[Click e-Stock] "Kolmar Korea's Sales Driven by Indie Brand Orders... Target Price Raised"

by Kim Youngwon

Published 21 Apr.2026 06:00(KST)

Updated 21 Apr.2026 07:32(KST)

15% Increase from Previous Target

On April 21, Samsung Securities raised its target price for Kolmar Korea from 95,000 won to 109,000 won and maintained its "buy" investment rating.

Gayoung Lee, a researcher at Samsung Securities, stated, "We are raising our target price by 15% from the previous level to 109,000 won, reflecting upward revisions in our first-quarter sales and operating profit estimates."

Researcher Lee forecasted Kolmar Korea's first-quarter sales and operating profit at 721.7 billion won and 69.5 billion won, respectively, increasing the estimates by 11% and 16% year-on-year. These figures exceed the market consensus by 1% and 5%, respectively. She explained, "The outperformance versus consensus was driven by the domestic (standalone) business, which saw sales grow 20% year-on-year and operating margin increase significantly compared to the previous year."

This growth was led by large-scale orders from indie brand companies. She noted, "The main driver for improved profitability was enhanced production efficiency due to large-volume orders, with strong sales growth coming from hit products ordered by popular indie brands. We expect this trend to continue into the seasonally strong second quarter."

Overseas performance is expected to be somewhat weaker than in Korea. Lee commented, "The Chinese subsidiary's sales will grow 8% year-on-year, but with a slight decrease in operating margin, operating profit is expected to decline by 10%. Meanwhile, the United States, Canada, and other markets are expected to continue posting operating losses."

She added, "The key factor determining this year's share price is still expected to be the domestic subsidiary. Recent order trends as we enter the high season in the second quarter are encouraging. We anticipate domestic sales to maintain strong year-on-year growth of 17% in the second quarter. As Kolmar Korea's business strategy focuses on strict profitability management, we believe profitability will remain high."