Amore Pacific, Saad retaliatory aftermath Earnings uncertainty ... ↓ -KB goal Securities

[Goyounghun financial newspaper reporter Korea] KB Securities was down from 35 to 12 days due to Amore Pacific Saad retaliation for the aftermath Earnings uncertainty boindamyeo to continue for the time being Recommendation HOLD (Maintain) TP ten thousand won to 310,000 won.

KB securities side first quarter consolidated sales of Amore Pacific's predicted it would fall short of expectations, saying to record a 5% increase from 1.5584 trillion won, operating profit of 334.2 billion won during the same period decreased 1% compared to the previous year.

Park Sinae KB Securities Research Institute is "duty-free sales of 373.4 billion won is expected to be while decreasing 5% compared to the same period the domestic duty-free year overseas duty-free shops will grow 50%", and "I'm the number of arrivals of Chinese plummeted since March, the situation is not easy, domestic duty free shops "he said.

The outlook for domestic consumption and other channels were also not good diagnostic performance would seem sluggish due to weak consumer sentiment, competition, etc.

Park researchers and he said, "The Sad retaliation second quarter consolidated sales decreased 4% YoY and operating profit will be reduced by 13%." "The duty-free sales show to decline 32% YoY second half also earnings visibility is very low." It predicts.



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