[E-Daily Reporter Hyera Lee ] On the 13th, KB Securities projected that APR(278470)would post second-quarter earnings exceeding market expectations, driven by strong growth in European markets and the expansion of its U.S. operations. The firm maintained its “Buy” rating and raised its target price to 530,000 won, a 6% increase from the previous level.

Son Min-young, an analyst at KB Securities, stated in a report released that day, “This year, the strong growth in Europe will stand out the most,” adding, “Building on its success in the U.S., the effects of direct entry into Amazon Europe and TikTok Shop are now taking full effect.”
KB Securities estimated APR’s second-quarter consolidated revenue at 759 billion won and operating profit at 183.3 billion won. This represents year-over-year increases of 131.6% and 132.6%, respectively, with operating profit expected to exceed market forecasts by 5.6%.
The firm cited growth in overseas markets as the key driver. Analyst Son projected that APR’s revenue from other regions, including Europe, would increase by 242.8% year-over-year this year. Reflecting robust online growth in the U.S. and the expansion of offline channels, the firm revised its operating profit estimates for this year and next year upward by 7.3% and 9.7%, respectively.
U.S. sales are expected to reach 310.6 billion won, a 222.9% increase from the same period last year. Driven by strong performance during Amazon Prime Day and an increase in TikTok Shop gross merchandise volume (GMV), online sales are projected to reach 280 billion won, up approximately 25% from the previous quarter. Analyst Son predicted, “Offline sales are also expected to generate approximately 31 billion won, driven by reorder volumes from Ulta and Target, as well as the impact of new listings in 3,000 Walmart stores.”
Sales in other regions are expected to reach 294.5 billion won, a 269.6% increase year-over-year. Analyst Son noted, “Sales will increase by approximately 100 billion won compared to the previous quarter due to expanded sales on Amazon in Europe,” adding, “Sales in Japan will rise by 27.3% to 55.9 billion won.”
However, domestic sales are projected to decline by 13.3% to 63.5 billion won. He explained, “This reflects the impact of a sales gap in May in both the domestic and Japanese markets due to the discontinuation of first-generation products during the launch of the second-generation Booster Pro.”
KB Securities projected APR’s total revenue for this year at 3.1 trillion won and operating profit at 764.1 billion won. This represents year-over-year increases of 102.8% and 110.9%, respectively. Analyst Son said, “Driven by global business expansion, annual revenue is expected to exceed 3 trillion won.”