Korea Cosmetics

研报英文原文证据摘录

Korea Cosmetics

t fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

APR (278470 KS) None

Outperform

12-month target:KRW520,000 - Sum of

Parts

Valuation: KRW 520,000 - Sum of Parts

Price:KRW386,000

d'Alba Global (483650 KS) Macquarie Group Limited together with its affiliates beneficially owns 1% or more of the equity securities of d'Alba Global Co Ltd.

12-month target:KRW295,000 - PER

Valuation: KRW 295,000 - PER

Price:KRW233,000

Target Price Risk Disclosures

Company Name Risk Disclosure

Sluggish transition to next-gen home device. APR (278470 KS) •

Pricing pressure and higher-than-expected spending in marketing due to new entrants. •

Lower ranking of its cosmetics in e-commerce platform. •

Significant losses in the fashion business. •

Slower new-product pipeline. d'Alba Global (483650 KS) •

Issues in product quality. •