Contents
Investment summary
3
Investment strategy
7
Valuation
12
The job market, interest rates, the won, the wealth effect,
and consumer sentiment
18
1H09 review and 2H09 outlook
24
Company analysis
Shinsegae (004170 KS) - BUY, Fair Value W620,000
CJ O Shopping (035760 KS) – BUY, Fair Value W100,000
Hyundai Department Store (069960 KS) - BUY, Fair Value W100,000
37
39
41