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
The author is an analyst of Shinhan Investment Corp. She can be reached at hpark@shinhan.com. -- Ed. Shinsegae International, after enjoying solid growth alongside domestic apparel peers in 1H22, is expected to see notable growth in 2H22 as well thanks to strengths in luxury goods and cosmetics. Dri
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. We present a Positive rating on the apparel sector, believing that the industry will enjoy a new earnings upcycle driven by recovering domestic demand. With economic reopening now in full steam on
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed.- We present reopening and inflation as the keywords for the retail sector in 2H22. As both factors are expected to have positive impacts on retailer players in terms of their earnings and share price
Major conglomerates, including the top 10 business groups, have come up with plans to invest more than 1,000 trillion won over the next five years in response to the new administration's business-friendly stance.Unlike the previous administration, which held back corporations through bulky regul
The author is an analyst of Shinhan Investment Corp. She can be reached at hpark@shinhan.com. -- Ed. Valuation upgrade with changes in market conditions and strategiesThe keywords of the textile/apparel industry during the 2021-1H22 period were pent-up demand, digital channel strategies, and oversea
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Revise up TP by 6% to KRW360,000; Stock to outperform KOSPI for time being We reiterate BUY on Shinsegae and raise our TP by 6% to KRW360,000, mainly to accommodate increases in the EV/EBITDA multiple (base
The author is an analyst of NH Investment & Securities. He can be reached at jack.baek@nhqv.com. -- Ed. Gamsung Corp has been reporting steep earnings growth since Apr 2022, the first month of re-opening. Snow Peak Apparel logged strong 1Q22 earnings, with sales of W12bn (+272% y-y). In 2022, averag
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. Shinsegae International recorded a 1Q22 earnings surprise, with OP jumping 56% y-y. Earnings momentum at the fashion division should sustain in 2Q22. We expect diversification of sports and men’s w
U.S. shopping mall developer Taubman is expected to become the new owner of IFC Mall in Yeouido.On May 12, Mirae Asset Group selected Taubman and Hyundai Motor Group subsidiary Haevichi Hotel & Resort as strategic investors in order to acquire International Finance Center (IFC) Seoul, a commercial c
Mirae Asset Group has decided to acquire International Finance Center (IFC) Seoul in the Yeouido financial district in Seoul for 4.1 trillion won, beating Aegis Asset Management and Shinsegae Consortium.Currently, IFC Seoul is owned by Brookfield Asset Management, a Canadian real estate investment c
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. For Shinsegae, SSSG for both the luxury goods and clothing categories is the highest among domestic department store players. In 2Q22, earnings momentum should strengthen for the firm.Displaying attra
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. Handsome registered a 1Q22 earnings surprise thanks both to brisk department store sales and high top-line growth at its own online mall. Continuing to reinforce its own channels, Handsome achieved
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Maintain BUY, target price of KRW340,000 We maintain BUY and TP of KRW340,000 on Shinsegae. Despite solid Department Store performance, the stock continues to struggle (undervalued at 7.0x 12m fwd P/E), wei
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. Amid reopening momentum and robust 1H22E department store sales, Shinsegae International is enjoying ongoing solid demand for overseas apparel brands. Additional earnings upside is to be driven by
Coupang has been named the world’s fastest-growing retailer for the second consecutive year. The company also jumped to seventh place in the rankings of global e-commerce companies.Coupang grew 66 percent annually on average from fiscal year 2015 to 2020, the fastest among the world's top 50 rap
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. Shinsegae is forecast to enjoy both top- and bottom-line growth, backed by steady robust demand for luxury goods and an expected recovery in fashion sales upon reopening. DFS sales should also bounce
The authors are analysts of NH Investment & Securities. They can be reached at mj27@nhqv.com and jooyh@nhqv.com, respectively. -- Ed. Amid likely favorable developments in the business environment, including a gradual return to normal daily life and recovering Chinese consumption, we expect to see a
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. At Shinsegae Food, margin improvement momentum should continue on both a downstream industry recovery and expansions of the firm’s franchise and food manufacturing businesses. Its alternative meat and
Shinsegae Group is moving to take over Shafer Vineyards, a U.S. winery which produces high-quality wines (cult wines) in Napa Valley, California, through Shinsegae Property, its real estate development affiliate.Shafer Vineyards was established by John Shafer in 1972. Its flagship wines, including “