External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Ulta Beauty Vs CJ Olive Young (Let the Rumble Begin)!

Equity Bottom-Up

<ul><li>Reiterate Buy rating; raise TP 5.8% to W182,000 (reflecting NAV uplift)</li><li>Earnings surprise driven by 20%-plus topline growth at CJ Olive Young</li><li>Olive Young posts stellar growth across inbound sales and online channels, a trend set to continue into 2H25</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>

Reiterate Buy rating; raise TP 5.8% to W182,000 (reflecting NAV uplift)Earnings surprise driven by 20%-plus topline growth at CJ Olive YoungOlive Young posts stellar growth across inbound sales and online channels, a trend set to continue into 2H25Content 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.

CJ (001040 KS Aug 18, 2025) - CJ Olive Young Earnings Up; Growth Intact in 2H25

CJ Corp

CJ (001040 KS Aug 18, 2025) - CJ Olive Young Earnings Up; Growth Intact in 2H25