Kolmar Korea rose more than 12% in early trading on the 11th. The buying appears to be driven by brokerages repeatedly raising their target price after strong first-quarter results.
As of 9:57 a.m. on the 11th, Kolmar Korea was trading at 104,300 won, up 10,700 won (11.43%) from the previous session on the Korea Exchange.
Kolmar Korea posted consolidated first-quarter revenue of 728 billion won and operating profit of 78.9 billion won. Those figures rose 11.5% and 31.6%, respectively, from a year earlier.
All 13 brokerages (Mirae Asset, Korea Investment, Shinhan, DB, etc.) that published analysis reports on the 11th raised their target price for Kolmar Korea from previous levels. The securities industry expects strong results in the second quarter as well.
Daol Investment & Securities raised its target price for Kolmar Korea to 140,000 won from 120,000 won on the 11th.
Park Jong-hyeon, an analyst at Daol Investment & Securities, said, "Solid growth at the Korea unit, a turnaround to profit at the China unit, and a narrower loss at the U.S. unit drove the results," and added, "In the second quarter, which is Kolmar Korea's peak sun care season, profit improvement from the previous quarter is expected, and the narrowing of losses in the United States, the company's only risk point, is becoming visible."