Amorepacific Group: Significant Increase in Dividend Payout

• On 12 November, Amorepacific Group (002790 KS) announced that it will increase dividend payout to about 50% to 75% of its non-consolidated net profit.

• If we take the mid-point (63%) of the new dividend payout policy, this would be 51% higher than the average dividends/non-consolidated net profit ratio (41.8%) from 2021 to 2023.

• Amorepacific Group is targeting average annual sales growth rate of 10% from 2024 to 2027, operating margin of 12% from 2027, and average ROE of 5-6% from 2024 to 2027.