Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩460,500, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Multiline Retail industry in Asia. Total returns to shareholders of 153% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩815,651 per share. New Risk • Jul 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Buy Or Sell Opportunity • Jul 09
Now 21% undervalued Over the last 90 days, the stock has risen 78% to ₩606,000. The fair value is estimated to be ₩764,650, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 73%. Revenue is forecast to grow by 8.3% in 2 years. Earnings are forecast to grow by 507% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩621,000, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 17x in the Multiline Retail industry in Asia. Total returns to shareholders of 244% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩742,451 per share. Price Target Changed • Jun 29
Price target increased by 9.9% to ₩667,294 Up from ₩607,294, the current price target is an average from 17 analysts. New target price is 8.5% below last closing price of ₩729,000. Stock is up 287% over the past year. The company is forecast to post earnings per share of ₩38,090 for next year compared to ₩1,590 last year. Price Target Changed • Jun 18
Price target increased by 7.1% to ₩607,294 Up from ₩567,294, the current price target is an average from 17 analysts. New target price is 18% below last closing price of ₩737,000. Stock is up 299% over the past year. The company is forecast to post earnings per share of ₩37,216 for next year compared to ₩1,590 last year. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩656,000, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Multiline Retail industry in South Korea. Total returns to shareholders of 262% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩655,193 per share. 공고 • Jun 03
Home plus Reportedly Puts Its Remaining Operations Up for Sale Home plus Co.,LTD. has put its remaining operations up for sale after agreeing to dispose of its supermarket arm, industry sources said on 02 June 2026, courting domestic and foreign buyers as the debt-laden retailer seeks funding ahead of a court-imposed restructuring deadline. According to the sources, Homeplus's sales adviser, PwC Korea, has sent teaser materials to more than 10 domestic and overseas strategic investors as part of a sale process for the retailer's hypermarket and online businesses. Potential buyers include South Korean retail groups LOTTE Corporation (KOSE:A004990), SHINSEGAE Inc. (KOSE:A004170) and CJ Corporation (KOSE:A001040), as well as Chinese e-commerce companies Alibaba Group Holding Limited (NYSE:BABA) and Temu. The push follows Homeplus's May agreement to sell its supermarket unit, Homeplus Express, to Harim Group's NS Shopping for $80 million in cash, with the buyer also assuming part of the division's liabilities. The transaction would ease the retailer's liquidity strain, though additional funding would still be needed to stabilize operations, the company noted. "The sale of Homeplus Express is expected to improve liquidity, but because the proceeds will not be received for another two months, we need additional funding both to maintain operations until the cash inflow arrives and to implement the rehabilitation plan," the company said in a statement. An escalating liquidity crisis compounds the challenge, despite MBK Partners' provision of KRW 100 billion in debtor-in-possession financing in March. The company is currently seeking a KRW 100 billion bridge loan from its largest creditor, Meritz Financial Group, to sustain operations until cash from the Express sale arrives. The talks have deadlocked, however, with Meritz demanding a personal guarantee from MBK Chairman Michael Kim, immediate repayment once the proceeds land and a 6% interest rate. Homeplus must win court approval for its rehabilitation plan by July 3 or face the prospect of liquidation. Even if the court extends the deadline to September, industry observers warn that the risk of liquidation would rise sharply if the company cannot keep its remaining locations open, with dozens of stores already idled. Homeplus temporarily suspended operations at 37 low-performing locations from May through July, out of its 104 hypermarkets total. It has delayed wage payments to employees and struggled to keep shelves stocked as supplier payments have fallen behind. Some believe the better path is not a package sale of the remaining hypermarket and online operations, but carving out valuable real estate assets from operating units to lower the cost of acquiring the core retail business. "Finding a buyer for Homeplus's entire store network will be challenging, so selling prime locations separately could be one way to improve the chances of a deal," one industry official said. Upcoming Dividend • May 21
