Pharmaresearch Target Prices Mixed on July 18; Samsung, Kiwoom Raise to 42M, 51M Won; Kyobo Cuts to 53M Won

According to F&Guide on July 18, South Korean brokerages adjusted Pharmaresearch target prices as the cosmetics and export segments of its flagship Rejuran skincare brand gain momentum, while domestic medical device growth slows. Samsung Securities and Kiwoom Securities raised targets to 420,000 and 510,000 won respectively from 400,000 and 440,000 won, citing strength in European and Japanese device exports and rapid U.S. and Southeast Asian cosmetics expansion. Kyobo Securities cut its target to 530,000 won from 650,000 won, citing base effects from prior-year medical device growth.

Both upside revisions expect 2Q revenue of 172.5 billion won (up 22.6% YoY) and operating profit of 70 billion won (up 25.3% YoY). Kiwoom highlighted cosmetics revenue forecast at 63.3 billion won (up 105.7% YoY), calling Pharmaresearch undervalued when viewed as a cosmetics brand company.