汇丰银行-韩国-消费品行业-韩国消费业：中国人回来了-20171031-hsbc-korea_consumerchinese_to_be_back

《汇丰银行-韩国-消费品行业-韩国消费业：中国人回来了-20171031-hsbc-korea_consumerchinese_to_be_back》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Flashnote31October2017KoreaConsumerEQUITIESCONSUMERChinesetobebackKoreaKoreaandChinatomovebeyondTHAAD-relateddisputesKarenChoi*HeadofConsumerandRetailResearch,Asia-PacificPositivenewsonconsumerstocks,givenChinesehadabigTheHongKongandShanghaiBankingCorporationLimited,SeoulSecuritiesBranc

2、hinfluenceacrossmostofthedomesticchannelsinKoreakaren.choi@kr.hsbc.com+82237068781HighconvictionBuyideasareAmorepacific,HotelShillaand*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisShinsegae,allratedBuynotregistered/qualifiedpursuanttoFINRAregulationsWhat’snew?Accordingtopressrepor

3、ts(egBloomberg:China,SouthKoreaAgreetoShelveTHAADMissileShieldDispute,31Oct.2017),KoreaandChinahavenowdecidedtomovepasttheiryear-longclashoverKorea’sdeploymentofitsTerminalHighAltitudeAreaDefensesystem,alsoknownasTHAAD.Bywayofbackground,KoreacompleteditsfulldeploymentofTHAADlastmonth,anddurin

4、gthecourseoftime,ChinahadshownoppositionandretaliatedwitheconomicmeasuresagainstKoreaandKoreancompaniesoperatingwithinChina.Whileitistooearlytoquantifyhowfasttherelationshipbetweenthetwonationswillnormalize,weexpectapositiveimpactonChinese-relatednamessuchascosmeticcompaniesandduty-freeoperat

5、orsgiventhatasignificantpartoftheirearningscomesfromChinesetourists(refertofigure1fordetails).Lastyear,8.1millionChinese(up34.8%y-o-y)visitedKorea,accountingfor47%oftotalinboundtourists(vs.3.2millionasofSeptember,down49.6%y-o-y,accountingfor32%ofvisitors).GrowingimportanceofChina:Despitetheea

6、singoftensionsbetweenKoreaandChina,wecontinuetobelievethekeytosuccessisbuildingapresenceinChinaonshoreandbeinglessdependentontourismflows,astourismflowsmayvarydependingongeopoliticaltensionsornaturaldisasters.Weexpectcosmeticcompanies’Chinaonshoresalestopickupin4Qasmarketingactivitieswerelimi

7、tedinthepreviousquarter.Separately,whenChineseconsumersareback,HotelShillaandShinsegaeshouldbenefitthemostasweestimatetheyaccountfor70-80%ofduty-freesales.WemakenochangestoourestimatesandcontinuetoexpectfourmillionChineseinboundvisitstoKoreai