Shinsegae Target Raised as Foreign, Fashion and Luxury Growth Seen Undervalued

Daishin Securities said on the 13th that Shinsegae’s department store sales from domestic and inbound consumers remained strong, driving a 31% surge in operating profit. The brokerage raised its target price for Shinsegae and said the stock still appears undervalued. The analysis pointed to three key growth drivers: foreign consumer demand, fashion sales and luxury spending. Despite this high-growth mix, Daishin Securities said Shinsegae’s corporate value has not been fully reflected in its share price. Improved department store sales have translated into stronger profitability, which could draw further investor attention. Source: mk.co.kr