Report

Interpark (108790.KS): Earnings shock in 4Q17

  • -  We maintain BUY and our target price of KRW12,000 on Interpark.

  • -  The tour business narrowly missed expectations due to low seasonality in 4Q17.

  • -  The ENT division did well on favorable seasonality, and 1H18 will recognize ticket sales for the

    Pyeongchang Winter Olympic Games.

  • -  The shopping division’s losses were narrower than expected as sales momentum has picked up since

    November.

  • -  The book publication division, however, reported a massive loss, which was a major factor behind

    overall lackluster 4Q17 earnings.

Provider
Hyundai Motor Investment & Securities
Hyundai Motor Investment & Securities

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. 

Analysts
Peter Yoo

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