Kiwoom Securities raised its target price for Pharma Research (KOSPI: 214450) on the 16th from ₩440,000 to ₩510,000, a 15.9% increase, while reiterating its buy recommendation.
Analyst Shin Min-su at Kiwoom Securities estimates that Pharma Research will report second-quarter revenue of ₩186.3bn, up 32.5% year on year, and operating profit of ₩75.2bn, up 34.6% year on year. Both figures would exceed market consensus by approximately 14.4% and 14.3% respectively.
By business segment, domestic medical-device sales are projected at ₩65.6bn (up 8.0% year on year), with exports at ₩30.3bn (up 24.9%). A key driver has been a surge in foreign medical tourists visiting South Korea: spending by inbound visitors at dermatology clinics reached ₩428.4bn in the second quarter, a record high and a 77.3% jump from the same period a year earlier.
The cosmetics division is expected to post revenue of ₩63.3bn, more than doubling year on year (up 105.7%). Domestic sales of ₩20.8bn were sustained largely through the CJ Olive Young retail channel — South Korea's dominant health-and-beauty chain — while export sales of ₩42.5bn were propelled by the brand's entry into Sephora in the United States and expansion across TikTok and Amazon.
The revised target price is derived by applying a target price-to-earnings multiple of 20 times to a forward four-quarter earnings-per-share estimate of ₩25,181. Full-year 2026 revenue and operating profit are forecast at ₩716.0bn and ₩287.3bn respectively. Based on the closing price of ₩327,500 on the 15th, the implied upside to the new target stands at 55.7%.