Samsung Securities said on the 21st that APR is still in the early stages of expanding its offline channels and is expected to maintain solid profitability. It maintained a "Buy" rating and raised the target price to 298,000 won from 260,000 won. The previous trading day's closing price of APR was 234,500 won.
Samsung Securities estimated that APR will post revenue of 389.1 billion won and operating profit of 90.9 billion won in the third quarter of this year (July–September). Those are up 124% and 234%, respectively, from a year earlier.
Lee Ga-young, a Samsung Securities researcher, said, "In major advanced markets such as the United States, Europe, and Japan, Medicube's winning streak is still ongoing," and noted, "Despite increases in tariff and sales commissions, profitability remains solid as marketing leverage holds."
The researcher assessed that close collaboration between the marketing department and the product planning department is the driver of high growth. The marketing department, which is adept at spotting popular trends, not only uses them for content production but also helps the product planning department use them to launch new products. The analysis is that this virtuous cycle enables new hit products to continue to emerge.
The researcher emphasized, "Market sensing (detecting changes in the market and customers) and execution capabilities are unrivaled, and there are still many channels not yet entered," adding, "Expansion into offline channels in the United States, Europe, and Japan is only in the beginning stage."
In addition, the possibility of new inclusion in the changes from the Morgan Stanley Capital International (MSCI) November regular review to be announced on the 6th of next month is also seen as a positive.