External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Hotel Shilla Co.,Ltd operates and manages hotels in Seoul and Jeju. The Company also operates duty free shops, bakeries, restaurants, and catering and laundry service businesses.

<ul><li>For 3Q25, we expect Hotel Shilla to report below-consensus results, with revenue of W1.07tr (+5% YoY) and operating profit of W17.5bn (turning to profit YoY).</li><li>Airport dutyfree operations likely remained in the red, but improved margins at downtown stores and strong seasonality for the hotel/leisure business likely drove QoQ growth in overall operating profit.</li><li>For the travel retail business, we look for revenue of W883.3bn (+5% YoY) and an operating loss of W5.5bn (remaining in the red)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, we expect Hotel Shilla to report below-consensus results, with revenue of W1.07tr (+5% YoY) and operating profit of W17.5bn (turning to profit YoY).Airport dutyfree operations likely remained in the red, but improved margins at downtown stores and strong seasonality for the hotel/leisure business likely drove QoQ growth in overall operating profit.For the travel retail business, we look for revenue of W883.3bn (+5% YoY) and an operating loss of W5.5bn (remaining in the red)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hotel Shilla (008770 KS/Buy)Spotlight on the Hotel Business

<ul><li>We upgrade our rating on Hotel Shilla to Buy (from Hold) and lift our target price to W72,000 (from W40,000).</li><li>On Sep. 18, the company announced its decision to withdraw from the DF1 zone at Incheon International Airport (IIA), which should eliminate over W50bn in annual operating losses.</li><li>Meanwhile, the travel retail and hotel businesses stand to benefit directly from an increase in inbound tourists. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We upgrade our rating on Hotel Shilla to Buy (from Hold) and lift our target price to W72,000 (from W40,000).On Sep. 18, the company announced its decision to withdraw from the DF1 zone at Incheon International Airport (IIA), which should eliminate over W50bn in annual operating losses.Meanwhile, the travel retail and hotel businesses stand to benefit directly from an increase in inbound tourists. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hotel Shilla (008770 KS/Buy)Major Headwinds Resolved; Turnaround Momentum to Come into Focus

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In the next several weeks, the South Korean government is likely to provide details of a no visa policy for group tour visitors from China to South Korea.</li>
<li>We provide a list of top 15 Korean companies that could benefit from potential no visa policy for group tour visitors from China to South Korea. </li>
<li>These 15 companies' share prices are up on average 49.2% YTD, sharply outperforming KOSPI and KOSDAQ that are up 21.2% and 15.9%, respectively YTD.</li>
</ul>


In the next several weeks, the South Korean government is likely to provide details of a no visa policy for group tour visitors from China to South Korea.
We provide a list of top 15 Korean companies that could benefit from potential no visa policy for group tour visitors from China to South Korea. 
These 15 companies' share prices are up on average 49.2% YTD, sharply outperforming KOSPI and KOSDAQ that are up 21.2% and 15.9%, respectively YTD.


No Visa For Group Tour Visitors from China to South Korea Likely Starting 3Q 2025

Paradise Co., Ltd. is a gaming company that operates casino facilities in South Korea and Kenya.  The Company offers games, such as roulette, black jack, baccarat, and big wheel.  Paradise, through its subsidiaries, operates retail and hotel business.

<ul>
<li>I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family. </li>
<li>Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.</li>
<li>The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming &amp; Entertainment (MGE) in February 2025.</li>
</ul>


I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family. 
Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.
The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming &amp; Entertainment (MGE) in February 2025.


A Visit to Inspire Integrated Resort in Incheon, South Korea

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Amorepacific Corporation / Equity Bottom-Up

Amorepacific Corporation develops, manufactures, and exports skin care, make-up, and fragrance products. The Company also produces and markets personal care and health-related products, such as shampoos, soaps, toothpastes, and health teas. Amorepacific markets its products worldwide.

<ul>
<li>Laneige and Innisfree continue to lead top-line growth in Western markets</li>
<li>Chinese entity in final stages of restructuring, raising expectations for a profit turnaround in 2H25</li>
<li>AmorePacific’s subsidiary COSRX growth expected to stabilize rather than to surge explosively</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Laneige and Innisfree continue to lead top-line growth in Western markets
Chinese entity in final stages of restructuring, raising expectations for a profit turnaround in 2H25
AmorePacific’s subsidiary COSRX growth expected to stabilize rather than to surge explosively

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AmorePacific (090430 KS): Performance in China to Improve, Despite COSRX Slowing

Beneficiaries of Tourism Revival in South Korea

South Korea Tours Resumption
Beneficiaries of Tourism Revival in South Korea

Hotel Shilla (008770 KS/Buy)Spotlight on the Hotel Business

For 3Q25, we expect Hotel Shilla to report below-consensus results, with revenue of W1.07tr (+5% YoY) and operating profit of W17.5bn (turning to...

Mirae Asset Securities

Hotel Shilla (008770 KS/Buy)Major Headwinds Resolved; Turnaround Momentum to Come into Focus

On Sep. 18, the company announced its decision to withdraw from the DF1 zone at Incheon International Airport (IIA), which should eliminate over...

Mirae Asset Securities

No Visa For Group Tour Visitors from China to South Korea Likely Starting 3Q 2025

In the next several weeks, the South Korean government is likely to provide details of a no visa policy for group tour visitors from China to South...

Douglas Kim

A Visit to Inspire Integrated Resort in Incheon, South Korea

I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea. I was impressed with its modern facilities, but there was a relative...

Douglas Kim

AmorePacific (090430 KS): Performance in China to Improve, Despite COSRX Slowing

Laneige and Innisfree continue to lead top-line growth in Western markets. Chinese entity in final stages of restructuring, raising expectations...

Daishin Securities