Cosmax reported record second-quarter results and then won a higher target price from Daol Investment & Securities, which said improving profitability in South Korea and the first operating profit at the U.S. unit support simultaneous earnings growth in both markets. Consolidated second-quarter revenue rose 27.5% from a year earlier to ₩794.9 billion and operating profit increased 21.2% to ₩73.7 billion, beating market consensus of ₩739.8 billion and ₩69.6 billion by 7.4% and 5.9%, respectively. Operating margin reached 9.3%, up 1.5 percentage points from the previous quarter, as growth across all units lifted both revenue and operating profit to record quarterly highs. Daol raised its target price by 20.8% to ₩290,000, or 28.1% above the previous session's close of ₩210,000, while maintaining a buy rating. Analyst Park Jong-hyun said second-quarter operating profit exceeded market estimates by 6% and that forecasts were revised to reflect the U.S. business's first operating profit since its founding. In South Korea, a higher mix of new skincare products and improved production yields supported margins, while the decline in color cosmetics narrowed. In the U.S., new orders for base and lip products and expanded over-the-counter drug orders improved the operating structure, though the unit still recorded a net loss of ₩4.9 billion due to ₩6.5 billion in interest costs. Daol expects momentum to continue in the second half, forecasting third-quarter revenue of ₩780.2 billion, up 33% year-on-year, and operating profit of ₩70.2 billion, up 64%, including domestic sales of ₩521.1 billion, up 36%, supported by large orders and reorders from global clients and new demand from U.S. indie brands on the West Coast.