[Edaily Reporter Kwon Oh Seok ] SANGSANGININVESTMENT&SECURITIES announced on the 19th that it is maintaining its “Buy” rating and target price of 170,000 won for KOLMAR KOREA(161890).

Song Ji-yeon, an analyst at SANGSANGINVESTMENT&SECURITIES, stated, “We forecast third-quarter consolidated revenue of 827.2 billion won (up 21.1% year-over-year) and operating profit of 87.3 billion won (up 49.7%). “Stand-alone revenue is projected to grow 35% year-over-year,” she said, adding, “Despite a decrease in operating days and supply issues for tube containers at major clients, we expect robust order intake centered on core product categories to drive growth.”
Revenue in China is projected to decline by 7% due to a slowdown in orders from major clients and exchange rate pressures. She noted, “In North America, U.S. revenue is expected to grow by 130% thanks to the acquisition of new clients, while revenue in Canada is expected to remain similar to the previous quarter,” adding, “HK inno.N Corporation’s revenue is projected to grow by 2.9%. Yeonwoo’s revenue is expected to grow by 30% due to robust order intake, but operating profit is projected to decline compared to the previous quarter due to the inclusion of performance-based bonuses,” he predicted.
He highlighted the potential for reduced seasonality alongside the high growth of domestic standalone subsidiaries. Analyst Song noted, “The expansion of core orders is offsetting the sales decline following the peak sun care season, and major clients with high global recognition are seen as having limited seasonality. Overseas, awareness is beginning to spread that UV protection is necessary even outside the summer months, and seasonality is expected to gradually ease as orders become more diversified due to the expansion of K-Beauty’s target regions and offline channels,” he emphasized.
Furthermore, he noted, “Amid sustained robust order intake, as supply issues for packaging materials at some clients are resolved, we expect to reflect sales from deferred orders in the fourth quarter. Furthermore, once the new Sejong plant begins operations in the second half of 2027, it is expected to lay the foundation for additional revenue growth,” he added, noting, “Considering the domestic subsidiary’s robust growth trend and the momentum for medium- to long-term capacity expansion, we believe the current stock price offers sufficient valuation appeal.”