Dalba Global raises outlook as margins beat targets and new channels open up

Hanwha Investment & Securities published a company visit note on Dalba Global (KOSPI: 483650) on the 26th, concluding that the firm has room to raise its 2026 annual guidance.

Dalba Global has expressed confidence in hitting the targets it set at the start of the year: revenue of 700 billion won and an operating margin of 21%. In the first quarter, the company posted an operating margin of 26%, though this figure included approximately 6 billion won in high-margin B2B revenue recognised earlier than scheduled.

Hanwha Investment & Securities believes that if B2B channel expansion and improved marketing efficiency continue in the second half, the full-year operating margin could exceed the original target.

By geography, the company is targeting annual revenue of 150 billion won in Japan, 70 billion won in Russia, and 80 billion won across South-East Asia. In Japan, B2B sales have climbed to the mid-to-high 40% range as a share of total revenue. In Russia, after a lull in orders during the first quarter, major retail partners — including Gold Apple — resumed purchases from the second quarter onwards.

In North America, Dalba Global has expanded its Costco presence from 150 to 450 stores. The brand is also adding SKUs at Ulta Beauty, and its B2B share in North America is expected to rise above 25%.

Europe, though fragmented at the individual country level, is regarded as a market comparable in aggregate to the United States. Success in specific markets, notably Spain, is serving as a springboard into Canada and the US Hispanic market. The B2B share in Europe is forecast to grow beyond 15%.

TikTok Shop is emerging as an important new channel. Sales through the platform are growing rapidly in Germany, Vietnam, and the United States — and because the channel was not fully incorporated into the original business plan, analysts regard it as a meaningful source of additional upside.

Hanwha Investment & Securities characterised Dalba Global as entering a pivotal transition: from a single-hero-product company built around its mist serum to a global, multi-product, multi-channel brand. The shares currently trade at 232,000 won. No formal investment rating has been assigned (Not Rated).