APR (278470 KP): Buy: 2Q preview – catch me if you can!

Research evidence excerpt

APR (278470 KP): Buy: 2Q preview – catch me if you can!

s KOSPI up 72% during the same period). 610000.00

We believe solid growth will continue beyond 2026 on further channel and category 360000.00

expansions. Upcoming catalysts: 1) continued market share gains in Amazon US;

110000.00

2) successful penetration into offline stores in the US and Japan; and 3) penetration 07/25 01/26 07/26

into European Amazon channels. Of note, APR aims to become a global beauty TargetHigh: 459000.00price: 560000.00Low: 160800.00 Current: 385500.00

company with a presence in other categories including hair and body care, and Source: LSEG IBES, HSBC estimates

compares with Medicube – its major brand, with CeraVe and La Roshe-Posay. Given

Karen Choi*

its brand sales of USD4.3bn (CeraVe) and USD5.6bn (La Roshe-Posay), we believe Head of Consumer & Retail Research, Asia Pacific

Medicube is on track to become a global brand (source: Euromonitor). The Hongkong and Shanghai Banking Corporation

Limited, Seoul Securities Branch

karen.choi@kr.hsbc.com

Maintain Buy with a higher TP of KRW560,000 (vs KRW520,000) +82 2 3706 8781

We raise our 2026-28e OP estimates by 7-9% after reflecting strong Amazon Prime Sophia Jung*

Day 2026 results. We continue to value APR with an EV/EBITDA approach, with an Associate, Consumer Research

The Hongkong and Shanghai Banking Corporation

unchanged 2026e target multiple of 26.2x, the high-end of the average trading band Limited, Seoul Securities Branch

of Amorepacific (090430 KP) during 2014-16, its closest peer in Korea. We consider sophia.jung@kr.hsbc.com

+822 3706 8774

our target multiple fair and conservative as we estimate APR’s sales/OP CAGRs at

49%/51% in 2025-28e, on the back of overseas channel and category expansions