[Edaily Reporter PARK MIN ] Daol Investment & Securities announced on the 16th that it expects #d'Alba Global’s third-quarter revenue to fall short of consensus estimates due to the strong won, and accordingly, it is lowering its target price from 340,000 won to 310,000 won—an 8.8% reduction—based on revised estimates. This represents an upside potential of 95.3% compared to the previous trading day’s (October 15) closing price of 158,700 won.

In a report published that day, Park Jong-hyun, an analyst at Daol Investment & Securities, estimated that d'Alba Global’s third-quarter consolidated revenue would reach 163.3 billion won, a 43.0% increase year-over-year, while operating profit would rise 103.6% to 33.9 billion won. Revenue is expected to fall 6.4% short of the market consensus (174.6 billion won) due to the strong won.

However, operating profit is expected to exceed the consensus estimate (32.5 billion won) by 4.5%. The operating profit margin is projected to reach 20.8%, surpassing the company’s guidance (17.0%) by 3.8 percentage points. Analysts attribute this improvement in profitability to the advertising expense ratio being kept in check at around 19.5% and the transportation cost ratio being maintained at 14.0%.

Analyst Park Jong-hyun stated, “Third-quarter revenue is expected to fall short of the market consensus due to the strong won,” but added, “The operating profit margin (OPM) will exceed the company’s guidance thanks to more efficient advertising spending and natural hedging of exchange rate risks through foreign currency expenses.”

Sales in Russia are estimated to reach 15.1 billion won, a 30.0% year-over-year increase, driven by a recovery in orders from Gold Apple. In ASEAN, sales are projected to reach 22.3 billion won, up 55.0%, thanks to the successful launch of the “Second Hero” product in the Vietnamese market.

North America (28.2 billion won) and Europe (18.0 billion won) saw a slight slowdown compared to the previous quarter due to the absence of Amazon Prime Day and exchange rate impacts; however, they are expected to maintain high growth rates of 60.0% and 190.0%, respectively, year-over-year. Japan is projected to record 27.0 billion won due to the base effect from Mega Wari.

In the fourth quarter, a rebound in performance is expected as the global shopping peak season begins. Daol Investment & Securities forecasts fourth-quarter revenue of 198.8 billion won and operating profit of 38.9 billion won. The daily average gross merchandise value (GMV) on TikTok Shop in the U.S. from October 1 to 10 reached $23,600, a 61% increase from the third quarter. Additionally, during Prime Big Deal Day, four products each from Spain and Germany entered Amazon’s Beauty Top 100, confirming a sharp upturn in sales.

Daol Investment & Securities projected d'Alba Global’s 2026 annual revenue at 720.1 billion won and operating profit at 165 billion won. This represents a year-over-year increase of 38.5% in revenue and 62.6% in operating profit. The firm forecasts that in 2027, the company will record revenue of 1.0117 trillion won and operating profit of 242 billion won, marking its entry into the “1 trillion won revenue club.”