Tongyang securities "one tour, duty-free business collapse ... Outbound bullish outlook. "

[Korea goyounghun financial newspaper reporter] tongyang securities are duty free business volume is reduced for at least 16 days but outbound tour market has raised the target price to BUY, saying a strong look to ₩ 94,000.

Tongyang securities were presented to an operating loss of 12 billion won in 2017 SM duty-free earnings guidance. Given that duty-free sales in 2016 are estimated at a deficit of 27.9 billion won SM level, it vowed to reduce the deficit by more than half.

Tongyang securities bakseonghyo researchers "Given the inventories depleted costs, operating loss guidance of 12 billion won in 2017 SM Duty is considered unlikely realistic," said a deficit criterion this year's operating deficit rather than downsizing after the "SM Duty He predicted would be a reasonable way to assess the level of corporate value recovery. "

This is the opinion that due to show the direction of downtown duty-free business downscaling very clear.

Park researchers described as "amicable outbound market due to strong sales growth and margin improvement is expected," he said "nyeonen will result in benefit to the Incheon International Airport Terminal 2 opened 2018".

He added "2017 is outbound from the main business side to benefit from a strong will appear margins phenomenon similar to 2015," he said, "If you withdraw the duty-free business, it is necessary to raise the eye level of the target price," he forecasts.



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