Shinsegae Target Price Raised as Foreign, Fashion and Luxury Sales Grow

Daishin Securities said on the 13th that Shinsegae’s operating profit surged 31% as domestic department store spending and inbound consumer sales remained strong. The brokerage raised its target price for Shinsegae and highlighted simultaneous high growth in foreign customer demand, fashion and luxury categories. Despite this three-part growth momentum, the report assessed the company as still undervalued. The improvement in department store performance was presented as the key basis for the investment view, drawing market attention to the possibility of a valuation reassessment. Source: mk.co.kr