Fact Source: Hana Securities / Report Issued on July 02, 2026
Investment Opinion & Target Price: Not Rated / Current Price (As of July 1) 80,600 KRW
Core Momentum: Robust export growth of global indie brands and high-growth potential driven by full utilization of the hydrogel mask sheet lines.
📊 1. [Valuation & Investment Indicators Analysis]
- Investment Opinion: Not Rated
- Current Share Price: 80,600 KRW (As of July 1, 2026)
- Valuation Level: The current price trades at approximately 11x 12MF PER, indicating a notable undervalued state compared to industry peers and historical valuation bands.
- Annual Financial Performance Trends:
- 2024: Revenue KRW 524.0B / Operating Profit KRW 60.0B
- 2025: Revenue KRW 641.0B / Operating Profit KRW 84.0B
- Consensus Estimates:
- 2026 Forecast: Revenue KRW 788.0B / Operating Profit KRW 106.0B / Net Profit KRW 83.0B / EPS 6,490 KRW
- 2027 Forecast: Revenue KRW 892.0B / Operating Profit KRW 123.0B / Net Profit KRW 94.0B / EPS 7,310 KRW
🚀 2. [Market Opportunities (TAM) & Detailed Earnings Estimates]
- Q2 2026 Consolidated Earnings Estimates:
- Revenue: KRW 201.0B (YoY +24%)
- Operating Profit: KRW 28.5B (YoY +24%)
- Domestic Business Growth Momentum:
- The expansion of global exports for indie brands led domestic business revenue to achieve high growth of YoY +37%, steering the overall performance improvement.
- Along with existing major clients like Goodal, Anua, etc., revenue contributions from new indie brands such as Celimax, Ongredients, and Menokin are rising rapidly.
- d’Alba and Medicube have firmly settled into the domestic Top 5 and Top 10 client portfolios respectively.
- Hydrogel New Line Utilization Effects:
- Four new production lines have been fully operational since January 2026, and July order volumes have reached full capacity.
- As the number of ODM companies with excess capacity to capture the exploding global hydrogel mask demand remains limited, orders are concentrating into Cosmecca Korea from over 10 brands (including famous Brand A, indie Brand D, and medical device Company R).
- Consequently, hydrogel-related quarterly revenue is projected to surge from below KRW 2.0B in Q2 to over KRW 10.0B in Q3.
- Regional & Infrastructure Strengths:
- The hydrogel mask sheet production facility is strategically located in Cheongju, North Chungcheong Province. This location provides smooth workforce recruitment, which serves as a manufacturing advantage for labor-intensive packaging processes.
📝 Editor’s Comment (by K-STOCK Editor)
The most noteworthy points in Cosmecca Korea’s earnings outlook are its diversified indie brand portfolio and the utilization rate of the new hydrogel lines. Despite concerns regarding short-term lower order placements at Englewood Lab Korea, the domestic division’s YoY 37% growth has robustly offset underperformance elsewhere. Particularly, the full capacity utilization of hydrogel mask sheets centered at the Cheongju plant points toward potential improvements in high-value product mix rather than mere volume expansion. Given that June’s Korean cosmetics export data jumped YoY 42% to support a record-high sector momentum, Cosmecca Korea’s market position as a Top 3 domestic cosmetics ODM and its 12MF PER of 11x remain distinctive factors under observation.
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