Hite Jinro, 3Q performance is below expectations due to prolonged distance keeping (IBK Investment & Securities)
Hite Jinro, 3Q performance is below expectations due to prolonged distance keeping (IBK Investment & Securities)
  • 이동훈 기자
  • 승인 2021.09.17 15:27
  • 최종수정 2021.09.17 08:06
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하이트진로, 식탁이있는삶 CI. 제공=하이트진로
하이트진로, 식탁이있는삶 CI. 제공=하이트진로

Hite Jinro is expected to perform below market expectations in the third quarter of this year due to the prolonged social distance measures put forward by the government due to the COVID-19 situation.

On the 17th, IBK Investment & Securities lowered Hite Jinro's target price by 15.7% to 43,000 won against this backdrop. The closing price of the day before was 34,700 won. Investment opinion 'buy' was maintained.

As social distance continues to be implemented, third-quarter earnings are expected to be somewhat sluggish. IBK Investment & Securities expects Hite Jinro to record 601.5 billion won in consolidated sales and 42.7 billion won in operating profit in the third quarter of this year.

Compared to the same period last year, it decreased by 3.6% and 33.7%, respectively. It expects sales of 622 billion won and operating profit of 59.7 billion won, which are market forecasts (consensus).

"As the aftermath of the regulation on social distance continues, liquor sales are expected to decline, and considering the recent increased competition in the beer market, profitability is expected to deteriorate due to increased sales costs such as advertising costs," said IBK Investment & Securities.

Both beer and soju sales are expected to be sluggish. In the beer sector, sales are estimated at 222.8 billion won and operating profit is estimated at 5.8 billion won. Compared to the third quarter of last year, sales and operating profit are expected to fall 8.7% and 69.4%.

Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
 


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