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

Thematic (Sector/Industry)

<ul><li>The 3Q25 earnings season is set to kick off following the Chuseok holiday.</li><li>The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).</li><li>This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. </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.

The 3Q25 earnings season is set to kick off following the Chuseok holiday.The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. 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.

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

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

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

The 3Q25 earnings season is set to kick off following the Chuseok holiday. The consensus for Korean companies’ aggregate operating profit stands at...

Mirae Asset Securities

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