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Investing.com - UBS initiated coverage on Cosmax Inc (KS:192820) with a Buy rating and a price target of KRW315,000, identifying the company as a key beneficiary of global K-beauty brand momentum.
The world’s largest cosmetics ODM by 2024 sales is currently trading at 15x 2026E PE, below its historical average and similar to competitor Kolmar Korea, according to UBS.
The investment bank projects a 2024-28E EPS CAGR of 34% for Cosmax, above industry peers, suggesting the market has not fully priced in potential business opportunities in Southeast Asia and positive operating leverage from increasing utilization rates.
UBS highlighted several potential catalysts for Cosmax, including margin expansion from Indonesia and Thailand plants through client diversification and localized sourcing, recovery in China operations bolstered by the Yatsen joint venture, and increasing exports of domestic indie brands to Europe.
The firm also noted Cosmax’s growing mix of high-margin suncare products as another factor supporting its positive outlook on the stock.
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