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时间:2018-03-10
《汇丰银行-韩国-互联网与零售行业-韩国家庭消费:是时候购物了》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、24October2017KoreaHomeShoppingEQUITIESINTERNET&CATALOGRETAILTimetogoshoppingKoreaHomeshoppingcompaniescontinuetofocusonprofitsKarenChoi*HeadofConsumerandRetailResearch,Asia-PacificAtthesametime,T-commerceandmobilearedrivinggrowthTheHongkongandShanghaiBankingCorporationLimited,Seou
2、lSecuritiesBranchkaren.choi@kr.hsbc.comUpgradeGSHomeShoppingtoBuy(fromHold)andreiterate+82237068781BuyonbothHHSandCJOS*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andis2017year-to-date:Thehomeshoppingnameshavehadagoodrunsothisyearnotregistered/qualifiedpursuanttoFINRAregulations
3、(GSHS,HHSandCJOSsharesup23%,6.7%,19.4%,respectively,year-to-datevs.KOSPIup22.9%vs.KOSDAQup6%)mainlyattributabletosuperiorearningsgrowthcomparedwithotherretailformats(refertofigure5fordetails).Althoughourpreferencewithintheretailsectorremainsconveniencestorenames−fortheirstructuralgrowth
4、opportunitiescomingfromdemographicchanges−webelievenowisgoodtimetorevisitthesectorgiventhepositiveearningsgrowthoutlookin2018.Withthesharestradingatthelow-endoftheirtradingband(10x2018ePEvs.5-yearhistoricaltradingaverageof10-17x),webelievethereisroomforthesharestomovehigher.Weexpectsati
5、sfactory3Q17earningstobethenextupcomingcatalysts(dueearlyNovember).2018outlook:Weforecasthomeshoppingcompaniestopostsalesgrowthof7-8%in2018(previously5-6%)mainlyledbymobileandT-commerce.Weexpecthomeshoppingoperatorstomaintaintheirfocusonprofits(vs.growth)andassuch,companieswilltrytocome
6、upwithdifferentiatedproductsandconcentrateoncross-channelsalesandprofitabilityinthemobilechannel.ThefactthatHHShasmaintainedrelativelyhighmarginwhileachievingafastgrowthrateinmobilechannelstandsout.Weestimatehomeshoppingoperatorstoreportsatisfactoryearningsin3Q17(refertofigure1)withfewe
7、rpromotionsandnoone-offcosts.Valuationandrisks:WeupgradeGSHStoBuy(fromHold)andraiseourTPtoKRW270k(fromKRW230k);reiterateBuyonHHSandCJOSwithTPofKRW170k(fromKRW160k)andKRW270k(fromKRW260k)respectively.OurSOTPvaluationmethodologiesareunchanged;werolloverourvaluationto2018e,andrevi
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