S. Korea Consumer | Asia Pacific 2Q26 Preview

研报英文原文证据摘录

S. Korea Consumer | Asia Pacific 2Q26 Preview

IdeaMFocus KPI Focus KPI Surprise Likely impact to consensus EPS*

• China: With robust underlying trend (we estimate up high single digits YoY) combined with FX effect, F&F

could enjoy >20% YoY growth in Chinese sales.

• We expect an earnings surprise, mainly from better-than-expected overseas performance.

• Release date: July 31 (TBD)

GS Retail Co Ltd 007070.KS

CVS and supermarket earnings In-line Largely unchanged

• CVS SSSG could be around 5% YoY. Improving SSSG and moderating fixed costs (limited store openings)

could improve OPM 30bp YoY.

• Supermarket earnings could improve from W5bn in 2Q25 to W9bn in 2Q26 with positive SSSG.

• Release date: week of August 3 (TBD)

Hotel Shilla 008770.KS

Travel retail (TR) earnings In-line Largely unchanged

• Shilla earnings could be higher than our estimate thanks to improving TR margins, but in line with consensus.

• Rather than the top-llne trend, domestic TR earnings would depend on discount reduction (to resellers) and

ICN site closing (loss-making site closed in April).

• Overseas airport business could turn loss-making again in 2Q26 without additional rent savings.

Hyundai Department Store 069960.KS

Department store and affilates' OP In-line Largely unchanged

• Thanks to strong SSSG (up 15% YoY), department stores could show a sharp OP increment (up >70% YoY).

• However, Zinus could continue to make a sizable loss (~W24bn) from slow US sales (delays in sell-in),

offsetting most of the earnings increments from department store and TR.

KT&G 033780.KS

Tobacco earnings and overseas

Likely upside surprise Modest revision higher

cigarette sales

• Overseas cigarette sales could continue strong growth with hgih-single-digit (%) volume growth YoY and >10%

ASP hike.