Risk Reward Update: Coway | Asia Pacific

Research evidence excerpt

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M

Update

August 7, 2026 02:04 PM GMT

Coway | Asia Pacific

Morgan Stanley & Co. International plc, Seoul Branch+

Kelly H Kim, CFA

Equity Analyst

Risk Reward Update

What’s Changed

Updated Components

EPS

Investment Thesis

Bull Base Bear Scenarios

Coway (021240.KS, 021240 KP)

S. Korea Consumer | S. Korea

Risk Reward for Coway (021240.KS) has been updated

Reason for change

With 2Q26 results out, we have tweaked our earnings estimates for 2026-28, with

the changes within 2%. Most of adjustment reflect intercompany transactions on a

consolidated level, as underlying operational trend has been tracking well with our

estimates. Our price target remains W130,000 and our scenario values are

unchanged.

Stock Rating

Industry View

Price target

Shr price, close (Aug 7, 2026)

52-Week Range

Overweight

In-Line

W130,000

W95,700

W110,500-68,800

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (W)**

Prior EPS (W)**

8,587

9,888 11,070 11,993

9,758 11,265 12,214

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

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