- Shares have pulled back sharply from the peak of KRW57,900 seen in early May due to stricter
regulations on the retail sector and a rise in the minimum wage.
- We trim our target price to KRW40,000 as we reduce our earnings forecasts and target multiple.
GS Retail is engaged in the retail business. Co.'s convenience store division provides tobacco, food and other under the brand name LG25. Co. operates its supermarket in the nationwide under the brand name of GS supermarket. Co. also engaged in the donut store business under brand name mister Donut, real estate development and leasing business.
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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