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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>For 2Q25, Kolmar Korea posted revenue of W730.8bn (+11% YoY) and operating profit of W73.5bn (+2% YoY), missing the consensus.</li><li>Despite the peak season for sun care, operating leverage was weak, with domestic OP margin remaining flat YoY.</li><li>In the US, orders from one of Plant 1’s key customers were weaker than expected, while Plant 2 has yet to meaningfully contribute to results.</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 2Q25, Kolmar Korea posted revenue of W730.8bn (+11% YoY) and operating profit of W73.5bn (+2% YoY), missing the consensus.Despite the peak season for sun care, operating leverage was weak, with domestic OP margin remaining flat YoY.In the US, orders from one of Plant 1’s key customers were weaker than expected, while Plant 2 has yet to meaningfully contribute to results.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.

Kolmar Korea (161890 KS/Buy)Taking a Breather