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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

Amorepacific Corporation / Equity Bottom-Up

<ul><li>For 4Q25, we expect Amorepacific to report revenue of W1.19tr (+9% YoY) and operating profit of W60.8bn (-23% YoY), with the latter missing the consensus.</li><li>In the quarter, we believe the company fully recognized one-off costs of around W40bn related to a voluntary retirement program targeting employees with more than 15 years of service (primarily in back-office functions and offline sales).</li><li>Excluding these costs, we estimate operating profit was broadly in line with expectations.</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 4Q25, we expect Amorepacific to report revenue of W1.19tr (+9% YoY) and operating profit of W60.8bn (-23% YoY), with the latter missing the consensus.In the quarter, we believe the company fully recognized one-off costs of around W40bn related to a voluntary retirement program targeting employees with more than 15 years of service (primarily in back-office functions and offline sales).Excluding these costs, we estimate operating profit was broadly in line with expectations.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.

Amorepacific (090430 KS/Buy)Positioned for a Rebound

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Laneige and Innisfree continue to lead top-line growth in Western markets</li>
<li>Chinese entity in final stages of restructuring, raising expectations for a profit turnaround in 2H25</li>
<li>AmorePacific’s subsidiary COSRX growth expected to stabilize rather than to surge explosively</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.


Laneige and Innisfree continue to lead top-line growth in Western markets
Chinese entity in final stages of restructuring, raising expectations for a profit turnaround in 2H25
AmorePacific’s subsidiary COSRX growth expected to stabilize rather than to surge explosively

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.

AmorePacific (090430 KS): Performance in China to Improve, Despite COSRX Slowing

South Korea

Amorepacific Corp. develops, manufactures, and exports skin care, make-up, and fragrance products. The Company also produces and markets personal care and health-related products, such as shampoos, soaps, toothpastes, and health teas.

Amorepacific Corporation (Preferred) (090435 KS)

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Amorepacific Corporation (Preferred) (090435 KS)

Amorepacific (090430 KS/Buy)Positioned for a Rebound

For 4Q25, we expect Amorepacific to report revenue of W1.19tr (+9% YoY) and operating profit of W60.8bn (-23% YoY), with the latter missing the...

Mirae Asset Securities

AmorePacific (090430 KS): Performance in China to Improve, Despite COSRX Slowing

Laneige and Innisfree continue to lead top-line growth in Western markets. Chinese entity in final stages of restructuring, raising expectations...

Daishin Securities

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52-week Range

Market Cap (USDm)

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