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(Photo=Mirae Asset Securities) |
[Alpha Biz= Reporter Kim Minyoung] Mirae Asset Securities expects a trend of margin improvement for Cosmax. Meanwhile, the target stock price was raised from 170,000 won to 200,000 won, and the investment opinion was 'buy'. The closing price of Cosmax on the 13th is 157,700 won.
"Cosmax had uncomfortable issues such as major damage costs, U.S. job losses, financial costs and Southeast Asian foreign currency conversion losses this quarter," Mirae Asset Securities said. "The effect of margin improvement driven by strong external growth overwhelmed this."
In the first quarter, Cosmax's sales were 528.6 billion won and operating profit was 45.5 billion won. This is all above market expectations. Researcher Bae said, "The margin has improved significantly, so it is a surprise level based on operating profit. The cost ratio and operating profit ratio have improved by 5% points (p), respectively, to 80.9% and 8.6%."
Domestic sales were 315.4 billion won and operating profit was 30.1 billion won. "We showed solid growth centered on export customers and direct exports to the U.S. and Japan," Bae said. "The operating profit ratio has improved to 9.5%, the highest level in the first quarter."
Mirae Asset Securities estimated that Cosmax's sales and operating profit in China would have been 157.4 billion won and 13.2 billion won.
Mirae Asset Securities said, "This year's consolidated annual sales will grow 23% compared to last year," adding, "The operating profit ratio forecast will also be raised to 8.9% from 8.4%."
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
