现代百货：2Q26：再次受Zinus拖累

研报英文原文证据摘录

M

Update

August 5, 2026 12:32 PM GMT

Morgan Stanley & Co. International plc, Seoul Branch+

Hyundai Department Store | Asia Pacific

Kelly H Kim, CFA

Equity Analyst

2Q26: drag from Zinus again

Jenna Lee

Equity Analyst

What’s Changed

Hyundai Department Store (069960.KS)

From

To

Price Target

W205,000

W162,000

AlphaSignals Earnings Reaction

Unchanged

Modest shortfall

Largely unchanged

Hyundai Department Store (069960.KS, 069960 KP)

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

S. Korea Consumer | S. Korea

Source: Company data, Morgan Stanley Research

Considering US tariff refund of W14bn, Zinus losses look to still

be weighing on YoY earnings improvement. Department store

OPM was slightly lower than we thought, but strong sales led

fast OP growth, up 59% YoY. We trim our 2026-28 EPS

estimates (3-7%) – but cut our price target 21%, to W162,000.

Key Takeaways

Department store SSSG was 16% YoY, similar to our estimate. July SSSG

remained resilient at 10%. Given higher comp, HDS saw little evidence of demand

slowdown.

HDS suggested SSSG targets of 10% for 3Q26 and mid-single digits for 4Q26 – 23ppt below our previous assumptions.

Foreign spending has accelerated, up 66% YoY on average, reaching 8% of

department store sales (vs. 6% in 1Q26) and 9% in July (up 86% YoY).

Widening underlying loss QoQ of Zinus could remain a key concern, although the

CFO maintained 2H guidance (loss of >W10bn in 3Q26 and break-even in 4Q26).

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 5, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (bn)

EV, curr (bn)

Avg daily trading value (bn)

Overweight

In-Line

W162,000

47

W110,100

W222,000-68,400

23

W2,491

W4,296

W13

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (W)**

Prior EPS (W)**

Revenue, net (W bn)

EBITDA (W bn)

ModelWare net inc (W

bn)

P/E

P/BV

RNOA (%)

ROE (%)

EV/EBITDA

Div yld (%)

FCF yld ratio (%)

Leverage (EOP) (%)

12,616 14,648 17,286 18,833

- 15,260 17,809 20,336

9,871 10,033 10,646 10,968

680

712

830

876

443

313

369

402

4.5

0.4

4.3

10.1

5.6

2.4

19.8

2.9

7.7

0.5

5.2

6.9

6.1

2.3

(1.2)

4.4

6.4

0.5

6.3

7.7

5.3

3.2

3.5

5.8

0.4

6.5

…