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 2Q25, Shinsegae reported below-consensus results, with net revenue of W1.69tr (+6% YoY) and operating profit of W75.3bn (-36% YoY).</li><li>The company was negatively affected by its high cyclical exposure, with unstable domestic demand weighing on both the core department store business and macro-sensitive subsidiaries such as Shinsegae International (fashion) and Casamia (furniture).</li><li>Department stores posted gross revenue of W1.75tr (flat YoY) and operating profit of W70.9bn (-13% YoY; OP margin of 4.1%). </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 2Q25, Shinsegae reported below-consensus results, with net revenue of W1.69tr (+6% YoY) and operating profit of W75.3bn (-36% YoY).The company was negatively affected by its high cyclical exposure, with unstable domestic demand weighing on both the core department store business and macro-sensitive subsidiaries such as Shinsegae International (fashion) and Casamia (furniture).Department stores posted gross revenue of W1.75tr (flat YoY) and operating profit of W70.9bn (-13% YoY; OP margin of 4.1%). 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)Department Store Earnings to Grow in 2H25

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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