Amorepacific (090430.KS): Upgrade to Buy with improving Western-bound momentum

研报英文原文证据摘录

Amorepacific (090430.KS): Upgrade to Buy with improving Western-bound momentum

Goldman Sachs Amorepacific (090430.KS)

Upgrade to Buy on diversified global revenue and improving global earnings mix

n Overseas earnings are becoming increasingly diversified: Historically,

Amorepacific’s overseas growth was largely driven by Laneige, which comprised

c.33% of overseas revenue in 2025. That said, we believe that dynamic is beginning

to change. Following inventory normalization in 3Q25, COSRX has shown

accelerating growth, supported by strong demand in Western markets, and we now

expect COSRX to account for c.25% of Amorepacific’s overseas revenue (as of

1Q26). Meanwhile, brands such as Aestura and Illiyoon are gradually expanding in

the US/EMEA, providing additional growth opportunities beyond Laneige. As

multiple brands begin contributing meaningfully to overseas growth, we believe

Amorepacific’s earnings profile becomes structurally more balanced and resilient vs.

the previous growth model heavily reliant on Laneige as its primary overseas growth

driver.

n Evolving toward a more diversified channel strategy: We believe Amorepacific’s

overseas growth is evolving beyond its initial Sephora-led expansion in the US to a

more flexible, brand-specific channel approach. While Sephora has been a

successful launchpad for premium brands such as Laneige, we believe broader

channel expansion should allow Amorepacific to better capture different consumer

segments and improve scalability across its growing brand portfolio. Early evidence

has been positive, with Amazon Prime Day 2026 showing strong traction across

multiple brands (Laneige, COSRX, and Illiyoon), with four products ranking within

Amazon’s top 25 best sellers in the skincare category (vs. two during Prime Day

2025).