Upcoming dividend of ₩1,300 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 19 June 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (2.2%). Buy Or Sell Opportunity • May 18
Now 20% undervalued Over the last 90 days, the stock has risen 39% to ₩507,000. The fair value is estimated to be ₩634,198, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 72%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 46% per annum over the same time period. Major Estimate Revision • May 14
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩7.09b to ₩7.27b. EPS estimate increased from ₩28,990 to ₩33,011 per share. Net income forecast to grow 2,193% next year vs 195% growth forecast for Multiline Retail industry in South Korea. Consensus price target up from ₩417,469 to ₩498,529. Share price rose 23% to ₩531,000 over the past week. Price Target Changed • May 13
Price target increased by 7.7% to ₩432,647 Up from ₩401,706, the current price target is an average from 17 analysts. New target price is 10% below last closing price of ₩481,500. Stock is up 192% over the past year. The company is forecast to post earnings per share of ₩31,184 for next year compared to ₩1,590 last year. 공고 • May 01
SHINSEGAE Inc. to Report Q1, 2026 Results on May 12, 2026 SHINSEGAE Inc. announced that they will report Q1, 2026 results on May 12, 2026 Board Change • Apr 10
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Outside Independent Director Hee Seon Jin was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Mar 30
Now 21% undervalued Over the last 90 days, the stock has risen 24% to ₩307,500. The fair value is estimated to be ₩390,556, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 72%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings are also forecast to grow by 54% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of ₩5,200 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 17 April 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.4%). Reported Earnings • Mar 14
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₩1,590 (down from ₩11,776 in FY 2024). Revenue: ₩6.93t (up 5.5% from FY 2024). Net income: ₩13.9b (down 87% from FY 2024). Profit margin: 0.2% (down from 1.6% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 87%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Multiline Retail industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩309,500, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Multiline Retail industry in South Korea. Total returns to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩488,474 per share. 공고 • Feb 24
SHINSEGAE Inc., Annual General Meeting, Mar 24, 2026 SHINSEGAE Inc., Annual General Meeting, Mar 24, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 70, sogong-ro, jung-gu, seoul South Korea Declared Dividend • Feb 11
Dividend increased to ₩5,200 Dividend of ₩5,200 is 16% higher than last year. Ex-date: 30th March 2026 Payment date: 17th April 2026 Dividend yield will be 1.4%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio). However, it is well covered by cash flows (13% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control. EPS is expected to grow by 245% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. 공고 • Feb 10
SHINSEGAE Inc. announces Annual dividend, payable on April 17, 2026 SHINSEGAE Inc. announced Annual dividend of KRW 5200.0000 per share payable on April 17, 2026, ex-date on March 30, 2026 and record date on March 31, 2026. Price Target Changed • Feb 10
Price target increased by 13% to ₩331,667 Up from ₩292,778, the current price target is an average from 18 analysts. New target price is 13% below last closing price of ₩381,000. Stock is up 190% over the past year. The company is forecast to post earnings per share of ₩12,322 for next year compared to ₩11,776 last year. Buy Or Sell Opportunity • Feb 02
Now 20% undervalued Over the last 90 days, the stock has risen 77% to ₩313,500. The fair value is estimated to be ₩394,173, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years. Earnings per share has declined by 57%. Revenue is forecast to grow by 4.2% in 2 years. Earnings are forecast to grow by 648% in the next 2 years. Major Estimate Revision • Jan 23
