Shinsegae "All divisions beat expectations significantly in Q126; PT raised..."

研报英文原文证据摘录

Shinsegae "All divisions beat expectations significantly in Q126; PT raised..."

Global Research

13 May 2026ab

Shinsegae Equities

KoreaAll divisions beat expectations significantly in

Q126; PT raised to Won560,000 Retailers, Broadline

12-month rating Buy

12m price target Won560,000The biggest earnings leverage play on domestic consumption recovery

Prior : Won430,000

Raising our EPS estimates and our price target for Shinsegae from Won430K to

Won560K, we reiterate our Buy rating. Recent Q1 retail earnings trends suggest that Price (12 May 2026) Won441,500

improving corporate earnings are creating a positive cycle that is leading to a broader RIC: 004170.KS BBG: 004170 KS

recovery in consumer spending, and we believe Shinsegae is one of the biggest

beneficiaries. Dept stores are seeing strong growth not only in luxury but also in higher Trading data and key metrics

margin fashion and other categories, while the main store posted 55% sales growth 52-wk range Won445,500-161,200

following its renovation. With inbound demand accelerating, foreign tourists revenue at Market cap. Won3,871b/US$2.60b

dept stores surged 90% YoY (6.9% of revenue), and duty free earnings turned around Shares o/s 8.77m (ORD)

on 11% FIT sales growth. Central City, Casa, and International also continued solid Free float 62%

growth momentum, reflecting improving domestic consumption. We believe Shinsegae Avg. daily volume ('000) 64.8

remains in the middle of both an earnings upgrade and multiple expansion cycle. Avg. daily value (m) Won23,149.1

Common s/h equity (12/26E) Won5627b

Q126 OP beat consensus by 19% at Won198bn P/BV (12/26E) 0.7x

Dept stores continued recovery despite higher depreciation costs and the March Net debt to EBITDA (12/26E) 2.0x