Interpark, last year's trip yeoeop profit down 80% ↓ ... Recommendation - Shinhan

[Korea hyerin nine financial newspaper reporter] was rated as Shinhan Investment is urgently improved earnings for the trip Interpark 15 days. Thus the recommendation to "neutral" lowered.

Interpark last year's fourth quarter consolidated sales rose to 137.6 billion won (+ 21.6% YoY). This is a performance that beat the market consensus (123.5 billion won).

However, the division recorded an operating profit of travel -14 million (deficit conversion), ENT 91 one hundred million won (+ 140.5% YoY), shopping -13 million (deficit continued) Book -25 million (deficit continued).

Gimeunhye researcher at Shinhan Investment Corp. is' 'Check Now' was due to TV advertising is inevitable that costs will worsen in 2015 compared to 53% increase to the travel sector profitability, "said," The performance improvements to travel division is desperately needed in order to rebound, he said .

Interpark example of the growth in the travel sector in 2016 were sharply slowed down. Growth in '14, '15, '16 (% YoY) has lowered ticket (60 → 60 → 32), accommodation (57 → 46 → 21), the package (95 → 51 → 22), etc.

Kim said researchers have "no choice but to come out to defend the cost increase market share, '' 2016 tour operating profit was 2.9 billion won (-80.2% YoY) 'he said.

Also, he 'year journey OP needs but estimated at 11.2 billion won (+ 284.2% YoY, the base effect) determine the earnings trend' said, 'share price from the time the check is earnings growth is expected to rebound' adding that.



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