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩14,811 to ₩13,287 per share. Revenue forecast steady at ₩6.90b. Net income forecast to grow 503% next year vs 19% growth forecast for Multiline Retail industry in South Korea. Consensus price target up from ₩275,000 to ₩284,444. Share price was steady at ₩290,000 over the past week. Price Target Changed • Jan 23
Price target increased by 8.0% to ₩284,444 Up from ₩263,333, the current price target is an average from 18 analysts. New target price is approximately in line with last closing price of ₩290,000. Stock is up 119% over the past year. The company is forecast to post earnings per share of ₩14,761 for next year compared to ₩11,776 last year. Price Target Changed • Dec 12
Price target increased by 7.7% to ₩244,889 Up from ₩227,389, the current price target is an average from 18 analysts. New target price is approximately in line with last closing price of ₩257,000. Stock is up 92% over the past year. The company is forecast to post earnings per share of ₩17,267 for next year compared to ₩11,776 last year. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩249,500, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Multiline Retail industry in South Korea. Total returns to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩410,815 per share. Major Estimate Revision • Nov 18
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩19,436 to ₩17,175 per share. Revenue forecast steady at ₩6.92b. Net income forecast to grow 815% next year vs 21% growth forecast for Multiline Retail industry in South Korea. Consensus price target up from ₩222,389 to ₩235,722. Share price rose 8.8% to ₩222,000 over the past week. Price Target Changed • Nov 17
Price target increased by 9.6% to ₩235,722 Up from ₩215,000, the current price target is an average from 18 analysts. New target price is 6.2% above last closing price of ₩222,000. Stock is up 68% over the past year. The company is forecast to post earnings per share of ₩18,832 for next year compared to ₩11,776 last year. Major Estimate Revision • Nov 10
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS increased from ₩19,389 to ₩22,573. Revenues were reaffirmed at ₩6.88b. Net income forecast to grow 851% next year vs 20% growth forecast for Multiline Retail industry in South Korea. Consensus price target up from ₩215,000 to ₩219,611. Share price rose 18% to ₩203,000 over the past week. 공고 • Nov 04
SHINSEGAE Inc. to Report Q3, 2025 Results on Nov 07, 2025 SHINSEGAE Inc. announced that they will report Q3, 2025 results on Nov 07, 2025 Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩203,500, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 18x in the Multiline Retail industry in Asia. Total loss to shareholders of 8.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩373,487 per share. Reported Earnings • Aug 20
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: ₩258 loss per share (down from ₩3,902 profit in 2Q 2024). Revenue: ₩1.69t (up 5.6% from 2Q 2024). Net loss: ₩2.26b (down 106% from profit in 2Q 2024). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Multiline Retail industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 12
Consensus EPS estimates fall by 25% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩21,051 to ₩15,785 per share. Revenue forecast steady at ₩6.87b. Net income forecast to grow 193% next year vs 19% growth forecast for Multiline Retail industry in South Korea. Consensus price target broadly unchanged at ₩198,111. Share price fell 4.0% to ₩164,400 over the past week. 공고 • Aug 02
SHINSEGAE Inc. to Report Q2, 2025 Results on Aug 08, 2025 SHINSEGAE Inc. announced that they will report Q2, 2025 results on Aug 08, 2025 Price Target Changed • Jul 13
Price target increased by 7.7% to ₩195,889 Up from ₩181,941, the current price target is an average from 18 analysts. New target price is 5.5% above last closing price of ₩185,600. Stock is up 16% over the past year. The company is forecast to post earnings per share of ₩21,671 for next year compared to ₩11,776 last year. 공고 • May 08
SHINSEGAE Inc. to Report Q1, 2025 Results on May 13, 2025 SHINSEGAE Inc. announced that they will report Q1, 2025 results on May 13, 2025 공고 • Mar 24
SHINSEGAE Inc.(KOSE:A004170) dropped from FTSE All-World Index (USD) SHINSEGAE Inc.(KOSE:A004170) dropped from FTSE All-World Index (USD) New Risk • Mar 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). 공고 • Feb 20
SHINSEGAE Inc., Annual General Meeting, Mar 20, 2025 SHINSEGAE Inc., Annual General Meeting, Mar 20, 2025, at 09:20 Tokyo Standard Time. Location: conference room, 70, sogong-ro, jung-gu, seoul South Korea Major Estimate Revision • Feb 06
