[E-Daily Reporter KIM YOON-JEONG ] Yuanta Securities Korea forecast that APR(278470)will post second-quarter earnings that exceed market expectations, driven by simultaneous growth in the U.S. and European markets. The firm maintained its “Buy” rating and target price of 540,000 won.

On the 9th, Lee Seung-eun, an analyst at Yuanta Securities Korea, stated, “Operating profit for the second quarter of 2026 is expected to exceed market expectations,” adding, “We anticipate that channel diversification—centered on offline stores and TikTok Shop—will reduce reliance on Amazon events and serve as a key driver for earnings and stock price performance in the second half of the year.”
Yuanta Securities Korea projected that APR’s second-quarter revenue would reach 740 billion won—a 126% year-over-year increase and a 25% quarter-over-quarter rise—while operating profit would rise 113% year-over-year to 180 billion won. The operating profit margin (OPM) is expected to reach 24.3%, exceeding the market consensus of 167.4 billion won.
By region, Uanta Securities projected that U.S. revenue would reach 330 billion won—a 243% increase year-over-year and a 33% increase quarter-over-quarter—setting a new all-time high. Revenue from other regions is also expected to rise to 265 billion won, driven by strong performance in European online channels and growth in business-to-business (B2B) transactions, representing a 233% increase year-over-year and a 39% increase quarter-over-quarter.
In contrast, sales in Japan are expected to decline quarter-over-quarter due to a slowdown in transaction volume on the online platform Qoo10 during the transition from the “Booster Pro” DEVICE to the “Pro X2” DEVICE; growth in South Korea and Greater China is also expected to be limited.
In the second half of the year, the expansion of the offline distribution network in the U.S. is expected to drive performance. The analyst noted, “Building on our presence at Ulta Beauty (1,521 stores), where we’ve been selling since 2025, our offline distribution network will expand to Target (1,995 stores) in April, Walmart (5,215 stores) in June, and Costco (629 stores) in September, securing a total of 9,360 stores in the U.S.,” “We are also in discussions with U.S. drugstores (over 9,000 locations) to secure shelf space; if successful, our U.S. offline distribution network will expand to over 18,000 locations,” he explained.
He added, “With annual sales projected at 100 billion won from Ulta Beauty and 150 billion won from new offline channels such as Walmart, Target, and Costco, the offline sector is expected to emerge as a new growth driver in the U.S.”
The company projected that the share of offline sales in the U.S. would increase from 10% in the first quarter of this year to 13% in the second quarter, 18% in the third quarter, and 23% in the fourth quarter. The share of sales from TikTok Shop is also estimated to rise from 20% in the fourth quarter of 2024 to 25% in 2025 and 28% in the first quarter of 2026, indicating that growth in online channels other than Amazon is expected to continue.