Korea Investment & Securities raised its target price for South Korean cosmetics original design manufacturer Cosmax to 340,000 won from 300,000 won and maintained its Buy rating. The company closed at 273,000 won on the previous trading day. Analyst Kim Myung-joo projects third-quarter consolidated revenue of 787.7 billion won, up 34.5% year over year, and operating profit of 65.6 billion won, up 53.4%, for an 8.3% margin. The South Korean subsidiary is expected to post revenue of 527.1 billion won and operating profit of 57.3 billion won, increases of 37.4% and 67.2%, respectively. The brokerage expects robust South Korean cosmetics exports and a sequence of global retail discount events to support orders, with projected overseas subsidiary revenue growth of 31% in Thailand, 22.3% in China and 46% in the United States. It applied a more conservative assumption to Indonesia because of economic instability. The gel mask business remains an uncertainty after four straight quarters of declining revenue. Korea Investment & Securities said Cosmax shares remain 11% below their previous peak despite record industry conditions, while risks related to overlapping subsidiary listings have been resolved.