APR: Rapid Profit Growth and High Multiples, With Shares Under Pressure in News After Oct 12 Close

Thesis

The data supports a picture of fast growth: revenue rose 111.3% in 2025 to ₩1.5T, and trailing revenue is ₩2.3T. Trailing operating income is ₩417.0B and ROE is 89.0%.

The data also shows reasons for care. The trailing operating margin of 18.2% is below the 2025 margin of 23.9%. The valuation is high, with a P/E of 30.5 and a P/B of 20.3. Shares fell 5.4% over one month and 7.4% over three months to Oct 12, and are about 25.9% below the 52-week high of ₩475,000.

Headlines dated Oct 13 say shares fell sharply after brokerages flagged Q3 earnings likely to fall short of expectations and cited costs of European expansion. One headline quotes a view that fundamentals are not impaired. The price data here ends Oct 12, so the size of the move is not captured in the figures and reports in the headlines differ (11% to over 20%). Investor flow, foreign ownership and short balance data are not available.

Business overview

APR (에이피알) is a cosmetics company listed on KOSPI since Feb 27, 2024, and was founded on Oct 10, 2014. It has 37,430,655 listed shares and a market cap of about ₩13.2T at the Oct 12 close. Revenue grew from ₩259.1B in 2021 to ₩1.5T in 2025. Among the listed peers in the data, Amorepacific has a market cap of ₩7.7T, LG H&H ₩4.1T, Cosmax ₩3.4T, Kolmar Korea ₩3.1T and d'Alba Global ₩2.1T, so APR's market cap is larger than each of them.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 30, 2026Update noteEarningsAPR Q3 2026 preliminary earnings: operating profit up 68.9% year on year, down 15.7% from Q2
2. Oct 13, 2026InitiationAPR: Rapid Profit Growth and High Multiples, With Shares Under Pressure in News After Oct 12 Close