[Click eStock] "APR Delivers Surprise Results, Outlook Remains Positive"

On May 9, NH Investment & Securities analyzed that APR outperformed market expectations in the first quarter of this year. Considering the improvement in profit margins, the target price was raised from 90,000 won to 115,000 won.

In the first quarter of this year, APR recorded consolidated sales of 266 billion won and operating profit of 54.6 billion won. This represents an increase of 79% and 97%, respectively, compared to the same period last year.

Jung Ji-yoon, a researcher at NH Investment & Securities, stated, "Both sales and operating profit exceeded market expectations by 19% and 32%, respectively, marking a surprise performance. Beauty sales reached 255.9 billion won, surpassing the previous record for peak season sales in the fourth quarter of last year and achieving the highest quarterly result ever."

She added, "Looking at growth rates by region, the United States and Japan recorded 186% and 198%, respectively. Sales in the United States and Japan showed significant growth."

She emphasized, "With marketing efficiency improvements and a reduction in discount rates, the beauty segment's operating margin is estimated to have reached 22.5%. In the United States, strong growth continues, centered on Amazon and TikTok Shop." She also noted, "In Japan, thanks to strong sales during the Qoo10 Megawari event and entry into Don Quijote stores, quarterly sales exceeded 20 billion won."