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 Shinsegae to post net revenue of W1.68tr (+9% YoY) and operating profit of W100.1bn (+8% YoY), falling short of the consensus estimates mainly due to weakness at subsidiaries such as Shinsegae International and Casamia.</li><li>That said, we expect the core department store and duty-free units to report in-line results.</li><li>For department stores, we estimate gross revenue at W1.74tr (+3% YoY) and operating profit at W82.8bn (-6% YoY; OP margin of 4.8%).</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 Shinsegae to post net revenue of W1.68tr (+9% YoY) and operating profit of W100.1bn (+8% YoY), falling short of the consensus estimates mainly due to weakness at subsidiaries such as Shinsegae International and Casamia.That said, we expect the core department store and duty-free units to report in-line results.For department stores, we estimate gross revenue at W1.74tr (+3% YoY) and operating profit at W82.8bn (-6% YoY; OP margin of 4.8%).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)Renovations Finally Wrapping Up