APR第二季度业绩强劲，提升全球扩张可见度；目标价上调至56万韩元

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

06 August 2026

APR

Strong 2Q results lift visibility on global scale-up; raise

PT to W560K

Overweight

278470.KS, 278470 KS

Price (05 Aug 26):W360,500

▲Price Target (Dec-27):W560,000

Prior (Jun-27):W520,000

APR delivered robust operating profit of W191bn (+25%q/q and +125%y/y),

10%/7% above JPMe/Street estimates. The outperformance was driven by

stronger-than-expected revenue momentum, led by cosmetics and continued

overseas scaling in North America and Europe. On the other hand, profitability was

resilient: GPM improved on a one-off tariff refund, while OPM eased

modestly owing to higher marketing, commissions, and air freight

expenses. Reflecting the two consecutive earnings beats and improved visibility on

global scale-up, management upgraded 2026 guidance to W3trn revenue (vs.

previously W2.1trn) with a 24–26% OPM. We also view this quarter as a

meaningful step-up in execution, reinforcing a more diversified growth profile,

driven by deeper bestseller penetration, faster new-category contribution, and

continued channel expansion. In accordance with the revised outlook, we raise our

estimates by 5-8% across the projection period and roll over the base year to Dec27E, raising our price target to W560K. We reiterate OW.

Stronger sales momentum. Sales advanced to W768bn (+29%q/q and

+134%y/y) mainly due to robust cosmetics sales (+43%q/q and +186%y/y),

which more than offset weak beauty device sales (-16%q/q and +43%y/y).

Across regions, domestic sales declined amid the ongoing downsizing of noncore businesses, whereas overseas sales were supported by broad-based global

expansion. North America sales jumped to W376bn (+39%q/q and +265%y/y)

owing to strong Amazon momentum, along with growing offline contributions

from Target, Walmart, and Nordstrom. At the same time, Europe sales also

surged to W145bn (+73%q/q and +380%y/y), led by the UK with accelerating

traction across France, Germany, Italy, and Spain.

Steady margins. GPM increased to 79% (vs. 77% in 1Q26) mainly due to a

one-off tariff refund of W13bn. Operating margins, however, declined to 25%

(vs.…