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1、2017.10.13CompanyLGHousehold&HealthCare(051900)UpdateNoneedtoworry●WebelieveLGHousehold&HealthCare'ssalesslipped1%y-yin3Qwhileitsoperatingprofitrose2%y-y,withbothresultsinlinewithconsensusestimates.●Theoverallperformanceshouldbesimilartothepriorquarter’s,wit
2、hprofitgrowthslowinginthebeveragedivisionbutacceleratinginthecosmeticsdivision.●Wefine-tuneourforecastsforLGH&HandleaveourtargetpriceatKRW1,210,000(basedon26.5x2018P/E,theglobalpeeraverage).Thestockremainsourtoppick.WHAT’STHESTORY?EunkyungParkAnalyst3Qprevie
3、w:WebelieveLGHousehold&HealthCare'ssalesslipped1%y-yin3Qtoeunkyung44.park@samsung.comKRW1.55twhileitsoperatingprofitrose2%y-ytoKRW247.9b,withbothresultsinline82220207850withconsensusestimates.Theperformanceshouldbesimilartothatof2Q(whensalesedgeddown2%y-yand
4、operatingprofitrose3%y-y).DespiteChinarisk,ascandalrelatedtofemininehygieneproducts,andotherexternalnegatives,salesinthecosmeticsandhouseholdgoodsdivisionlikelyheldupwellonmarketsharegains,andwebelievethecompany’sprofitabilityimprovedy-yoncostcuttingandamore
5、high-value-addedproductmix.Acceleratingprofitgrowthinthecosmeticsdivisionlikelymadeupforslowingprofitgrowthinthebeveragedivision.ATAGLANCECosmetics:Inthecosmeticsdivision,webelievesalesfell4%y-ytoKRW714.7bandoperatingprofitrose2%y-ytoKRW132.2b,foramarginof18
6、.5%(up0.8%ptsy-y).Growthmetricsshouldbesimilartothoseof2Q.Duty-freesaleslikelydeclinedlessy-yTargetpriceKRW1,210,000(24.1%)thanin2Q,whilelow-endbrandsalesfellmore.DeterioratingdemandinChinahashurtanumberoflow-endbrands,resultinginmoredomesticcompetition.Mean
7、while,CurrentpriceKRW975,000overseassaleslikelygrew15%y-yin3Q(thesamepaceasin2Q).Whilethehigh-marginMarketcapKRW15.2t/USD13.4bShares(float)15,618,197(59.8%)DFSportionofsaleslikelydecreased,webelievethecosmeticsunit’soperatingmarginKRW1,007,000/KRW741,00impro
8、vedy-yin3Qthankstorestructuringofstandalonestoresandotherlow-end52-weekhigh/low0channels,aswellashigh-endproduct-ledgrowthinoverseassales.AvgdailytradingKRW27.8b/value(60-day)USD24.5m(Continuedo
