External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>For 3Q25, APR posted above-consensus results, with revenue of W385.9bn (+122% YoY) and operating profit of W96.1bn (+253% YoY).</li><li>Overseas revenue surged to W309.9bn (+210% YoY, +22% QoQ), expanding to 80% of total revenue.</li><li>OP margin reached 25%, backed by strong top-line growth and an increased share of high-margin overseas sales. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, APR posted above-consensus results, with revenue of W385.9bn (+122% YoY) and operating profit of W96.1bn (+253% YoY).Overseas revenue surged to W309.9bn (+210% YoY, +22% QoQ), expanding to 80% of total revenue.OP margin reached 25%, backed by strong top-line growth and an increased share of high-margin overseas sales. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APR (278470 KS/Buy)A Rare Buying Opportunity

<ul><li>For 3Q25, we expect APR to report revenue of W367.6bn (+111% YoY) and operating profit of W86.4bn (+217% YoY; OP margin of 23.5%), in line with market expectations.</li><li>Overseas revenue is likely to expand 196% YoY to W296.4bn (81% of total revenue), driving overall growth.</li><li>By region/channel, we estimate YoY growth at 242% in the US, 224% in Japan, and 425% through B2B channels.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, we expect APR to report revenue of W367.6bn (+111% YoY) and operating profit of W86.4bn (+217% YoY; OP margin of 23.5%), in line with market expectations.Overseas revenue is likely to expand 196% YoY to W296.4bn (81% of total revenue), driving overall growth.By region/channel, we estimate YoY growth at 242% in the US, 224% in Japan, and 425% through B2B channels.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APR (278470 KS/Buy)Devices to Emerge as an Additional Growth Driver

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>There are three major reasons why we would take profits on APR (278470 KS) at current levels. </li>
<li>They include lofty valuations, increased competition, and share price decline post large scale dividend payout announcement. </li>
<li>APR could be facing especially tough competition for the beauty device products from Amorepacific, LG H&amp;H, and others especially starting in 4Q 2025. </li>
</ul>


There are three major reasons why we would take profits on APR (278470 KS) at current levels. 
They include lofty valuations, increased competition, and share price decline post large scale dividend payout announcement. 
APR could be facing especially tough competition for the beauty device products from Amorepacific, LG H&amp;H, and others especially starting in 4Q 2025. 


APR: Time To Take Profits (Three Major Reasons)

Private Capital Markets

<ul>
<li>Goodai Global is the most aggressive M&amp;A player in the Korean cosmetics industry. It has grown its business mainly through M&amp;As.</li>
<li>It has achieved the strongest growth in sales and profits among the major Korean cosmetics companies in the past four years. </li>
<li>In early August 2025, Goodai Global secured 800 billion won, with a pledge to go public within three years. Goodai's value is estimated to be about 4 trillion won. </li>
</ul>


Goodai Global is the most aggressive M&amp;A player in the Korean cosmetics industry. It has grown its business mainly through M&amp;As.
It has achieved the strongest growth in sales and profits among the major Korean cosmetics companies in the past four years. 
In early August 2025, Goodai Global secured 800 billion won, with a pledge to go public within three years. Goodai's value is estimated to be about 4 trillion won. 


Goodai Global (Unlisted) - The Most Aggressive M&A Player in the Korean Cosmetics Industry

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

South Korea

APR Corporation of Korea operates cosmetics businesses. The Company develops and produces facial mask, lotion, elite fluid, and other products. APR also develops and manufactures beauty devices.

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APR (278470 KS)

APR (278470 KS/Buy)A Rare Buying Opportunity

For 3Q25, APR posted above-consensus results, with revenue of W385.9bn (+122% YoY) and operating profit of W96.1bn (+253% YoY). Overseas revenue...

Mirae Asset Securities

APR (278470 KS/Buy)Devices to Emerge as an Additional Growth Driver

For 3Q25, we expect APR to report revenue of W367.6bn (+111% YoY) and operating profit of W86.4bn (+217% YoY; OP margin of 23.5%), in line with...

Mirae Asset Securities

APR: Time To Take Profits (Three Major Reasons)

Three major reasons why we would take profits on APR at current levels including lofty valuations, increased competition, and share price decline...

Douglas Kim

Goodai Global (Unlisted) - The Most Aggressive M&A Player in the Korean Cosmetics Industry

Goodai Global is the most aggressive M&A player in the Korean cosmetics industry. It has grown its business mainly through M&As. Goodai's value is...

Douglas Kim

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

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