Hana Financial Investment Raises Target Price for Kolmar Korea from 1.4 Million Won to 1.8 Million Won

Kolmar Korea (161890) has surpassed 100 billion won in quarterly operating profit, becoming the first in the domestic ODM industry to achieve this milestone. Hana Financial Investment has raised its target price for Kolmar Korea from 1.4 million won to 1.8 million won, reflecting the company's improved performance. In the second quarter, consolidated sales reached 861.3 billion won, an 18% increase compared to the same period last year, while operating profit rose by 50% to 110.3 billion won, exceeding market expectations of 94.9 billion won. Park Jong-dae, a researcher at Hana Financial Investment, noted that exports of the Korean cosmetics industry have increased by over 30%, attributing this to the expansion of orders and production by ODM companies. Domestic business sales increased by 31%, with an operating rate reaching 81%. The sales proportion of sun care products hit a record high of 35%, and the operating profit margin recorded an all-time high of 16.4%. Hana Financial Investment forecasts that operating profit in the second half of the year will increase by 48% compared to the same period last year, citing the expansion of sales in basic cosmetics aside from sun care products. Following the earnings announcement, target price upgrades have continued in the securities industry, with Hanwha Investment & Securities also raising its target price from 1.2 million won to 1.5 million won.