The share price of South Korean cosmetics giant AmorePacific topped 4 million won ($3,690) on Monday, making it the seventh-largest company in terms of market capitalization.

The shares traded at a 52-week high price of 4.03 million won in the morning, and ended the day at 3,903,000 won.

KDB Daewoo Securities raised its target sale price on the cosmetics maker to 5.4 million won from 3.1 million won, citing its ability to lead global trends and capacity to develop new products.

“There’s a high possibility that AmorePacific’s grip on the Asian market will be greater than expected,” KDB Daewoo Securities analyst Ham Seung-hee said.

The firm overtook the nation’s largest steelmaker POSCO to become the seventh-largest company on the KOSPI, Korea’s main bourse, in terms of market capitalization.

AmorePacific’s shares are showing a steep upward climb as it is expected to report better-than-expected annual sales this year driven by robust performance in China and other Asian markets.

Experts expect the firm to post around 7 trillion won in sales this year, 40 percent higher than 4.7 trillion won in 2014.

“Amore Pacific has a portfolio of products and investment capabilities that are suitable to absorb demand from Chinese consumers and the Chinese market, where high growth in the cosmetics sector will continue for decades,” Ham said.

With his company’s stock price rising daily, AmorePacific chairman Suh Kyung-bae ranked 155 on the Bloomberg Billionaire Index, which lists the world’s richest people. Suh’s stocks were valued at around $7.1 billion as of Monday.

By Park Han-na (hnpark@heraldcorp.com)