW252,500

Classys (214150 KS) None

12-month target:KRW77,000 - PER

Valuation: KRW 77,000 - PER

Price:KRW45,200

Pharma Research (214450 KS) None

Neutral

12-month target:KRW330,000 - PER

Valuation: KRW 330,000 - PER

Price:KRW324,000

L&C Bio (290650 KS) None

12-month target:KRW114,000 - PER

Valuation: KRW 114,000 - PER

Price:KRW88,300

Target Price Risk Disclosures

Company Name Risk Disclosure

More sluggish-than-expected ramp-up in US and EU markets. Classys (214150 KS) •

Execution risk from vertical integration in Brazil. •

Failure to win product approval in China in 2H26F. •

Larger-than-expected legal consulting fees. Hugel (145020 KS) •

29 June 2026 2