] Kolmar Korea
will stay on the upturn as it continues to fare well at home and overseas, according to Shinhan Investment on Oct. 20.
The securities firm maintained a “buy” recommendation and target price of 130,000 won (US$116.03), forecasting that the cosmetics original development manufacturer’s third quarter turnover will reach 156.8 billion won, up 22.3 percent on-year, with a 18.8 billion won operating profit, up 19.8 percent on-year, meeting the market consensus.
It will continue the fast growth rate especially in overseas markets as “exports will further increase for its new clients in Europe and the US, while the demand in China will continue to rise,” said Park Sang-yeon, an analyst at Shinhan.
The company “will further expand into the North American market as it has taken over PTP, a US-based ODM, a supplier for L’Oreal and Shiseido, and continues to develop new growth momentum,” added Park.
By Hwang You-mee (email@example.com