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

Shinsegae International Co / Equity Bottom-Up

<ul><li>Shinsegae International distributes fashion and cosmetics products primarily through department stores, and its portfolio is heavily weighted toward high-end brands, including imported fashion labels (Herno, Brunello Cucinelli, Armani, etc.) and beauty brands (Diptyque, Byredo, Santa Maria Novella, etc.).</li><li>With department stores entering a phase of structural growth, we expect the company’s investment appeal to strengthen as well.</li><li>First, we expect the luxury segment to continue robust 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.

Shinsegae International distributes fashion and cosmetics products primarily through department stores, and its portfolio is heavily weighted toward high-end brands, including imported fashion labels (Herno, Brunello Cucinelli, Armani, etc.) and beauty brands (Diptyque, Byredo, Santa Maria Novella, etc.).With department stores entering a phase of structural growth, we expect the company’s investment appeal to strengthen as well.First, we expect the luxury segment to continue robust 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 International (031430 KS)Direct Beneficiary of Department Stores’ Structural Growth

<ul><li>Korea’s consumer sentiment has remained strong for several consecutive months, reaching its highest level in eight years in November (112.4p).</li><li>As a favorable consumption environment for discretionary goods takes hold, department stores have entered a full-fledged growth phase.</li><li>In October-November, sales at department stores grew by double digits, showing broad-based growth across categories (not only luxury but also fashion and lifestyle/home goods). </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.

Korea’s consumer sentiment has remained strong for several consecutive months, reaching its highest level in eight years in November (112.4p).As a favorable consumption environment for discretionary goods takes hold, department stores have entered a full-fledged growth phase.In October-November, sales at department stores grew by double digits, showing broad-based growth across categories (not only luxury but also fashion and lifestyle/home goods). 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 International (031430 KS/Buy)Department Stores Booming...

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>This insight is a book review of 주주 권리가 없는 나라 (A Country Without Shareholder Rights), which is one of the best books on the corporate governance in Korea.</li>
<li>There are so much wisdom that are included in this book. The author really goes into details about numerous corporate governance problems in Korea and ways to fix them.</li>
<li>This book was published in January 2024 and it was written by a famous Korean retail investor called Park Young-Ok.</li>
</ul>


This insight is a book review of 주주 권리가 없는 나라 (A Country Without Shareholder Rights), which is one of the best books on the corporate governance in Korea.
There are so much wisdom that are included in this book. The author really goes into details about numerous corporate governance problems in Korea and ways to fix them.
This book was published in January 2024 and it was written by a famous Korean retail investor called Park Young-Ok.


A Country Without Shareholder Rights (주주 권리가 없는 나라) - A Book Review

Cross Asset Strategy

<div class="content-highlight">
On 9 April, the <a href="https://www.reuters.com/article/southkorea-nps/update-1-s-koreas-pension-fund-adjusts-rules-to-raise-domestic-equity-allocation-idUSL1N2M20EN" target="_blank" rel="noopener">NPS</a> announced that it will change rules to increase the allocation of Korean stocks, which would be the first time in a decade. This adjustment could be implemented starting next week. This change comes after a lot of pressure by the retail investors.
NPS increased the strategic asset allocation (SAA) limit for domestic equities from the current 2% to 3%, increasing the percentage of Korean stocks it can hold from the current band of 14.8% -18.8% (+/- 2% with 16.8% as base) to 13.8% -19.8% (+/- 3% with 16.8% as base). NPS's target of the domestic equity allocation is 16.8% (of total fund amount). As a result of this change, the sale of domestic stocks by the NPS is expected to slow down.
</div>


On 9 April, the NPS announced that it will change rules to increase the allocation of Korean stocks, which would be the first time in a decade. This adjustment could be implemented starting next week. This change comes after a lot of pressure by the retail investors.
NPS increased the strategic asset allocation (SAA) limit for domestic equities from the current 2% to 3%, increasing the percentage of Korean stocks it can hold from the current band of 14.8% -18.8% (+/- 2% with 16.8% as base) to 13.8% -19.8% (+/- 3% with 16.8% as base). NPS's target of the domestic equity allocation is 16.8% (of total fund amount). As a result of this change, the sale of domestic stocks by the NPS is expected to slow down.


Event-Driven

<ul>
<li>On 11 June, it was reported that the Shinsegae Group plans to acquire entire remaining stake in SSG.com held by financial investors (Olympus No 1 Co.) for 1.3 trillion won.</li>
<li>I am turning Negative on Shinsegae. There are three major reasons. First, I think valuations are unattractive. Second, I think the company is overpaying for the remaining stake in SSG.com. </li>
<li>Third, although the company has been one of the beneficiaries of the stock market wealth effect in the past year, the sustainability of continued booming stock market remains suspect.  </li>
</ul>


On 11 June, it was reported that the Shinsegae Group plans to acquire entire remaining stake in SSG.com held by financial investors (Olympus No 1 Co.) for 1.3 trillion won.
I am turning Negative on Shinsegae. There are three major reasons. First, I think valuations are unattractive. Second, I think the company is overpaying for the remaining stake in SSG.com. 
Third, although the company has been one of the beneficiaries of the stock market wealth effect in the past year, the sustainability of continued booming stock market remains suspect.  


Shinsegae Group to Acquire Entire Remaining Stake in SSG.com for 1.3 Trillion Won

South Korea

Shinsegae International Co., Ltd. was spun off from Shinsegae in 1996.  The company imports and distributes famous foreign brands and manufactures/distribut es domestic brand.  The Company's line of business includes the wholesale distribution of men's and women's apparel.

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Shinsegae International Co (031430 KS)

Shinsegae International (031430 KS)Direct Beneficiary of Department Stores’ Structural Growth

Shinsegae International distributes fashion and cosmetics products primarily through department stores, and its portfolio is heavily weighted...

Mirae Asset Securities

Shinsegae International (031430 KS/Buy)Department Stores Booming...

Korea’s consumer sentiment has remained strong for several consecutive months, reaching its highest level in eight years in November (112.4p).

Mirae Asset Securities

A Country Without Shareholder Rights (주주 권리가 없는 나라) - A Book Review

This insight is a book review of 주주 권리가 없는 나라 (A Country Without Shareholder Rights), which is one of the best books on the corporate governance in...

Douglas Kim

NPS Raises Domestic Equity Allocations

NPS increased the strategic asset allocation (SAA) limit for domestic equities from the current 2% to 3%. As a result of this change, the sale of...

Douglas Kim

Shinsegae Group to Acquire Entire Remaining Stake in SSG.com for 1.3 Trillion Won

I am turning Negative on Shinsegae. There are three major reasons. First, I think valuations are unattractive. Second, I think the company is...

Douglas Kim

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