Amorepacific Corp: 2Q26 OP in-line; diversified brand strategy making an impression; maintain OW

研报英文原文证据摘录

Amorepacific Corp: 2Q26 OP in-line; diversified brand strategy making an impression; maintain OW

J P M O R G A N Asia Pacific Equity Research

30 July 2026

Amorepacific Corp Overweight

090430.KS, 090430 KS

2Q26 OP in-line; diversified brand strategy making an Price (30 Jul 26):W132,000

impression; maintain OW Price Target (Dec-27):W190,000

Amorepacific’s 2Q26 sales/OP were broadly in line with our estimates (8%/18% Korea Cosmetics

ACabove Street), with a one-off W19B tariff reversal largely offset by a W15B labor- Simon Han

related provision; domestic OP missed on higher marketing spend but was mostly (82-2) 758-5711

offset by strong overseas trends. COSRX was the standout again, with 50%+ y-y simon.x.han@jpmorgan.com

top-line growth and flattish q-q OPM despite heavy Amazon Prime Day marketing Jeongsuk Woo

—our key positive—though 3Q sales should normalize q-q without the event, but (82-2) 758 5703

could see spillover effect from the event for continued sell-through. Ex-COSRX, jeongsuk.woo@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

NA grew 50%+ y-y on a more diversified brand strategy, making us more Branch

constructive on sustainability, while key watch items remain NA margins for non-

COSRX brands and China (still profitable). Over the next few years, management

urges to expand further online channel presence and diversify channel exposure in Quarterly Forecasts (FYE Dec)

western markets, which could gradually help on margin expansion. China growth Adj. EPS (W)

2025A 2026E 2027E

strategies will also be a key watch during the Investor Day event scheduled for Q1 1,897 1,858A 1,880

September. Maintain OW. Q2 612 1,520A 1,996

Q3 1,130 1,598 1,832

• 2Q26 earnings review: 2Q26 sales and OP were largely in-line with our Q4 395 1,747 1,989

estimates.