汇丰银行：韩国零售行业研究报告2008年5月

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

Consumption outlook worsening; we
expect negative sales psm in H2
􀀗 However, aggressive store expansion
and improving margins should support
bottom line growth
􀀗 Lotte Shopping our top pick in Korean
retail sector, with superior 08e clean
EPS growth of 25% for 13x PE
Korean retail outlook poor for H2. The Big 3 Korean
retailers reported strong results for Q1 2008, despite a
significant drop in consumer sentiment. However, we think
that growth will deteriorate due to tough comps, global
economic uncertainty and high inflation. We forecast
negative sales psm growth in H2. See page 3.
However, Korean retailers should still be able to
progress, driven by store area and margin expansion. We
analyse and compare growth, margins and return metrics of
Lotte Shopping, Shinsegae and Hyundai Department Store
Co (HDS). See page 6 and 8.
Lotte Shopping top pick in Korean retail sector, with
highest top and bottom line growth of peers. We expect the
company to begin to harvest the investment made in 2007
this year, and forecast 25% clean EPS growth y-o-y. The
stock is still cheap trading at only 0.99x NAV. We reiterate
our Overweight rating with an upgraded target price of
KRW436,000, representing 23.4% total return. See page 12.

288822.pdf (421.73 KB, 需要: 500 个论坛币)

2009-1-27 11:22:00 上传

汇丰银行：韩国零售行业研究报告2008年5月
需要: 500 个论坛币  [购买]

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：行业研究报告 研究报告 零售行业 汇丰银行 行业研究 研究报告 行业 零售 汇丰银行 韩国