Korean beauty brand TonyMoly has posted better-than-expected Q2 results, and has received a vote of confidence from investors following the news.

The cosmetics company Q2 operating profit rose 1,208 percent year on year to 4 billion won, beating analyst expectations of 1.9billion won.

As a result local brokerage firm Hyundai Securities upped its price target for TonyMoly from 55,000 won to 70,000 won (US$62.98) while maintaining a buy rating on Aug. 2, according to the Korea Herald.