普通外文研报

d'Alba Global (483650 KP) Buy: 2Q preview – on track

发布日期: 2026-06-26研究机构: HSBC Global Investment Research公司 / 股票: 483650.KS报告页数: 12原文语言: 英语证据页码: 1

研报英文原文证据摘录

2026-28. We continue to believe 350000.00

d’Alba’s 2026 guidance with sales of KRW700bn and OP margin of 21% is too 223000.00

conservative given: 1) rising contribution from sun screen category, 2) increasing

96000.00

B2B sales which have higher OP margin, and 3) less fluctuation in marketing 06/25 12/25 06/26

Target price: 320000.00

expenses. Of note, the company guides 2027 sales at KRW1trn, and targets to High: 260000.00 Low: 121200.00 Current: 232000.00

achieve 25% OP margin by 2028. Source: LSEG IBES, HSBC estimates

Plenty of catalysts ahead Karen Choi*

Head of Consumer & Retail Research, Asia Pacific

In our view, upcoming catalysts include: 1) strong earnings growth – we forecast OP The Hongkong and Shanghai Banking Corporation

will rise 48.3% y-o-y in 2Q and by 127% y-o-y in 2H 2026; 2) penetration into offline Limited, Seoul Securities Branch karen.choi@kr.hsbc.com

channels in the US and Europe; and 3) improved rankings on Amazon. We expect +82 2 3706 8781

the biggest y-o-y contribution to come from Japan and the US from 2026 as the Sophia Jung*

Associate, Consumer Research

company penetrates offline channels; Russia and ASEAN should remain as the most The Hongkong and Shanghai Banking Corporation

profitable markets. Limited, Seoul Securities Branch

sophia.jung@kr.hsbc.com

Retain Buy with unchanged TP of KRW320,000 +822 3706 8774

We do not make any changes to our estimates and continue to value d’Alba Global

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

using EV/EBITDA, with a 2026e target multiple of 20x, the average since listing. Our not registered/ qualified pursuant to FINRA regulations

unchanged TP of KRW320,000 implies a 19x 2027e PE and c38% upside from current

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