[Special Stock] AmorePacific Declines on Disappointment Over Q2 Earnings
[Asia Economy Reporter Song Hwajeong] Amorepacific is showing weakness due to poor performance in the second quarter.
As of 9:42 AM on the 29th, the stock was traded at 229,500 KRW, down 7,000 KRW (2.96%) from the previous day.
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On the previous day, Amorepacific announced that its second-quarter sales increased by 11.5% year-on-year to 1.1767 trillion KRW, and operating profit rose by 158.9% to 91.2 billion KRW. These figures fell short of market expectations (consensus). Eunjeong Park, a researcher at Yuanta Securities, said, "The consensus was missed by 19% due to declining profitability in China," adding, "With the resurgence of COVID-19, demand for cosmetics may weaken, and as the Chinese industry faces increasing base effects in the second half, competition may intensify, so speed adjustment will be necessary in the latter half of the year." Yuanta Securities lowered Amorepacific's target stock price from 300,000 KRW to 273,000 KRW.
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