APR (278470) is falling sharply in intraday trading on the 13th. The stock was trading at 297,500 won, down 54,500 won from the previous session, a decline of 15.48%.

◆ Q3 Results Expected to Miss Consensus

DB Financial Securities forecast APR's third-quarter consolidated revenue at 781.4 billion won and operating profit at 167.3 billion won. While these figures represent increases of 102.5% and 74%, respectively, compared to the same period last year, the brokerage expected them to fall short of market consensus.

It projected an operating margin of 21.4%, which is 3.5 percentage points lower than a year earlier, assessing that profitability will be lower than the same period last year despite growth in revenue and operating profit.

Regarding the background of the weak profitability, DB Financial Securities explained that costs related to air freight shipments to Europe and cross-border land transport increased sharply in the second half.

◆ 2026 Estimates Lowered... Operating Profit Cut 14%

DB Financial Securities lowered its 2026 annual revenue estimate by 8% and its operating profit estimate by 14% from previous levels. The downward revision was larger for operating profit than for revenue.

However, it maintained its investment rating of Buy and a target price of 500,000 won, keeping its existing opinion and target price despite lowering the annual earnings outlook.

◆ Hard to Pinpoint Cause of Decline... Report Figures Are Estimates

The third-quarter results presented in the report are brokerage forecasts, not confirmed figures. Although APR shares are falling sharply today, it is difficult to attribute the decline solely to the report's contents.

[This article was written based on market prices and securities firm analysis, and is not intended to solicit investment. Securities firms' forecasts and target prices are subject to change, and intraday stock prices may also fluctuate. Investment decisions and any resulting responsibility rest with the investor. AI assistance was used in writing this article.]