Cosmax (192820.KS): worthy of our attention in 2018
1.347 10,050 5/500 158,500/102,500 12 24.12 Cosmax BTI and 4 others 26.03 3M 6M 15.0 16.0 12.5 6.0
Major shareholders (%)
Price performance
Absolute (%)
Relative (%p) K-IFRS, consolidated
(KRW) Previous Revised Consensus Difference
1M 12 12
18F EPS 3,980 4,594 4,036 13.8%
19F EPS 4,667, 6,032 5,869 2.8%
TP
145,000 158,000 147,647
7.0%
12-month price performance
140 120 100
80 60 40 20
Cosmax KOSPI
0
Source: WiseFn, Hyundai Motor Investment & Securities
17.03
17.05
17.07 17.09
17.11
18.01
1) Investment highlights
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- After fluctuating wildly last year, the stock has calmed down somewhat since the beginning of the year as the impacts of external factors dissipate.
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- Stock sentiment would improve and deteriorate repeatedly but in 2018, a favorable base combined with improving external conditions, earnings momentum, and an expanding US business bode well for the company.
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- Sales in Shanghai, Guangzhou, and the US (Cosmax USA) rose 27.3%, 37.5%, and 44.7% YoY respectively. Combined with the KRW120bn in sales generated by NUWorld (US-based firm that Cosmax bought last year), Cosmax’s consolidated sales in 2018 should jump 31.5% YoY on a 5.3% operating margin (+1.3%p YoY).
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- Despite an uncertain sector outlook, Cosmax’s earnings rebound and M&A momentum should stand out.
COSMAX, INC. is a Korea-based company mainly engaged in the production and sale of cosmetics. The Company produces and sells cosmetics in the form of original development & design manufacturing (ODM). The Company is engaged in the manufacturing and sale of skincare, makeup, Korean herbal cosmetics, fragrances, mask sheets and nail polish. Skincare includes skin lotions, creams, cleansings and essences. Makeup includes makeup bases, foundations, concealers, face powders, eyeshadows, eye liners, mascara, lipsticks and primers. The Company distributes its products within the domestic market and to overseas markets, including China, Indonesia and America.
Hyundai Motor Investment & Securities is the investment banking arm of the Hyundai Motor Group. The company offers stock brokerage and advisory services; derivative products brokerage and advisory services; wrap account portfolio management services; and VIP wealth management and tax planning, institutional equities, derivatives, and futures brokerage services, as well as sells investment and institutional products. It also provides equity offering, ABS, real estate PF and real estate PF securitization, offshore SOC, structured financing, asset securitization, real estate sales, IPO advisory, and private equity fund and fund management services; and CMA/RP portfolio management and fixed income based investments, as well as involved in the issuance, management, and brokerage of OTC derivatives. In addition, the company offers research services, including macro economic forecasts and stock market outlook, industry overviews and forecasts, fixed income strategies, corporate credit analysis, and valuation analysis. Further, it offers a range of retirement and pension services for individuals and corporate members; portfolios and asset allocation consulting and marketing services; proposing retirement pension plans; contract and payment management services; pension plan advisory and actuarial services; and system development and implementation services, as well as operates call centers for retirement pension services, etc.
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