HSBC | Korean Cosmetics: Thoughts Ahead of the Q3 Results Season
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HSBC's note on Korean cosmetics gathers its thinking ahead of the third-quarter results season into a chart pack. Company coverage centers on Amorepacific — whose results are expected in early November — and LG Household & Health Care, for which a sum-of-the-parts valuation is presented. Sector context comes from US import data: Korea remains the number-one source of American beauty-product imports, a position it took over from France in April 2024. Fundamental exhibits include annual sales and earnings by division (new version) and sales and earnings trends and forecasts by region, shown in both old and new versions. On the earnings trajectory, one chart highlights operating profit falling short of consensus, while the accompanying headline states that HSBC expects third- and fourth-quarter 2026 earnings to beat expectations, measured in billions of won. The summary material provided consists of these exhibit titles; company ratings, target prices, and detailed estimates from the full note are not reproduced here.
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