Hanssem (009240.KS): Deconstruction
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Sales on a parent basis slipped 5.5% YoY to KRW467.5bn and operating profit fell 56.3% YoY to KRW17.8bn in 1Q18.
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- Margins fell sharply as well, due to a decrease in B2C sales, higher cost ratio stemming from B2B sales growth, and escalating marketing costs amid efforts to boost sales.
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- We maintain Marketperform but reduce our target price from KRW170,000 to KRW155,000.
HANSSEM CO., LTD is a Korea-based company primarily engaged in the manufacture and distribution of kitchen and interior furniture. The Company provides furniture used for kitchens, bedrooms, living rooms, bathrooms and other spaces, such as beds, book cases, desks and sofas, chairs, dressers and others. It also provides allied furniture packages and related materials, as well as remodeling services. Through its subsidiaries, it is also engaged in the provision of real estate consulting services, and sales of other food. The Company distributes its products through shopping malls, Internet shopping malls, sales agencies and interior alliance stores, as well as to overseas markets.
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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