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩26,566 to ₩23,149 per share. Revenue forecast steady at ₩6.85b. Net income forecast to grow 29% next year vs 17% growth forecast for Multiline Retail industry in South Korea. Consensus price target down from ₩181,111 to ₩176,444. Share price was steady at ₩134,200 over the past week. 공고 • Jan 23
SHINSEGAE Inc. to Report Q4, 2024 Results on Feb 05, 2025 SHINSEGAE Inc. announced that they will report Q4, 2024 results on Feb 05, 2025 Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩127,600, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Multiline Retail industry in South Korea. Total loss to shareholders of 44% over the past three years. Major Estimate Revision • Nov 09
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₩27,334 to ₩21,854 per share. Revenue forecast steady at ₩6.64b. Net income forecast to grow 27% next year vs 16% growth forecast for Multiline Retail industry in South Korea. Consensus price target broadly unchanged at ₩204,737. Share price fell 5.7% to ₩141,500 over the past week. 공고 • Nov 06
SHINSEGAE Inc. to Report Q3, 2024 Results on Nov 08, 2024 SHINSEGAE Inc. announced that they will report Q3, 2024 results on Nov 08, 2024 공고 • Aug 07
SHINSEGAE Inc. to Report Q2, 2024 Results on Aug 07, 2024 SHINSEGAE Inc. announced that they will report Q2, 2024 results on Aug 07, 2024 공고 • May 09
SHINSEGAE Inc. (KOSE:A004170) announces an Equity Buyback for KRW 105,000 million worth of its shares. SHINSEGAE Inc. (KOSE:A004170) announces a share repurchase program. Under the program, the company will repurchase up to KRW 105,000 million pursuant to a contract with SAMSUNG SECURITIES CO,. LTD. The program is aimed at enhancing shareholder value and stock price stabilization. The repurchase program is valid till February 7, 2025. As of May 7, 2024, the company had 400,000 shares within scope available for dividend and had 8,774 shares in treasury through other repurchase. 공고 • May 03
SHINSEGAE Inc. to Report Q1, 2024 Results on May 08, 2024 SHINSEGAE Inc. announced that they will report Q1, 2024 results on May 08, 2024 New Risk • Mar 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.5% net profit margin). Reported Earnings • Feb 29
Full year 2023 earnings released Full year 2023 results: Revenue: ₩6.36t (down 19% from FY 2022). Net income: ₩312.0b (down 23% from FY 2022). Profit margin: 4.9% (down from 5.2% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Multiline Retail industry in South Korea. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. 공고 • Feb 24
SHINSEGAE Inc., Annual General Meeting, Mar 21, 2024 SHINSEGAE Inc., Annual General Meeting, Mar 21, 2024, at 09:01 Korea Standard Time. Location: Main conference hall at 10F of Post Tower Seoul South Korea Agenda: To consider and approve Financial Statements for the 67th Fiscal Year; to consider amendments to the Articles; to consider election of inside board of director; and to consider other matters. Upcoming Dividend • Dec 20
Upcoming dividend of ₩3,750 per share at 2.1% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 24 April 2024. Payout ratio is a comfortable 9.7% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (3.5%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩4,592 (vs ₩6,936 in 3Q 2022) Third quarter 2023 results: EPS: ₩4,592 (down from ₩6,936 in 3Q 2022). Revenue: ₩1.50t (down 23% from 3Q 2022). Net income: ₩43.3b (down 37% from 3Q 2022). Profit margin: 2.9% (down from 3.5% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Multiline Retail industry in South Korea. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 09
Consensus EPS estimates fall by 18%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ₩6.65b to ₩6.86b. EPS estimate fell from ₩34,508 to ₩28,195 per share. Net income forecast to shrink 20% next year vs 21% growth forecast for Multiline Retail industry in South Korea . Consensus price target down from ₩276,350 to ₩268,600. Share price rose 4.6% to ₩172,300 over the past week. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩10,839 (vs ₩12,304 in 1Q 2022) First quarter 2023 results: EPS: ₩10,839 (down from ₩12,304 in 1Q 2022). Revenue: ₩1.56t (down 12% from 1Q 2022). Net income: ₩106.4b (down 12% from 1Q 2022). Profit margin: 6.8% (down from 6.9% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Multiline Retail industry in Asia. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 12
