The whole world is in an uproar—so what should we buy? | Park Jong-dae, Hana Securities Senior Research Fellow

The whole world is in an uproar." So what should we buy? | Park Jong-dae, Hana Securities Senior Research Fellow [Double Up]
Watch on YouTube ↗  |  September 10, 2026 at 01:19  |  27:27  |  3PRO TV (삼프로TV)
Speakers
Park Jong-dae — Senior Research Fellow, Hana Securities
Pyeon Ja-song — Host

Summary

Park Jong-dae argues K-beauty's historic upgrade is intact: seasonal weakness is breaking on US/Europe offline expansion, ODM makers are raising guidance, and valuations still offer upside. He names specific beneficiaries in hydrogel masks, sunscreen, luxury cushion adoption, Latin America via Silicone2, China via APR, and packaging via Pumtech Korea. He also addresses won-strength risks and suggests using the current correction to buy K-beauty names.

  • K-beauty ODM makers are upgrading H2 guidance as seasonality breaks on US/Europe offline channel expansion.
  • Hydrogel mask makers face supply shortages due to high entry barriers and limited qualified suppliers.
  • FDA approval of bemotrizinol gives Korean Kolmar a modest US sunscreen opportunity.
  • Korean Kolmar is supplying its first $150 luxury base product made in Korea.
  • A luxury brand's US cushion launch may open Western cushion adoption, benefiting Cosmax, Clio, and Tirtir.
  • Silicone2 is expanding into Mexico and Brazil, while China's export recovery supports APR and D'Alba Global.
  • Cosmetic packaging shortages support Pumtech Korea and BuKuk TNC.
  • The recent K-beauty correction is viewed as a buying opportunity rather than a fundamental breakdown.
Ideas
Park Jong-dae Senior Research Fellow, Hana Securities 3:38
ODM earnings upgrades, seasonality broken, valuations low.
Won strength is mostly an accounting issue for K-beauty exporters: brand companies have large dollar-denominated costs such as Amazon/retailer fees and marketing and often retain dollars locally, so real margin impact is limited; ODM manufacturers have essentially no FX impact; by contrast, trade-band distributors like Silicone2 must convert receivables quickly and have no reason to retain dollars, so margins could decline if the won keeps strengthening.
KQ K-beauty sector Korean cosmetics brand companies HIGH
Park Jong-dae Senior Research Fellow, Hana Securities 3:38
ODM earnings upgrades, seasonality broken, valuations low.
Korean cosmetics ODM manufacturers are in a historic upgrade cycle: the usual second-half seasonal slowdown is breaking because US offline retail entry and Europe expansion are creating much larger export demand; after Q2 results, major ODM companies raised guidance, so H2 sales should grow about 10% half-on-half and about 35% year-on-year, while valuations had been compressed by IT crowding, leaving room for EPS and multiple expansion.
KS HIGH
Park Jong-dae Senior Research Fellow, Hana Securities 9:48
Hydrogel mask supply shortage, high entry barriers.
Hydrogel mask production is the only major K-beauty category not yet automated, so it requires expensive equipment, large space, many workers, dedicated R&D and engineers, giving it high entry barriers; global mask demand is making hydrogel masks a frontier category and the few qualified producers are now supply-constrained.
Encos I-Cure HIGH
Park Jong-dae Senior Research Fellow, Hana Securities 16:54
US luxury cushion launch opens Western demand.
In May a luxury brand launched a cushion product in the US with strong early response; if luxury cushions succeed in the US, Western consumers are finally accepting cushions, which could trigger a large increase in orders from global brands that have already sold cushions in Asia, benefiting CDMO/ODM leaders like Cosmax as well as Korean cushion brands such as Clio and Tirtir.
Tirtir HIGH
Park Jong-dae Senior Research Fellow, Hana Securities 21:11
China rebound lifts APR/D'Alba without marketing.
China's K-beauty exports turned positive from May as Chinese teens shifted toward following global trends; APR and D'Alba Global have grown 20-30% in China without local marketing, and APR is expected to see additional earnings improvement as China becomes a real opportunity next year.
D'Alba Global MED
Park Jong-dae Senior Research Fellow, Hana Securities 24:45
Packaging shortage drives Pumtech Korea recovery.
Cosmetic container/packaging is in shortage; Pumtech Korea's prior internal factory bottleneck was resolved starting in Q2, and with a new sixth factory likely running around October, its Q4 revenue should jump sharply above Q3; tubing maker BuKuk TNC also has very high entry barriers and margins are surging amid the shortage.
054340.KQ HIGH
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This 3PRO TV (삼프로TV) video, published September 10, 2026, features Park Jong-dae discussing KQ, K-beauty sector, Korean cosmetics brand companies, KS, Encos, I-Cure, Tirtir, D'Alba Global, 054340.KQ. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Jong-dae  · Tickers: KQ, K-beauty sector, Korean cosmetics brand companies, KS, Encos, I-Cure, Tirtir, D'Alba Global, 054340.KQ