[Infostock Daily= Reporter An Hoe Hyun] On the 15th, eBEST Investment & Securities lowered its target stock price to 47,000 won, saying that The Hitejinro's performance in the fourth quarter of last year was sluggish due to a prolonged social distancing. The investment opinion remained 'Buy'.
Unlike the third quarter of last year, when sales growth was large due to increased consumption of alcoholic beverages, the growth rate is not as large as expected due to the expansion of COVID-19 in the fourth quarter. "The overall liquor market itself, which was confirmed from October to November, was much lower than the previous quarter, but December is worse than that," the company explained.
"Due to the prolonged social distancing, the entertainment market, including bars, has not been operating since 9 p.m. for nearly two months, and the shift in demand for home use has offset some of this, but it is not enough in terms of the absolute amount," the company said and predicted, "In the previous estimate, sales in the fourth quarter would have fallen by 1% and operating profit would have fallen by 17%."
Reporter An Hoe Hyun email@example.com