Yuanta Securities forecast on the 9th that APR (KOSPI: 278470), the South Korean beauty and skincare device company, will report second-quarter 2026 revenue of 740bn won and operating profit of 180bn won — comfortably ahead of the market consensus of 167.4bn won.
Revenue would represent a 126% increase year on year and a 25% rise from the previous quarter, implying an operating margin of 24.3%.
By region, US sales are expected to reach 330bn won, up 243% year on year and a record high for the company. Sales in other markets are forecast to climb 233% to 265bn won, buoyed by strong performance in European online channels and business-to-business growth. Japan, by contrast, is expected to slip quarter on quarter as the product mix shifts towards devices.
The key growth driver for the second half of the year is the rapid expansion of APR's offline retail footprint in the United States. The company is set to secure a presence in approximately 9,360 US stores through partnerships with Ulta Beauty (1,521 locations), Target (1,995), Walmart (5,215), and Costco (629). Discussions are also under way with American drugstore chains covering more than 9,000 outlets; if those agreements are concluded, APR's offline US network would exceed 18,000 points of sale.
Yuanta estimates that Ulta Beauty will contribute around 100bn won in annual sales in 2026, with Walmart, Target, and Costco together generating a further 150bn won. The share of offline sales within the US market is projected to rise from 10% in the first quarter to 23% by the fourth quarter.
TikTok Shop has also grown in importance: its share of APR's US revenue is estimated to have increased from 20% in the fourth quarter of 2024 to 28% in the first quarter of 2026.
Yuanta Securities maintained its "Buy" rating and target price of 540,000 won. For the full year 2026, the brokerage projects revenue of 3.0234 trillion won and operating profit of 746.6bn won. APR's shares currently trade at 385,500 won, implying approximately 40% upside to the target price.