iM Securities: Shinsegae’s Myeongdong flagship stands to benefit from foreign tourists, target price set at 680,000 won
Translated from Korean and summarized by DistantNews. Read the original for the full story.
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- iM Securities said Shinsegae’s Myeongdong flagship could benefit as the number of foreign tourists visiting South Korea rises.
- The brokerage began coverage with a Buy rating and a target price of 680,000 won, compared with Shinsegae’s previous closing price of 396,500 won.
- It forecast annual sales of 7.023 trillion won, up 4.4% from the previous year, although the supplied report is truncated.
Shinsegae’s flagship department store in Myeongdong could become a major beneficiary of rising foreign tourism to South Korea, iM Securities said on the 8th.
The brokerage began coverage of Shinsegae with a Buy recommendation and a target price of 680,000 won. Shinsegae closed the previous trading day at 396,500 won.
iM Securities also forecast that Shinsegae’s annual sales would rise 4.4% year on year to 7.023 trillion won. The supplied report ends while presenting the brokerage’s forecast.
About this summary
Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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