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, we expect Hyundai Department Store (HDS) to report below-consensus results, with net revenue of W966.6bn (-7% YoY) and operating profit of W70.9bn (+10% YoY).</li><li>Results are likely to disappoint mainly because of delayed revenue recognition at Zinus due to the impact of tariffs.</li><li>Zinus is reportedly in discussions with its sales channels regarding pricing; once these negotiations and any resulting adjustments are completed, the deferred earnings are likely to be recognized.</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, we expect Hyundai Department Store (HDS) to report below-consensus results, with net revenue of W966.6bn (-7% YoY) and operating profit of W70.9bn (+10% YoY).Results are likely to disappoint mainly because of delayed revenue recognition at Zinus due to the impact of tariffs.Zinus is reportedly in discussions with its sales channels regarding pricing; once these negotiations and any resulting adjustments are completed, the deferred earnings are likely to be recognized.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)Strengthening Competitiveness by Focusing on Major Stores

Hyundai Dept Store Co

Hyundai Department Store (069960 KS/Buy)Strengthening Competitiveness by Focusing on Major Stores