"The Shilla Hotel will meet expectations at 2Q … Investment recommendation, indicative price ↑" – Hanwha | Titles | Securities

Hanwha Investment & Securities said the results of 2Q04 will meet market expectations for Hotel Shilla ( 100,500 2,500-2.43% ) on 17,

In the second quarter, sales Consolidated increased 32% year-over-year to KRW1.180 billion, while operating profit rose 241.5% to 588.8 billion KRW, from KRW94,000 to KRW129,000. According to a South Korean researcher, "the duty-free industry is expected to grow 58% over the previous year," says the researcher, "the duty-shop industry is is developing rapidly and market share and mediation costs are falling. In 2Q09, Hotel Shilla's share was similar to 1Q09, and business and profitability are expected to improve in 3Q09, when commissions dropped over the year. last. Number "He said.

We expect earnings to continue to improve over the second half of the year.

He said, "There is a base effect on commissions up to the third quarter of this year, and the improvement in profitability in duty-free shops at the airport . "Commission costs will probably increase slightly in the second half of the year due to the opening of new competing sites and some promotions, but it is not expected that They increase significantly. "

" We have increased our investment recommendation, "adding," The price of the stock has been slow due to recent issues, but we are expecting at that it increases again in the second quarter. "

Joa Hankyung.com reporter [email protected]

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