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, Cosmax reported below-consensus results, with revenue of W585.6bn (+11% YoY) and operating profit of W42.7bn (-2% YoY).</li><li>The main drag on earnings was weaker profitability in Korea, with operating leverage effects remaining constrained since 2Q25.</li><li>As for overseas operations, earnings slowed in Southeast Asia but improved in both China and the US.</li></ul><p><em>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.</em></p>

For 3Q25, Cosmax reported below-consensus results, with revenue of W585.6bn (+11% YoY) and operating profit of W42.7bn (-2% YoY).The main drag on earnings was weaker profitability in Korea, with operating leverage effects remaining constrained since 2Q25.As for overseas operations, earnings slowed in Southeast Asia but improved in both China and the US.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.

Cosmax (192820 KS/Buy)Margins Disappoint Again

South Korea

Cosmax, Inc. is a cosmetics manufacturer. The Company develops and produces a variety of cosmetics for men and women, such as basic and special skin care, makeup, hair care, and other beauty products. Cosmax manufactures its products on original equipment manufacturing (OEM) basis.

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