- Earnings were modest in 2Q17 but are likely to deteriorate from 3Q due to the slowing growth of same
store sales at E-Mart and widening losses at subsidiaries.
- Regulatory pressure, if realized, is likely to have a material impact on the company.
- We maintain BUY but cut our target price to KRW260,000 as we revise down our EV-EBITDA multiple
applied to the company’s business value in light of unfavorable sector fundamentals.
E-mart is engaged in the hypermarket business. Co. engages in the provision of basic necessities of life, food services, and food materials wholesale as well as operation of discount stores in Shanghai, China. Co. also operates resorts with golf courses. Co. operates over 140 stores across the Republic of Korea (South Korea) as of Dec. 2012.
Hyundai Motor Investment & Securities is the investment banking arm of the Hyundai Motor Group. The company offers stock brokerage and advisory services; derivative products brokerage and advisory services; wrap account portfolio management services; and VIP wealth management and tax planning, institutional equities, derivatives, and futures brokerage services, as well as sells investment and institutional products. It also provides equity offering, ABS, real estate PF and real estate PF securitization, offshore SOC, structured financing, asset securitization, real estate sales, IPO advisory, and private equity fund and fund management services; and CMA/RP portfolio management and fixed income based investments, as well as involved in the issuance, management, and brokerage of OTC derivatives. In addition, the company offers research services, including macro economic forecasts and stock market outlook, industry overviews and forecasts, fixed income strategies, corporate credit analysis, and valuation analysis. Further, it offers a range of retirement and pension services for individuals and corporate members; portfolios and asset allocation consulting and marketing services; proposing retirement pension plans; contract and payment management services; pension plan advisory and actuarial services; and system development and implementation services, as well as operates call centers for retirement pension services, etc.
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