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. 

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Equity Bottom-Up

<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

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)