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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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><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>

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