Korea Cosmetics

研报英文原文证据摘录

Korea Cosmetics

Macquarie Equity Research

21 July 2026

Household & Personal Products

KoreaKorea Cosmetics

2Q26 preview: Stronger ecosystem propels K-

beauty's global push Jun Sunny

Choi Chow

Key Points

Korea cosmetics coverage

• K-beauty keeps compounding growth even as the base rises, with CP TP TSR

APR and Amorepacific leading the momentum backed by product Rec. (Won) (Won) (%)

diversification. APRd'Alba(278470KS)Global (483650KS) OutperformOutperform 368,000217,000 530,000300,000 45%39%

Kolmar Korea (161890KS) Outperform 99,500 135,000 37%• More robust ODM/packaging and distribution infrastructure is enabling Cosmax (192820KS) Neutral 173,600 190,000 12%

K-beauty's expansion beyond the US into Europe, and even LatAm. Pumtech Korea (251970KS) Outperform 39,150 66,000 70%

LG H&H (051900KS) Neutral 245,000 266,000 10%• Yet, ODM players are likely to deliver mixed results, as only select firms Amorepacific (090430KS) Outperform 117,300 164,000 41%

may see economies-of-scale benefits despite solid volume growth. Source: Macquarie Research, July 2026; Prices as of 20

July 2026

• Brands: Agile product diversification is key to thriving as brand Korea cosmetics - TP/EPS changes

loyalty matters less. As evident from Amazon's Prime Day results (link TP (Won) EPS

to the report), APR remains the standout, with a wide range of product Old New % chg 26E 27E

categories, as well as both old and new products, gaining strong traction. APRd'Alba Global 530,000295,000 530,000300,000 0%2% 0%3% 0%0%

While US momentum remains robust, we expect its expansion into Kolmar Korea 135,000 135,000 0% 0% 0%

Europe, led by the Amazon channel, followed by the offline rollout, to Cosmax 210,000 190,000 -10% -9% 0% Pumtech Korea 64,000 66,000 3% 10% 6%

drive 2Q OPM to 25%.