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

<ul><li>For 3Q25, GS Retail reported above-consensus results, with revenue of W3.21tr (+5% YoY) and operating profit of W111.1bn (+32% YoY).</li><li>Same-store sales (SSS) growth at convenience stores reached +4.4%, far exceeding expectations and driving overall earnings growth.</li><li>With the convenience store business returning to growth, its share of consolidated operating profit expanded to 77% (from 61% in 1H25). </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, GS Retail reported above-consensus results, with revenue of W3.21tr (+5% YoY) and operating profit of W111.1bn (+32% YoY).Same-store sales (SSS) growth at convenience stores reached +4.4%, far exceeding expectations and driving overall earnings growth.With the convenience store business returning to growth, its share of consolidated operating profit expanded to 77% (from 61% in 1H25). 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.

GS Retail (007070 KS/Buy)Efforts to Improve Fundamentals Accelerating

<ul><li>We expect GS Retail to post above-consensus 3Q25 results, with revenue of W3.15tr (+3% YoY) and operating profit of W98bn (+22% YoY).</li><li>We believe the company saw qualitative improvement in the quarter, with the core convenience store business posting profit growth for the first time in six quarters and losses in inefficient “other” businesses narrowing.</li><li>For convenience stores, we estimate revenue at W2.37tr (+3% YoY) and operating profit at W75.1bn (+3% YoY; OP margin of 3.2%).</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 expect GS Retail to post above-consensus 3Q25 results, with revenue of W3.15tr (+3% YoY) and operating profit of W98bn (+22% YoY).We believe the company saw qualitative improvement in the quarter, with the core convenience store business posting profit growth for the first time in six quarters and losses in inefficient “other” businesses narrowing.For convenience stores, we estimate revenue at W2.37tr (+3% YoY) and operating profit at W75.1bn (+3% YoY; OP margin of 3.2%).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.

GS Retail (007070 KS/Buy)Convenience Store Competitiveness Recovering; Earnings Forecasts Revised Up

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.

<ul><li>Same-store sales growth remains soft</li><li>Restructuring and fiscal stimulus still anticipated to offer tailwinds to the sector</li><li>Investors advised to buy on dips from weak 2025 earnings</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.

Same-store sales growth remains softRestructuring and fiscal stimulus still anticipated to offer tailwinds to the sectorInvestors advised to buy on dips from weak 2025 earningsContent 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.

GS Retail (007070 KS Jul 2, 2025) - Earnings Dip, Buy Chance

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>I recently visited Daiso near Seoul Station. Daiso is one of the few off-line stores that has been crushing the competition in Korea in the past several years.</li>
<li>Amid continued weak economy in Korea in the past several years, Daiso has thrived through its detailed execution of focus on low priced products with highest value to consumers.</li>
<li>Able C&amp;C (078520 KS) is a prime example a company capitalizing on the strong demand for cosmetic products at Daiso. </li>
</ul>


I recently visited Daiso near Seoul Station. Daiso is one of the few off-line stores that has been crushing the competition in Korea in the past several years.
Amid continued weak economy in Korea in the past several years, Daiso has thrived through its detailed execution of focus on low priced products with highest value to consumers.
Able C&amp;C (078520 KS) is a prime example a company capitalizing on the strong demand for cosmetic products at Daiso. 


A Visit to Daiso in Seoul - A Retail Giant Crushing the Competition

Cross Asset Strategy

<ul>
<li>On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income. </li>
<li>The decline in tax on dividends is a definite step in the right direction. Nonetheless, the top bracket dividend tax rate cut was slightly less than what market was expecting. </li>
<li>Given that about 15%-25% dividend tax rates are more common in other developed countries,  Korea's reduction of dividend taxes is likely to be welcomed highly by many global investors.</li>
</ul>


On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income. 
The decline in tax on dividends is a definite step in the right direction. Nonetheless, the top bracket dividend tax rate cut was slightly less than what market was expecting. 
Given that about 15%-25% dividend tax rates are more common in other developed countries,  Korea's reduction of dividend taxes is likely to be welcomed highly by many global investors.


Top Bracket Dividend Tax Rate Lowered to 30% in Korea [Moderately Positive]

South Korea

GS Retail Co., Ltd. operates a chain of retail stores. The Company provides beauty and skincare products, candles, gifts, perfumes, ornaments, bathroom accessories, and other products. GS Retail serves its customers in the Republic of South Korea.

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GS Retail (007070 KS)