Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Cosmecca Korea   / Equity Capital Markets

<ul><li><strong><a href="https://www.smartkarma.com/entities/23616" target="_blank" data-smartkarma-citation="entities:23616:1">Cosmecca Korea (241710 KS)</a> is well known as the leading ODM manufacturer of BB creams in Korea.</strong> It first started to sell BB creams in 2007 (one of the first companies in Korea to do so). Since then, the company has sold more than 100 million units of BB creams. <a href="https://www.smartkarma.com/entities/23616" target="_blank" data-smartkarma-citation="entities:23616:1">Cosmecca Korea (241710 KS)</a> is the fourth largest cosmetics ODM company in Korea. It is planning to complete an IPO on the Korea Stock Market in October. The company's market share increased from 4.9% in 2014 to 6.3% in 2015 in the Korea cosmetics ODM/OEM market. It has also been generating strong sales and profits in the past two years. </li><li>The company's exports have been increasing rapidly at a 109% CAGR rate from 2013 to 2015 to reach 24.3 billion won in 2015, driven by higher exports to China. Exports to China represented 1% of its sales in 2014, increasing to 10.9% in 1H16. </li><li>The company's sales grew 18.5% CAGR from 2011 to 2015. However, it has been able to generate much faster sales growth in the past two years. In 2015, its sales increased 45.1% YoY. In 1H16, it generated sales of 77.7 billion won, which was 78% of total sales in 2015. The company's operating margins averaged 4.3% from 2011 to 2015. However, the company has been able to generate higher operating margins in the past two years. Its operating margins increased to 6.5% in 2015 and 9.5% in 1H16, driven by higher sales base and greater economies of scale.  </li><li>Many Korean women spend a lot of time each day taking care of their skin. They go through rigorous steps, as many as 10-17 steps in their daily skincare routine. Among these numerous steps, the company's strength is in the BB cream product category. </li></ul>

Cosmecca Korea (241710 KS) is well known as the leading ODM manufacturer of BB creams in Korea. It first started to sell BB creams in 2007 (one of the first companies in Korea to do so). Since then, the company has sold more than 100 million units of BB creams. Cosmecca Korea (241710 KS) is the fourth largest cosmetics ODM company in Korea. It is planning to complete an IPO on the Korea Stock Market in October. The company's market share increased from 4.9% in 2014 to 6.3% in 2015 in the Korea cosmetics ODM/OEM market. It has also been generating strong sales and profits in the past two years. The company's exports have been increasing rapidly at a 109% CAGR rate from 2013 to 2015 to reach 24.3 billion won in 2015, driven by higher exports to China. Exports to China represented 1% of its sales in 2014, increasing to 10.9% in 1H16. The company's sales grew 18.5% CAGR from 2011 to 2015. However, it has been able to generate much faster sales growth in the past two years. In 2015, its sales increased 45.1% YoY. In 1H16, it generated sales of 77.7 billion won, which was 78% of total sales in 2015. The company's operating margins averaged 4.3% from 2011 to 2015. However, the company has been able to generate higher operating margins in the past two years. Its operating margins increased to 6.5% in 2015 and 9.5% in 1H16, driven by higher sales base and greater economies of scale.  Many Korean women spend a lot of time each day taking care of their skin. They go through rigorous steps, as many as 10-17 steps in their daily skincare routine. Among these numerous steps, the company's strength is in the BB cream product category. 

Cosmecca Korea IPO Preview (Part 1) - Global Leader in BB Cream Cosmetics

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Thematic (Sector/Industry)

<p>SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…</p>

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

South Korea

Cosmecca Korea Co., Ltd. develops and manufactures cosmetics. The Company specializes in research and development of cosmetics. Cosmecca Korea serves customers in Korea.

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Cosmecca Korea (241710 KS)

Cosmecca Korea IPO Preview (Part 1) - Global Leader in BB Cream Cosmetics

Cosmecca Korea (241710 KS) is well known as the leading ODM manufacturer of BB creams in Korea. It first started to sell BB creams in 2007 (one...

Douglas Kim

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a...

Sanghyun Park

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