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>For 3Q25, Hyundai Department Store (HDS) posted below-consensus results, with net revenue of W1.01tr (-3% YoY) and operating profit of W72.6bn (+12% YoY).</li><li>The earnings miss was mainly caused by Zinus, which posted a larger-than-expected operating loss (W7.8bn) due to the impact of tariffs.</li><li>Excluding Zinus, core retail operations beat expectations, with department store operating profit growing 26% YoY and the dutyfree division swinging to profitability.</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 3Q25, Hyundai Department Store (HDS) posted below-consensus results, with net revenue of W1.01tr (-3% YoY) and operating profit of W72.6bn (+12% YoY).The earnings miss was mainly caused by Zinus, which posted a larger-than-expected operating loss (W7.8bn) due to the impact of tariffs.Excluding Zinus, core retail operations beat expectations, with department store operating profit growing 26% YoY and the dutyfree division swinging to profitability.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.

Hyundai Department Store (069960 KS/Buy)Department Stores Entering Strong Growth Phase

Hyundai Dept Store Co

Hyundai Department Store (069960 KS/Buy)Department Stores Entering Strong Growth Phase