On the 10th, Shinhan Investment & Securities analyzed that APR will begin generating sales in earnest in Europe and that growth drivers will continue. It kept its "Buy" rating and raised its target price to 500,000 won from the previous 350,000 won. APR's previous closing price was 365,500 won.
Park Hyeon-jin, a researcher at Shinhan Investment & Securities, said of APR, "Despite the strong results, it is worth noting that growth is visible compared with the previous quarter."
APR has been delivering positive results mainly in the United States and Europe, and the company still has room for further growth drivers.
Park projected APR's first-quarter consolidated revenue this year at 592 billion won, up 123% from a year earlier, and operating profit at 149.2 billion won, up 173%. Park explained, "With triple-digit sales growth year over year in the United States, Europe and other countries, the company is driving overall sales expansion."
First, Park saw APR's growth trend in the U.S. market continuing. He said, "The number of products ranked in the top 100 of the Amazon beauty category in the United States was one to two in the first quarter of last year, but it increased to seven to nine in the first quarter of this year," adding, "Pore pad products and collagen gel creams are gaining strong popularity in succession, increasing the number of bestsellers."
The European market and beauty devices were cited as new growth engines. Park said, "Sales on Amazon in Europe are also getting underway in earnest," adding, "Less than six months after entering the region, demand is rising quite rapidly and the products are gaining popularity among consumers."
APR plans to launch new beauty devices in the second half of this year and next year.
Park said, "We are set to launch a home-beauty device in the second half of this year and a medical beauty device next year," and evaluated, "This could also support growth in devices."