[Edaily Reporter Kwon Oh Seok ] NH INVESTMENT & SECURITIES announced on the 22nd that it is maintaining its “Buy” investment rating and target price of 130,000 won for KOLMAR KOREA(161890).

Jeong Ji-yoon, an analyst at NH INVESTMENT & SECURITIES, stated, “The year-over-year growth rate of HANKOOKCOSMETICS’s total cosmetics exports in the second quarter stood at +29% in April, +24% in May, and +32% from June 1 to 20, tracking the sales growth rate of the standalone entity,” adding "Both market conditions (exports) and earnings (fundamentals) are showing higher growth rates compared to last year, demonstrating sustainable growth rather than a peak-out," he said.
He further advised, “With order visibility secured through the third quarter, earnings momentum is expected to continue throughout the year,” and noted, “It is a good time to buy at current levels.”
Regarding second-quarter earnings, he projected that consolidated revenue would reach 8270억 won (up 13% year-over-year) and operating profit 965억 won (up 31%), exceeding the consensus operating profit estimate by 5% and setting a new all-time high.
Analyst Jeong explained, “We estimate domestic revenue at 408.7 billion won (+25%), operating profit at 64.0 billion won (+30%), and an operating profit margin of 15.7% (+0.7 percentage points),” adding, “Further margin expansion is expected due to the top indie brand ‘Sun,’ increased order volumes for skincare products, and high-margin sales from global MNCs.”
For overseas markets, he estimated U.S. sales at 16.2 billion won (-12%) and an operating loss of 3.4 billion won (widening loss). He noted, “While orders from existing major clients continue to decline, sales are gradually recovering starting in the first quarter due to increased production volumes for new brands.” He also projected sales in Canada of 9 billion won (-10%) and an operating loss of 700 million won (a shift to a loss).