[Edaily Reporter Kwon Oh Seok ] Hana Securities announced on the 14th that #d'Alba Global is expected to see a more pronounced improvement in profitability in the second half of the year. However, it did not provide an investment rating or target price.

Park Jong-dae, an analyst at Hana Securities, stated, “Second-quarter consolidated revenue and operating profit reached 186.9 billion won and 47.2 billion won, respectively—up 46% and 62% year-over-year—posting solid results that exceeded market expectations (operating profit of 41.3 billion won).” He added, “While the sluggish performance in South Korea and Russia (due to a shortage of containers) is disappointing, growth in Japan, North America, and Europe was particularly notable.”
He continued, “The impact of new offline store openings has been significant. The number of overseas offline stores increased substantially to approximately 9,607 (up 3,539 year-over-year), and sales at TickTop Shops in Europe and ASEAN rose sharply.” He explained, “The operating profit margin rose to 25.3% (+2.5 percentage points) due to more efficient marketing expenses and the effect of operating leverage. “The 2 billion won in customs refunds was offset by logistics costs, and the share of overseas B2B sales rose to 39%,” he explained.
For the second half of the year, the company estimated that operating profit would increase by 75% year-over-year, driven by a 2–3 percentage point rise in the operating profit margin compared to the previous year. Analyst Park said, “This is because conditions in Russia—both domestically and internationally—are normalizing, marketing expenses are being optimized, and the share of B2B (business-to-business) sales is rising,” adding, “Above all, we are strictly managing profitability by region.”
He emphasized, “The investment in the perfume brand Kuoka aligns with the recent expansion of perfume exports and is positive in terms of brand and category expansion, while the establishment of a Chinese subsidiary is positive in terms of expanding into new regions.” He added, “d'Alba Global is taking steps toward becoming a major multi-brand cosmetics conglomerate. Following the global success of our Mist Serum, we are diversifying into categories such as sunscreen and multi-purpose balms, and following our success in cosmetics, we are preparing to launch sub-brands focused on beauty DEVICES and inner beauty,” he emphasized.
He added, “The company has raised its 2026 annual revenue guidance to 725 billion won (an increase of 25 billion won from the previous forecast) with an operating profit margin of 21%, and has projected third-quarter revenue of 170 billion won with an operating profit margin of 17%. These are conservative figures,” noting, “We expect the current stock price to continue its upward trend while maintaining a valuation gap with competitors.”