'Spin-off' Samsung Biologics, Target Price Set at 2 Million Won... COSMAX Faces Weak Q3 Profitability Amid Global K-Beauty Expansion [Stocktopia]

[Financial News] Here is a summary of major securities firms’ reports as of the morning of November 24.
Samsung Biologics, which was relisted today, is expected to see continued large-scale orders, further strengthening its upward momentum. Despite weak profitability in the third and fourth quarters, COSMAX is still viewed as having valid mid- to long-term growth momentum. Jin Air is projected to face ongoing challenges in the low-cost carrier (LCC) sector, as outbound travel by Korean nationals declines.
◆Samsung Biologics (207940)― Sangsangin Investment & Securities / Researcher Dal-mi Lee
- Target Price: 2,000,000 KRW (up from previous 1,500,000 KRW)
- Investment Opinion: Buy
Sangsangin Investment & Securities stated that the groundbreaking of the sixth plant and continued large-scale new orders will serve as catalysts for Samsung Biologics’ stock price following its relisting on the 24th. Due to the spin-off, Samsung Biologics’ trading was suspended from October 30 and resumed today with a changed listing. Researcher Dal-mi Lee noted that 2026 will be the first year when all of Samsung Biologics’ profits are fully reflected, and that with the full operation of the fourth plant and the continued benefit from a strong exchange rate, the company is expected to maintain an annual operating margin in the 40% range. Furthermore, with the Biosecure Act in the United States awaiting only the president’s signature, moves to reduce dependence on Chinese supply chains in the U.S. are expanding. These changes are expected to work in favor of Samsung Biologics.※Biosecure ActThis is a bill being promoted by the U.S. Congress to reduce reliance on bio supply chains from certain countries such as China and to strengthen domestic production and supply systems. Key provisions include: △ strengthening domestic biopharmaceutical manufacturing facilities △ reducing dependence on Chinese Contract Development and Manufacturing Organization (CDMO) and raw material imports △ prioritizing the use of U.S. companies and facilities.
◆COSMAX (192820)― Yuanta Securities Korea / Researcher Seung-eun Lee
- Target Price: 230,000 KRW (down from previous 288,000 KRW)
- Investment Opinion: Buy
Yuanta Securities Korea expressed concern over COSMAX’s weak third-quarter profitability, describing it as a transitional phase. Researcher Seung-eun Lee analyzed that the third-quarter profitability of the Korean entity was weaker than expected, and that initial cost increases from new client acquisitions are likely to persist into the fourth quarter. Nevertheless, Lee emphasized that the mid- to long-term growth momentum of ‘global K-beauty expansion’ remains intact, and that tangible results are expected to become visible from next year.
◆Jin Air (272450)― Shinhan Securities / Researcher Min-gi Choi
- Target Price: 8,500 KRW (down from previous 12,000 KRW)
- Investment Opinion: Buy
Shinhan Securities noted that, due to a slowdown in outbound passengers (Korean nationals traveling abroad) and macroeconomic factors, the LCC sector is expected to remain unfavorable for the time being, and thus lowered Jin Air’s target price from 12,000 KRW to 8,500 KRW. Researcher Min-gi Choi projected that, with sluggish growth in outbound passenger demand and increased supply from smaller LCCs and foreign airlines, intensified competition will likely keep short-haul international fares declining for the time being. Choi also pointed out that, during the corrective measures involving Korean Air and Asiana Airlines, Hanjin affiliates may experience some inefficiencies in supply, which is a drawback.

sms@fnnews.com Seong Min-seo Reporter