Korea Kolmar reported 1Q21 sales/OP of W395bn/W24bn (+18.6%/+2.5% yoy), while OP was 23% below Bloomberg consensus estimates. Despite positive signs from its China business (Kolmar Wuxi 1Q21 sales: W24.4bn, +258% yoy), overall cosmetic profitability needs to improve. Upgrade to Hold; SOP-based TP raised to W58,000 with FY21/22F EPS hikes of 31%/46%. This note marks the transfer of coverage to Jiwon Lee.
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