NH Investment & Securities said on the 5th that for APR, stepwise earnings upgrades are expected on the back of Medicube's growth and diversification of distribution channels. It kept a Buy rating and raised the target price to 400,000 won from 350,000 won. APR's closing price in the previous session was 267,000 won.
Jung Ji-yoon of NH Investment & Securities said, "As of the first quarter, Medicube is building solid data across both retail and wholesale," adding, "As of the end of Feb., it is transacting with more than 80 official retailers in 40 countries worldwide."
Jung said, "The key to 2026 earnings is online sales to Europe, with a high possibility of stepwise quarterly upgrades," adding, "We recommend viewing the current share-price adjustment as a mid- to long-term buying opportunity."
Overseas market performance is also viewed positively. In Japan's Megawari event, five in-house products entered the top 50, maintaining peak-season sales strength, and in the United States, e-commerce sales centered on Amazon and TikTok in Jan.–Feb. are estimated to be similar to average monthly sales in the fourth quarter. In Europe as well, many products are included in country-level Amazon top 100 rankings, demonstrating global competitiveness.
Expansion of distribution channels is also anticipated. Jung said, "We are rapidly penetrating not only North America, the main region, but also Europe, the Middle East and Latin America," adding, "For countries other than Korea, the United States, Japan and Greater China, revenue is recognized as business-to-business (B2B) sales, and B2B sales this year also have a high likelihood of stepwise upgrades."