Shinsegae Target Raised to 600,000 Won as Daishin Sees New Growth Phase

Daishin Securities said on May 13 that Shinsegae has entered a new growth phase, citing higher consumer spending capacity from increased bonuses at major companies and a sharp rise in inbound tourist sales. The brokerage raised its target price to 600,000 won from 460,000 won and maintained a Buy rating. Shinsegae’s first-quarter revenue rose 12% year on year to 3.2144 trillion won, while operating profit jumped 49% to 197.8 billion won, far above consensus. Existing department-store sales grew 13%, domestic fashion sales rose 12%, and foreign-customer sales increased 90%. Source: hankyung.com