Corporate Logo(source: cosmax.com)
Hana Securities stated on April 15 that Cosmax (192820) is expected to achieve record-high earnings in the first quarter of 2025, driven by strong performance in Southeast Asia. The brokerage maintained a “Buy” rating and a target price of 220,000 won. The stock closed at 164,600 won on the previous trading day.
Analyst Park Eun-jung projected Cosmax’s consolidated revenue for the first quarter to rise 9% year-on-year to 570 billion won, with operating profit increasing 5% to 47.9 billion won—marking the company’s best-ever quarterly results and broadly in line with market expectations.
Domestic standalone revenue is forecast to increase 15% year-on-year to 360 billion won, with operating profit up 33% to 40 billion won. Despite a high base in the same period last year, export-driven brand orders remained strong, sustaining high growth. Park highlighted robust volume expansion across product categories such as skincare, sun care, and color cosmetics. She added that improved product mix and expanding revenue are likely to stabilize the company’s operating margin in the double-digit range.
Revenue from China is expected to fall 2% year-on-year to 150 billion won, while operating profit is projected to plunge 65% to 5.5 billion won. Although the business environment remains challenging, Park noted that a gradual recovery is underway.
In the U.S., revenue is estimated to decline 25% year-on-year to 29 billion won, with an operating loss of 5 billion won. The drop is attributed to a significant contraction in order volume.
Conversely, revenue from Southeast Asia is projected to surge 36% year-on-year to 45.3 billion won, while operating profit is expected to jump 373% to 6.7 billion won. Indonesia and Thailand are forecast to grow by 10% and 100%, respectively. Park pointed to robust regional demand and successful localization strategies as key drivers.
“While the sluggish performance in China and the U.S. is a concern, the continued expansion of Korean cosmetics globally is expected to support record-high domestic earnings,” Park said. “As export-oriented brands grow in scale and demand for functional products increases, the concentration of orders among top-tier ODM manufacturers is rising.”
She added, “Cosmax has maintained strong order momentum since the beginning of the year and has already surpassed last year’s seasonal high. We expect full-year performance to be led by growth in Korea and Southeast Asia in the first half, followed by a recovery in China and the U.S. in the second half, contributing to an overall upward earnings trajectory.”
*[KOSPI]Cosmax(192820) is Korea's leading cosmetics ODM company and ranks first in the world in terms of ODM sales. The market cap is 1.87 trillion won (as of April 15, 2025, closing price).
Corporate Logo(source: cosmax.com)
Hana Securities stated on April 15 that Cosmax (192820) is expected to achieve record-high earnings in the first quarter of 2025, driven by strong performance in Southeast Asia. The brokerage maintained a “Buy” rating and a target price of 220,000 won. The stock closed at 164,600 won on the previous trading day.
Analyst Park Eun-jung projected Cosmax’s consolidated revenue for the first quarter to rise 9% year-on-year to 570 billion won, with operating profit increasing 5% to 47.9 billion won—marking the company’s best-ever quarterly results and broadly in line with market expectations.
Domestic standalone revenue is forecast to increase 15% year-on-year to 360 billion won, with operating profit up 33% to 40 billion won. Despite a high base in the same period last year, export-driven brand orders remained strong, sustaining high growth. Park highlighted robust volume expansion across product categories such as skincare, sun care, and color cosmetics. She added that improved product mix and expanding revenue are likely to stabilize the company’s operating margin in the double-digit range.
Revenue from China is expected to fall 2% year-on-year to 150 billion won, while operating profit is projected to plunge 65% to 5.5 billion won. Although the business environment remains challenging, Park noted that a gradual recovery is underway.
In the U.S., revenue is estimated to decline 25% year-on-year to 29 billion won, with an operating loss of 5 billion won. The drop is attributed to a significant contraction in order volume.
Conversely, revenue from Southeast Asia is projected to surge 36% year-on-year to 45.3 billion won, while operating profit is expected to jump 373% to 6.7 billion won. Indonesia and Thailand are forecast to grow by 10% and 100%, respectively. Park pointed to robust regional demand and successful localization strategies as key drivers.
“While the sluggish performance in China and the U.S. is a concern, the continued expansion of Korean cosmetics globally is expected to support record-high domestic earnings,” Park said. “As export-oriented brands grow in scale and demand for functional products increases, the concentration of orders among top-tier ODM manufacturers is rising.”
She added, “Cosmax has maintained strong order momentum since the beginning of the year and has already surpassed last year’s seasonal high. We expect full-year performance to be led by growth in Korea and Southeast Asia in the first half, followed by a recovery in China and the U.S. in the second half, contributing to an overall upward earnings trajectory.”
*[KOSPI]Cosmax(192820) is Korea's leading cosmetics ODM company and ranks first in the world in terms of ODM sales. The market cap is 1.87 trillion won (as of April 15, 2025, closing price).