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| 코스맥스 본사 전경. (사진=코스맥스) |
[Alpha Biz=(Chicago) Reporter Paul Lee] Sangsangin Securities maintained its investment opinion 'buy' and target stock price of 135,000 won on Cosmax on the 8th. Considering the low base of performance in the first quarter of this year, the recent stock price adjustment was analyzed as a short-term trading opportunity. Profits in the last four quarters were sluggish.
"Cosmax's consolidated sales in the fourth quarter of last year were 436.7 billion won and operating profit was 22.5 billion won, far below the existing Sangsangin Securities estimates and market consensus. Although we demonstrated sales growth at all corporations, they reflected provisions in accordance with conservative accounting and served as a major factor in sluggish operating profit and net profit," Sangsangin Securities said.
"By region, sales increased by 14% and operating profit by 503% compared to the same period last year," Sangsangin Securities said. "The high growth in operating profit is based on the base effect of the previous year, and the expansion of domestic and export orders centered on indie brands has driven continued sales growth throughout the year."
Sangsangin Securities predicted, "In particular, the increase in direct exports of overseas customers will have a positive impact on the growth of Cosmax's overseas subsidiaries in the future."
Alphabiz Reporter Kim SangJin(hoondork1977@alphabiz.co.kr)
