[Infostock Daily= Reporter An Hoe Hyun] SK Securities said on the 4th that Shinsegae's logistics appeal is insufficient, but a gradual recovery in duty-free shops is expected, while its investment opinion remained 'Buy' and its target stock price remained at 250,000 won.
"The proportion of Shinsegae in SSG.com is estimated to be around 15%, and SSG.com is not as important as E-Mart," the company said, adding, "This means that logistics-related spending needed to increase online transactions through SSG.com is not active, which means that Shinsegae has to receive limited benefits from e-commerce growth.
"It is positive that the sluggishness of duty-free shops is gradually easing, and that the rent structure of airport duty-free shops has changed to operating rates by item," the company analyzed.
"It is expected to start to gradually make up for the operating deficit of duty-free shops from the fourth quarter," the company explained, adding, "Given that the momentum of Shinsegae's stock prices in recent years has been duty-free shops rather than department stores, we need to pay attention to the fourth quarter when the recovery of duty-free shops will begin to become visible."
Reporter An Hoe Hyun ahh@infostock.co.kr
