The author is an analyst of NH Investment & Securities. He can be reached at kyeongkeun.kang@nhqv.com -- Ed.Global Tax Free is the domestic leader in the domestic refund agency market. It improved its P/L structure during the Covid-19 crisis by slimming workforce. An earnings turnaround is expected
Shilla Duty Free and Shinsegae Duty Free won the DF1 and DF2 licenses for perfume, cosmetics, liquor and cigarette sales at Incheon International Airport.The two companies won the DF3 and DF4 (fashion and boutique) licenses as well. The DF5 (boutique) license also went to the two and Hyundai Departm
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed.Shinsegae International’s 4Q22 earnings likely fell short of our previous estimates, affected by sluggish sales of in-house fashion and continuing in-house cosmetics investment. In 2023, while the i
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. We expect the retail sector’s 4Q22 sales to beat consensus, but profitability will likely be sluggish due to greater SG&A expenses and one-off costs. Rather than short-term results, individual issues
Korean cosmetics companies have started localization work in Europe and North America, the home of cosmetics. So far, Korean cosmetics companies have sought to penetrate the Asian cosmetics market. But now, they are beginning to target the global cosmetics market. Analysts say Korean cosmetics compa
Market research firm FnGuide announced on Dec. 25 that the market cap of the 96 stocks of the top 10 South Korean conglomerates was 1,110.4802 trillion won on Dec. 21. It decreased by 11.6 percent compared to the end of 2021.Six out of the 10 business groups showed a decrease in market cap. That of
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. We believe that Shinsegae Int’s S3Q22 earnings will come in significantly above market expectations, spurred by both strong sales growth for high-margin imported brands and increased OP contributio
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. We raise our TP on Shinsegae from W310,000 to W330,000. Although high-base effects are to be in play, the firm is still set to deliver the strongest earnings momentum in the sector in 3Q22.Earnings to
The authors are analysts of Shinhan Investment Corp. They can be reached at sanghoonpure.cho@shinhan.com and yk.cho@shinhan.com, respectively. -- Ed. Department stores offer downside support amid recession fearsShinsegae continues to generate solid earnings from department stores despite rising fear
The author is an analyst of Shinhan Investment Corp. She can be reached at hpark@shinhan.com. -- Ed. Contrary to concerns, apparel sales continue upward through July-AugustInvestors appear to be losing their interest in the apparel sector amid continuing macro uncertainties and waning reopening effe
South Korean conglomerate heads born in the 1950s, who led the industrialization of the country, are retiring one after another. The current mainstream is those born in the 1960s, those born in the 1970s are emerging, and those born in the 1980s are following them.In Hanwha Group, the seventh-larges
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Lower target price 6% but maintain BUY given 60% upside Despite upward revisions to earnings estimates fueled by a sharp recovery in Department Store margins, we lower our TP by 6% to KRW340,000 on Shinsega
Pernod Ricard Korea announced on Aug. 16 that Royal Salute, a prestige brand, will launch "Royal Salute 21 Year Old Blended Grain," an exceptionally rare blend of the finest grain whiskies aged for a minimum of 21 years.Created for celebration, originally crafted to mark the coronation of Queen Eliz
The author is an analyst of Shinhan Investment Corp. She can be reached at hpark@shinhan.com. -- Ed. 2Q22 review: Even growth reported across the boardShinsegae International registered consolidated sales of KRW383.9bn (+12.7% YoY) and operating profit of KRW38.7bn (+46.1% YoY) for 2Q22, exceeding b
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. Shinsegae International’s 2Q22 OPM arrived strong thanks to brisk sales growth for imported brands, rapid sales expansion for its own fashion brands (VoV, G-Cut, and Tomboy), and a turn to profit a
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. Shinsegae logged a 2Q22 earnings surprise. Although we lower our TP to W310,000 to reflect the decline in sector valuations, we find Shinsegae’s share price attractive, considering its earnings and va
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. We believe that sound earnings momentum sustained at Shinsegae International in 2Q22, backed by both solid demand for imported brands and brisk growth for in-house fashion brands (Vov, G-cut, and T
The author is an analyst of Shinhan Investment Corp. She can be reached at hpark@shinhan.com. -- Ed. Strong earnings momentum likely continued for brand companies in 2QDomestic apparel consumption still solidThe release of pent-up demand seems to be continuing from 2021 into 1H22 with retail sales o
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. Since the ending of social distancing measures in April, earnings at re-opening beneficiary industries have been picking up. Cases in point are department stores and CVSs. As the leading players in th
SK Group chairman Chey Tae-won flew to Paris on June 19 to drum up support for Busan’s bid to host the World Expo in 2030. Chey is the private sector committee chair of the Busan World Expo Bid Committee. He will be staying in Paris, France, for four days. Chey will attend the 170th general assembly