Shinsegae Food's 'buy' rating was maintained.
It is expected that the contribution of the No Brand Burger division will increase in 2022.
On the 9th, Hanwha Investment & Securities maintained a 'BUY' rating with a target price of 138,000 won for Shinsegae Food.
Hanwha Investment & Securities said, "The No Brand Burger division is expected to turn to the black in 2022," and added "We are also expecting an increase in sales volume due to the increase of franchisees and the expansion of outside activities."
The fact that the number of stores of franchisees with relatively low cost burden surpassed those of directly managed stores was evaluated positively for the subsequent performance.
No Brand Burger is expected to open 120 to 150 new franchises in 2022.
It is estimated that Shinsegae Food recorded 343.2 billion won in sales and 6.4 billion won in operating profit in the third quarter, up 6.9% and 41.8%, respectively, from the same period last year.
Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
