April 26, 2024

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[THE INVESTOR] Cosmax will grow significantly, said SK Securities on May 11, maintaining a “buy” recommendation and raising the target price to 200,000 won (US$187.18) from 180,000 won.

Its revenue in the first quarter hiked 31.8 percent on-year to 288.7 billion won and operating profit by 10.6 percent to 10.4 billion won, in line with market expectations. Sales in China and the US leapt 28.7 percent and 115.4 percent, respectively, said analyst Seo Yeong-hwa.

It will expand considerably in Korea, China, US and Indonesia, forecast the analyst. Monthly revenue in Korea has been on the rise since February, and in China, it is securing new clients while existing clients are adding more orders. In the US, where it has been expanding fast every quarter, manufacturing capacity of the factory is improving and client base is building up, added Seo, raising the estimated earnings per share for this year up 10.3 percent.

By Hwang You-mee (glamazon@heraldcorp.com)