d’Alba Global (483650) Accelerates Global Footprint for Strong 2Q26 Earnings: Valuation Multiple Re-rating and Momentum Analysis

• Source Facts: Kyobo Securities (Based on the report published on July 2, 2026)
• Investment Rating & Target Price: BUY (Maintain) / KRW 310,000 (Upgraded)
• Key Momentum: Outperforming earnings metrics driven by the North American and European regions, and margin expansion powered by an increased mix of high-margin B2B revenue.

📊 1. [Valuation Metrics & Investment Indicator Analysis]

[Key Investment Metrics & Valuation Data]

• Target Price: KRW 310,000 (Upgraded from KRW 290,000)
• Investment Rating: BUY (Maintain)
• Valuation Rationale: Reflected the aggressive top-line expansion in North America and Europe alongside an improving high-margin B2B sales mix. The target valuation multiple applied to the 12-month Forward EPS was upgraded from 23x to 25x.

[Annual Forecast Key Highlights]

• Full-Year 2026 Forecast (E):
  • Consolidated Revenue: KRW 753.0 Billion (YoY +44.8%)
  • Consolidated Operating Profit: KRW 162.0 Billion (YoY +59.6% / OP Margin 21.6%)
• Full-Year 2027 Forecast (E):
  • Consolidated Revenue: KRW 979.0 Billion
  • Consolidated Operating Profit: KRW 216.0 Billion

🚀 2. [Market Opportunity (TAM) & Detailed Earnings Estimates]

[2Q26 Earnings Preview]

• Consolidated Estimates: Revenue is projected at KRW 186.7 Billion (YoY +45%) and Operating Profit at KRW 43.0 Billion (YoY +47%), well on track to fulfill overall market expectations.
• Potential Guidance Upside: While management previously provided a full-year guidance of KRW 700.0 Billion in revenue and an OPM of 21%, the robust momentum in Q2 points to a strong likelihood of upward revisions for the full-year estimates moving forward.

[Regional Growth Drivers & Distribution Channels]

• Total Overseas: International revenue is estimated at KRW 137.2 Billion (YoY +69%), acting as the primary catalyst for total top-line growth.
• North America: Projected to reach KRW 34.7 Billion (YoY +173%). Revenue from Ulta and Costco is beginning to materialize comprehensively in Q2. Costco store counts expanded from 150 at the end of 2025 to 225 in 1Q26, with active discussions underway to scale up to 450 locations. Positive Amazon Prime Day outcomes for core SKUs (Mist Serum, Tone-up Sun Cream) further solidify this growth.
• Europe & Other Regions: European revenue is estimated at KRW 15.0 Billion (YoY +150%), backed by successful initial rollouts into large offline channels (Costco, Notino, Primor, Druni). Management aims to raise the B2B revenue mix in Europe from 5% in 2025 to 15% in 2026, and in North America from 10% to over 25% in 2026, which will serve as a strong margin tailwind for the second half. Revenue for Russia is estimated at KRW 19.6 Billion (YoY +5%), ASEAN at KRW 19.0 Billion (YoY +70%), and the Greater China region at KRW 7.8 Billion (YoY +35%).
• Domestic Market: Revenue is estimated at KRW 49.5 Billion (YoY +5%), maintained by structured offline growth across four newly focused channels: Duty-Free, Department Stores, Costco, and Chicor.

📝 Editor Comment

• The structural cornerstone of d’Alba Global’s current dataset is the ‘qualitative evolution of its global distribution channels’ rather than simple volume growth. The company is systematically addressing the traditional cosmetic industry risks—namely hefty marketing expenditures and over-reliance on online platforms—by expanding its brick-and-mortar presence within major global retailers (such as Costco and Ulta) and scaling up high-margin B2B operations. The aggressive B2B mix targets for North America (25%+) and Europe (15%) are critical operational indicators that lower fixed-cost friction and enhance quarterly margin visibility. With the strong Q2 performance unlocking potential upgrades to annual guidance, the upward adjustment of the valuation multiple to a Target P/E of 25x is highly justified, capturing the early stages of a powerful global secular expansion.

📢 Disclaimer & Source

• Source: This content has been newly structured and written based on financial facts and numerical data from officially disclosed securities research reports.
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