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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>For 3Q25, APR posted above-consensus results, with revenue of W385.9bn (+122% YoY) and operating profit of W96.1bn (+253% YoY).</li><li>Overseas revenue surged to W309.9bn (+210% YoY, +22% QoQ), expanding to 80% of total revenue.</li><li>OP margin reached 25%, backed by strong top-line growth and an increased share of high-margin overseas sales. </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 3Q25, APR posted above-consensus results, with revenue of W385.9bn (+122% YoY) and operating profit of W96.1bn (+253% YoY).Overseas revenue surged to W309.9bn (+210% YoY, +22% QoQ), expanding to 80% of total revenue.OP margin reached 25%, backed by strong top-line growth and an increased share of high-margin overseas sales. 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.

APR (278470 KS/Buy)A Rare Buying Opportunity

<ul><li>For 3Q25, we expect APR to report revenue of W367.6bn (+111% YoY) and operating profit of W86.4bn (+217% YoY; OP margin of 23.5%), in line with market expectations.</li><li>Overseas revenue is likely to expand 196% YoY to W296.4bn (81% of total revenue), driving overall growth.</li><li>By region/channel, we estimate YoY growth at 242% in the US, 224% in Japan, and 425% through B2B channels.</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 3Q25, we expect APR to report revenue of W367.6bn (+111% YoY) and operating profit of W86.4bn (+217% YoY; OP margin of 23.5%), in line with market expectations.Overseas revenue is likely to expand 196% YoY to W296.4bn (81% of total revenue), driving overall growth.By region/channel, we estimate YoY growth at 242% in the US, 224% in Japan, and 425% through B2B channels.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.

APR (278470 KS/Buy)Devices to Emerge as an Additional Growth Driver

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>There are three major reasons why we would take profits on APR (278470 KS) at current levels. </li>
<li>They include lofty valuations, increased competition, and share price decline post large scale dividend payout announcement. </li>
<li>APR could be facing especially tough competition for the beauty device products from Amorepacific, LG H&amp;H, and others especially starting in 4Q 2025. </li>
</ul>


There are three major reasons why we would take profits on APR (278470 KS) at current levels. 
They include lofty valuations, increased competition, and share price decline post large scale dividend payout announcement. 
APR could be facing especially tough competition for the beauty device products from Amorepacific, LG H&amp;H, and others especially starting in 4Q 2025. 


APR: Time To Take Profits (Three Major Reasons)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MSCI South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.</li>
</ul>


We analysed the earning revision of component stocks of MSCI South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.


MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

Private Capital Markets

<ul>
<li>Goodai Global is the most aggressive M&amp;A player in the Korean cosmetics industry. It has grown its business mainly through M&amp;As.</li>
<li>It has achieved the strongest growth in sales and profits among the major Korean cosmetics companies in the past four years. </li>
<li>In early August 2025, Goodai Global secured 800 billion won, with a pledge to go public within three years. Goodai's value is estimated to be about 4 trillion won. </li>
</ul>


Goodai Global is the most aggressive M&amp;A player in the Korean cosmetics industry. It has grown its business mainly through M&amp;As.
It has achieved the strongest growth in sales and profits among the major Korean cosmetics companies in the past four years. 
In early August 2025, Goodai Global secured 800 billion won, with a pledge to go public within three years. Goodai's value is estimated to be about 4 trillion won. 


Goodai Global (Unlisted) - The Most Aggressive M&A Player in the Korean Cosmetics Industry

South Korea

APR Corporation of Korea operates cosmetics businesses. The Company develops and produces facial mask, lotion, elite fluid, and other products. APR also develops and manufactures beauty devices.

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APR (278470 KS)

APR (278470 KS/Buy)A Rare Buying Opportunity

For 3Q25, APR posted above-consensus results, with revenue of W385.9bn (+122% YoY) and operating profit of W96.1bn (+253% YoY). Overseas revenue...

Mirae Asset Securities

APR (278470 KS/Buy)Devices to Emerge as an Additional Growth Driver

For 3Q25, we expect APR to report revenue of W367.6bn (+111% YoY) and operating profit of W86.4bn (+217% YoY; OP margin of 23.5%), in line with...

Mirae Asset Securities

APR: Time To Take Profits (Three Major Reasons)

Three major reasons why we would take profits on APR at current levels including lofty valuations, increased competition, and share price decline...

Douglas Kim

MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

We analyzed MSCI South Korea's consensus for Nov 2025 and highlighted changes of EPS in ORION (271560 KS), KEPCO (015760 KS), LG Energy Solution...

Ke Yan, CFA, FRM

Goodai Global (Unlisted) - The Most Aggressive M&A Player in the Korean Cosmetics Industry

Goodai Global is the most aggressive M&A player in the Korean cosmetics industry. It has grown its business mainly through M&As. Goodai's value is...

Douglas Kim

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