Source: Hana Securities / Issued June 25, 2026
Investment Opinion & Target Price: Not Rated (Current Price: 16,140 KRW)
Key Momentum: Rapid expansion of export revenue through Amazon and other global channels, combined with sustained top-line growth driven by efficient marketing strategies.
📊 1. Valuation & Financial Indicators
- Current Price (as of 6/24): 16,140 KRW
- Market Cap: 258.7 Billion KRW
- Key Profitability Indicators (2025 Projections):
- Expected Revenue: 132 Billion KRW
- Expected Operating Profit: 29 Billion KRW
- PER (2025F): 10.6x
- EV/EBITDA (2025F): 4.8x
- Market Assessment: Given historical performance and growth trends, the current stock price (7.9x) is analyzed as being in an undervalued state.
🚀 2. Market Opportunity (TAM) & Detailed Earnings Estimates
- Q2 Earnings Outlook: Revenue expected at 41.9 Billion KRW (YoY +31%) and Operating Profit at 9.0 Billion KRW (YoY +29%).
- Major Growth Drivers:
- Significant increase in export revenue and new channels for Atopalm, Zeroid, and Real Barrier brands.
- Zeroid revenue in Olive Young grew 70% YoY, with visible progress in overseas platforms like Japan’s Qoo10.
- Direct channel revenue, including Daiso, grew 50% YoY.
- Strategic Marketing Shift: Q2 marketing expenses are expected to rise 90% YoY (accounting for 14% of revenue) as the company prioritizes aggressive top-line growth.
📝 Editor’s Comment (by K-STOCK Editor)
NeoPharm’s Q2 performance demonstrates that domestic brands have successfully integrated into the global e-commerce ecosystem, particularly in the Amazon baby care category. While the temporary spike in Q2 marketing expenditure may pressure short-term margins, the company maintains an operating profit margin of 21.5% due to revenue leverage derived from strong product competitiveness. With stable diversification across Russia, CIS, and China, and potential expansion into European markets, the current valuation appears conservative relative to the company’s growth potential.
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