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₩41,282 (up from ₩31,193 in FY 2021). Revenue: ₩7.81t (up 24% from FY 2021). Net income: ₩406.1b (up 32% from FY 2021). Profit margin: 5.2% (up from 4.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 8.6%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Multiline Retail industry in Asia. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 10
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩8.50b to ₩8.21b. EPS estimate also fell from ₩42,658 per share to ₩37,673 per share. Net income forecast to grow 24% next year vs 8.5% growth forecast for Multiline Retail industry in South Korea. Consensus price target broadly unchanged at ₩308,261. Share price fell 4.2% to ₩219,000 over the past week. Upcoming Dividend • Dec 21
Upcoming dividend of ₩3,000 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 25 April 2023. Payout ratio is a comfortable 9.9% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.2%). Price Target Changed • Nov 19
Price target decreased to ₩320,478 Down from ₩345,333, the current price target is an average from 23 analysts. New target price is 50% above last closing price of ₩213,500. Stock is down 9.1% over the past year. The company is forecast to post earnings per share of ₩38,405 for next year compared to ₩31,193 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 22
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: ₩5,157 (up from ₩417 in 2Q 2021). Revenue: ₩1.88t (up 35% from 2Q 2021). Net income: ₩50.7b (up ₩46.6b from 2Q 2021). Profit margin: 2.7% (up from 0.3% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) also surpassed analyst estimates by 41%. Over the next year, revenue is forecast to grow 9.2%, compared to a 44% growth forecast for the Multiline Retail industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Major Estimate Revision • Aug 11
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ₩7.38b to ₩7.75b. EPS estimate increased from ₩35,023 to ₩39,304 per share. Net income forecast to grow 8.6% next year vs 8.6% growth forecast for Multiline Retail industry in South Korea. Consensus price target broadly unchanged at ₩363,591. Share price rose 3.0% to ₩225,500 over the past week. Reported Earnings • May 22
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ₩12,304 (up from ₩7,115 in 1Q 2021). Revenue: ₩1.77t (up 34% from 1Q 2021). Net income: ₩121.0b (up 73% from 1Q 2021). Profit margin: 6.9% (up from 5.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Over the next year, revenue is forecast to grow 11%, compared to a 11% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 17
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₩31,193 (up from ₩11,011 loss in FY 2020). Revenue: ₩6.32t (up 32% from FY 2020). Net income: ₩306.8b (up ₩410.3b from FY 2020). Profit margin: 4.9% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 16%, compared to a 12% growth forecast for the retail industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 19 April 2022. Payout ratio is a comfortable 5.6% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.8%). Reported Earnings • May 23
First quarter 2021 earnings released: EPS ₩7,115 (vs ₩335 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩1.32t (up 10% from 1Q 2020). Net income: ₩70.0b (up ₩66.7b from 1Q 2020). Profit margin: 5.3% (up from 0.3% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Price Target Changed • May 14
Price target increased to ₩354,310 Up from ₩326,414, the current price target is an average from 26 analysts. New target price is 14% above last closing price of ₩310,000. Stock is up 33% over the past year. Reported Earnings • Mar 19
Full year 2020 earnings released: ₩11,011 loss per share (vs ₩52,658 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₩4.77t (down 25% from FY 2019). Net loss: ₩103.5b (down 120% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. 공고 • Feb 25
Shinsegae Inc., Annual General Meeting, Mar 24, 2021 Shinsegae Inc., Annual General Meeting, Mar 24, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 18
New 90-day high: ₩264,000 The company is up 14% from its price of ₩232,000 on 20 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Multiline Retail industry, which is also up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩302,489 per share. 공고 • Feb 11
Shinsegae Inc. to Report Q4, 2020 Results on Feb 17, 2021 Shinsegae Inc. announced that they will report Q4, 2020 results on Feb 17, 2021 Is New 90 Day High Low • Jan 12
New 90-day high: ₩255,000 The company is up 19% from its price of ₩214,500 on 14 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Multiline Retail industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩296,815 per share. 
