[Edaily Reporter kyoungeun kim ] On the 6th, HANWHA INVESTMENT & SECURITIES maintained its “Buy” investment rating for APR(278470), citing second-quarter earnings that exceeded market expectations, and raised its target price by 10% from 500,000 won to 550,000 won.
Han Yu-jeong, an analyst at HANWHA INVESTMENT & SECURITIES, stated, “APR’s consolidated revenue for the second quarter reached 767.5 billion won, up 134.2% year-over-year and 29.3% quarter-over-quarter,” adding, “Operating profit stood at 190.6 billion won, representing increases of 134.5% and 25.1%, respectively, and exceeded the consensus operating profit estimate of 178.1 billion won.”

However, these results include a 13 billion won refund of U.S. tariffs. An analyst explained, “The entire expected refund was not reflected in the second quarter; the remaining amount is scheduled to be reflected sequentially throughout the second half of this year and into 2027.”
Driven by strong sales during Amazon Prime Day and on TikTok Shop, as well as the expansion of offline retail presence, revenue in North America increased. Meanwhile, European revenue also grew significantly as the direct online business expanded rapidly in five major countries—the UK, France, Spain, Italy, and Germany.
He emphasized, “Rather than focusing on the short-term burden of rising costs, we need to note that our expansion into new markets is proceeding more smoothly than expected and at a rapid pace,” adding, “Best-selling products and operational models based on stock-keeping units (SKUs) that have been proven in the U.S. are rapidly being transferred to Europe, and given that Europe is still in the early stages of expansion centered on the top five countries, there is significant room for further growth.”
However, he noted, “In the second quarter, Prime Day was moved up, leading to an increase in air freight to meet the demand, and most shipments to Europe were transported by air due to geopolitical risks.” He added, “This is merely a temporary cost increase to address excess demand—costs that can be reduced once local safety stock is secured.”
An analyst announced that he had raised the 2027 earnings forecast and increased the target stock price. He stated, “In the fourth quarter, when the effects of major shopping events and channel and regional expansion are concentrated, the absolute level of revenue is expected to rise to the next level,” and maintained his view that the company is the top pick in the cosmetics sector.