Kiwoom Securities noted on the 3rd that thanks to strong domestic cosmetic exports and the growth of global K-beauty, interest in cosmetic brands has significantly increased, presenting APR as its top stock pick. As a result, it raised the target stock price from the previous 140,000 won to 200,000 won, an increase of approximately 42.9%. In the previous transaction, APR closed at 146,600 won.
According to Kiwoom Securities, APR's revenue for the second quarter of this year is expected to exceed market expectations, increasing by 103% year-on-year to 315.8 billion won, while operating profit is projected to rise 77% to 62 billion won. In particular, overseas sales are forecasted to reach 239.8 billion won, a 211% increase compared to the previous year.
By channel, B2B (business-to-business) transactions are expected to grow 409% year-on-year, while growth in the U.S. and Japan is anticipated at 266% and 225%, respectively. Researcher Jo Sojung from Kiwoom Securities explained, "Overseas channels are driving growth, and in the second half of the year, growth in U.S. and Japanese channels is expected to show steep growth due to sustained online growth momentum and the expansion of offline channels."
Researcher Jo stated, "The proportion of overseas sales, which was 55% in 2024, is expected to expand to 76% in 2025 and 83% in 2026, recording outstanding overseas growth rates among listed cosmetic brands," adding, "In light of the recent increase in interest in K-beauty brands and APR's overseas expansion potential, we maintain our top stock pick and raise the target stock price."