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>We expect Shinsegae to report above-consensus 1Q26 results, with net revenue of W1.8tr (+8% YoY) and operating profit of W167.3bn (+26% YoY).</li><li>Strength in the department store segment was likely the key driver, while previously underperforming businesses, including the duty-free unit and Shinsegae International, likely showed meaningful improvement.</li><li>For department stores, we estimate gross revenue at W1.99tr (+11% YoY) and operating profit at W131.5bn (+22% YoY; OP margin of 6.6%). </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 Shinsegae to report above-consensus 1Q26 results, with net revenue of W1.8tr (+8% YoY) and operating profit of W167.3bn (+26% YoY).Strength in the department store segment was likely the key driver, while previously underperforming businesses, including the duty-free unit and Shinsegae International, likely showed meaningful improvement.For department stores, we estimate gross revenue at W1.99tr (+11% YoY) and operating profit at W131.5bn (+22% YoY; OP margin of 6.6%). 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.

Shinsegae (004170 KS/Buy)A Compelling Entry Point

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

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>Seoul Express Bus Terminal is finally being redeveloped. Official registered value of this property is 1 trillion won. Market value could be much higher at more than 1.5 trillion won.</li>
<li>Chunil Express owns 16.67% stake in Seoul Express Bus Terminal. We believe Chunil Express' share price could rise sharply (more than double from here) in the next few days/weeks.</li>
<li>Redevelopment of the Seoul Express Bus Terminal has been discussed repeatedly for more than two decades. It appears that the major redevelopment of this area will FINALLY be taking place. </li>
</ul>


Seoul Express Bus Terminal is finally being redeveloped. Official registered value of this property is 1 trillion won. Market value could be much higher at more than 1.5 trillion won.
Chunil Express owns 16.67% stake in Seoul Express Bus Terminal. We believe Chunil Express' share price could rise sharply (more than double from here) in the next few days/weeks.
Redevelopment of the Seoul Express Bus Terminal has been discussed repeatedly for more than two decades. It appears that the major redevelopment of this area will FINALLY be taking place. 


<ul><li>Shinsegae posted above-consensus 4Q25 results, with net revenue of W1.93tr (+6% YoY) and operating profit of W172.5bn (+66% YoY).</li><li>Strong revenue growth at department stores was the main driver of profit growth, while the duty-free business delivered an unexpected return to profitability.</li><li>Looking ahead, structural drivers of department store growth should remain intact, and the firm’s exit from the DF2 zone at Incheon International Airport (IIA) should enhance duty-free earnings visibility.</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.

Shinsegae posted above-consensus 4Q25 results, with net revenue of W1.93tr (+6% YoY) and operating profit of W172.5bn (+66% YoY).Strong revenue growth at department stores was the main driver of profit growth, while the duty-free business delivered an unexpected return to profitability.Looking ahead, structural drivers of department store growth should remain intact, and the firm’s exit from the DF2 zone at Incheon International Airport (IIA) should enhance duty-free earnings visibility.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.

Shinsegae (004170 KS/Buy)Inbound Tourism to Serve as Key Share Price Catalyst

<ul><li>For 4Q25, we expect Shinsegae to report above-consensus results, with net revenue of W1.94tr (+6% YoY) and operating profit of W173.6bn (+68% YoY).</li><li>At department stores, we expect gross revenue growth to rebound sharply to 9% YoY.</li><li>Previously, management stated that even after accounting for higher depreciation expenses stemming from store renovations, gross revenue growth of roughly 5% would be sufficient to ensure profit growth.</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 4Q25, we expect Shinsegae to report above-consensus results, with net revenue of W1.94tr (+6% YoY) and operating profit of W173.6bn (+68% YoY).At department stores, we expect gross revenue growth to rebound sharply to 9% YoY.Previously, management stated that even after accounting for higher depreciation expenses stemming from store renovations, gross revenue growth of roughly 5% would be sufficient to ensure profit growth.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.

Shinsegae (004170) Still the Most Attractive Retail Play Even After Recent Rally

South Korea

Shinsegae Co., Ltd. operates department stores in South Korea.  The Company retails food, clothing, household goods, electronics, and other items through several branch stores.

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Shinsegae (004170 KS)