[E-Daily Reporter Shin Ha-yeon ] On the 14th, Hana Securities assessed that AMOREPACIFIC CORPORATION(090430)has largely completed the restructuring of its inventory, distribution, and reseller operations—which had hampered profitability over the past two years—and has entered a full-fledged growth phase centered on its derma and hair care businesses. The firm maintained its “Buy” investment rating and target price of 170,000 won.

Park Jong-dae, an analyst at Hana Securities, commented on the recent AMOREPACIFIC CORPORATION Investor Day, stating, “The company has largely delivered on the commitments it made at Investor Days over the past two years,” and added, “It has nearly completed the restructuring of factors that hindered profitability, such as inventory, distribution, and resellers.”

He continued, “The company has established a balanced business structure both domestically and internationally and has laid the foundation for growth as a multi-brand company,” adding, “Both growth and profitability have improved.”

Indeed, among the portfolio of some 20 brands, Estra and Ilyoon showed particularly strong growth. In Business Year (BY) 2026, Estra and Ilyoon grew 67% year-over-year, with combined sales exceeding 400 billion won. Estra grew 70% and recorded a double-digit operating profit margin, while Ilyoon grew 50%. Notably, Ilyoon’s sales in the U.S. quadrupled.

Analyst Park explained, “The derma category is currently a key trend in the global cosmetics industry,” adding, “Estra’s Atobarrier Cream has achieved an impressive average annual growth rate of 80% over the past three years.”

Sunscreen was identified as Estra’s next growth driver. The company plans to launch at least two new derma-focused sunscreen products. Estra and Ilyoon aim to expand their combined revenue from 500 billion won in 2027 to 1 trillion won in 2030 and 2 trillion won in 2035.

IOPE was also presented as a new growth pillar. AMOREPACIFIC CORPORATION plans to position IOPE as a “brand tailored to K-beauty procedures” to target the anti-aging market. The company intends to expand its product lines to address each specific procedure and enter the European market in the first quarter of next year, aiming to cover a total of 18 countries.

Researcher Park explained, “IOPE was a brand that left a strong impression at this Investor Day,” adding, “The goal is to position itself as the sole brand associated with K-aesthetic procedures by launching products that correspond to each specific procedure—such as Rejuran and Juvelook for wrinkle, laser, and lifting treatments, as well as cleansing.”

In particular, he highlighted hair care, alongside derma care, as a core growth category for AMOREPACIFIC CORPORATION. As consumer interest in the global market shifts from skin to the scalp, analysis shows that the U.S. scalp care market is growing three times faster than the overall hair care market.

Researcher Park commented, “The most interesting segment at this Investor Day was hair care,” adding, “Hair has confidently taken its place on the stage as one of AMOREPACIFIC CORPORATION’s core growth categories.”

AMOREPACIFIC CORPORATION owns six hair care brands, including Ryeo, Mijangsen, and Labo H. Currently, Ryeo is driving growth in China, Labo H in the U.S., and Mijangsen in Brazil. In the U.S. market in particular, Mijangsen Perfect Serum has risen to No. 1 in the styling category, and Labo H is also showing steep growth.

Analyst Park explained, “The competitiveness of K-hair products in the U.S. is overwhelming,” adding, “Social media buzz is exploding.” He continued, “Our heritage in patents and ingredients is proving to be a tremendous asset as we expand into the U.S. and Brazil.”

The company aims to increase its hair care sales from 490 billion won in 2026 to 1 trillion won by 2030 and raise its operating profit margin from the current 7–8% to 14–15%. Of the 2030 sales target, the company plans to generate 600 billion won overseas, with 350 billion won coming from the U.S. and Latin America.

Starting next year, this growth strategy is expected to enter a full-scale “scale-up” phase. The company has strengthened its Social, Amazon, and TikTok (SAT) strategy and established a dedicated digital marketing team to execute sophisticated marketing campaigns.

By region, the company aims to increase North American sales by 20% year-over-year in 2027, and sales in Europe, the Middle East, and Africa (EMEA) and Japan by 30% each. As a result, consolidated revenue is projected to rise by 10%, with an operating profit margin of 11–12%.

AMOREPACIFIC CORPORATION’s revenue for this year is projected to reach 4.7098 trillion won, a 10.7% increase year-over-year, while operating profit is expected to rise 44.2% to 484.2 billion won. For next year, revenue is estimated to reach 5.2184 trillion won and operating profit 567.9 billion won, representing growth of 10.8% and 17.3%, respectively.

Analyst Park explained, “AMOREPACIFIC CORPORATION has declared 2027 to be a period of full-scale scaling up,” adding, “This means the company will accelerate its global growth by strengthening its social media platforms and expanding investments to enhance competitiveness.”