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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>For 1Q26, Hotel Shilla reported revenue of W1.05tr (+8% YoY) and operating profit of W20.4bn (turning to profit YoY), well above the consensus.</li><li>Both the travel retail and hotels/leisure divisions performed strongly, with travel retail in particular turning profitable for the first time in seven quarters.</li><li>The impact from one-off items was minimal; the net impact on consolidated earnings was +W9.4bn, with the main component—a W10.0bn deferred benefit from rent reductions at overseas airports—already factored into prior estimates. </li></ul><p><em>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.</em></p>

For 1Q26, Hotel Shilla reported revenue of W1.05tr (+8% YoY) and operating profit of W20.4bn (turning to profit YoY), well above the consensus.Both the travel retail and hotels/leisure divisions performed strongly, with travel retail in particular turning profitable for the first time in seven quarters.The impact from one-off items was minimal; the net impact on consolidated earnings was +W9.4bn, with the main component—a W10.0bn deferred benefit from rent reductions at overseas airports—already factored into prior estimates. 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)Remarkable Earnings Beat

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 27 March, it was announced that Hotel Shilla (008770 KS)'s CEO Lee Boo-Jin  plans to purchase 20 billion won (US$13.3 million) worth of treasury shares.</li>
<li>Hotel Shilla's CEO Lee Boo-Jin's decision to purchase 20 billion won worth of treasury shares is clearly positive in the near term since it is first time purchase for her.</li>
<li>However, Hotel Shilla continues to have poor, volatile profit margins. Plus, despite the additional influx of millions of foreign investors to Korea, the company's sales growth and profits remain poor.  </li>
</ul>


On 27 March, it was announced that Hotel Shilla (008770 KS)'s CEO Lee Boo-Jin  plans to purchase 20 billion won (US$13.3 million) worth of treasury shares.
Hotel Shilla's CEO Lee Boo-Jin's decision to purchase 20 billion won worth of treasury shares is clearly positive in the near term since it is first time purchase for her.
However, Hotel Shilla continues to have poor, volatile profit margins. Plus, despite the additional influx of millions of foreign investors to Korea, the company's sales growth and profits remain poor.  


Hotel Shilla: CEO Lee Boo-Jin Plans to Buy 20 Billion Won Worth of Stock + End of Inheritance Tax

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

<ul>
<li>On 4 November, the Chinese government suddenly announced it will waive visa requirements for South Korean citizens entering China. </li>
<li>This is likely to have a major positive impact on major travel/airline stocks including Hana Tour Service, Korean Air Lines,  Very Good Leisure, Yellow Balloon Tour, and Modetour Network.</li>
<li>A no-visa policy by China for South Korean citizens could also imply a reciprocal policy by the South Korean government. </li>
</ul>


On 4 November, the Chinese government suddenly announced it will waive visa requirements for South Korean citizens entering China. 
This is likely to have a major positive impact on major travel/airline stocks including Hana Tour Service, Korean Air Lines,  Very Good Leisure, Yellow Balloon Tour, and Modetour Network.
A no-visa policy by China for South Korean citizens could also imply a reciprocal policy by the South Korean government. 


Chinese Government Announces a No-Visa Policy for South Korean Citizens Entering China

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Following the short sell ban announced on the weekend, the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> opened higher on Monday and rallied through the day.</li>
<li>A lot of the intraday gains on Monday have been given up over the next two trading days. Surprisingly, KRX data indicates that not a lot of shorts have covered.</li>
<li>Foreigners have been net cash buyers since Monday (could indicate covering of offshore borrow) while retail were big sellers on Monday.</li>
</ul>


Following the short sell ban announced on the weekend, the KOSPI 200 and KOSDAQ 150 opened higher on Monday and rallied through the day.
A lot of the intraday gains on Monday have been given up over the next two trading days. Surprisingly, KRX data indicates that not a lot of shorts have covered.
Foreigners have been net cash buyers since Monday (could indicate covering of offshore borrow) while retail were big sellers on Monday.


Korea Short Sell Ban: Not a Lot Covered on Monday; Shorts Holding On?

South Korea

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.

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Hotel Shilla (008770 KS)