2023年1月18日

GS零售:總是有吸引力的好轉分享GS零售:總是有吸引力的一個轉變,曹sang hoon和曹Yeong-kwon 1月18日,2023年,10:05×作者是新韓證券的分析師。他們在sanghoonpure.cho@shinhan.com和yk.cho@shinhan.com,可以達到。——艾德。4的時候OP達到共識KRW54bn(+ 110.3%)我們現在預測GS零售營業利潤KRW54bn(+ 110.3%)銷售KRW2.86tr(+ 7.7%)為4的時候,會議市場共識。增加更強的收入支柱便利店業務,從電子商務應該縮小損失4的時候。便利店可能記錄同店銷售增長3%,環比回升的客戶數和價格水平的提高,但是應該報告隻有1%同比提高營業利潤更大的勞動力成本和開發成本。超市應該看過同店銷售同比增長5%,運營虧損的下降。家庭購物的營業利潤,盡管毛利率增長4的時候,可能由於發電量同比下降了6%,更高的傳輸費用。酒店,另一方麵,應該繼續發布堅實的利潤由於入住率上升。其他業務包括數字商務預計運營虧損收窄KRW39.5bn 4的時候。公司稅前收益應該落入負值等大型投資資產減值準備金由於網格韓國的股權。 Solid convenience store earnings despite slump + cost savings effect Concerns have grown over slowing consumption, but we remain upbeat on GS Retail as convenience stores tend to shine bright during recessions. On the supply side, traditional mom-and-pop grocery stores are increasingly choosing to convert into convenience stores in efforts to secure steady revenue. On the demand side, more consumers are prioritizing grocery shopping over eating out in response to rising prices. Meanwhile, convenience stores tend to cater to relatively less price-sensitive consumers, with most looking for the nearest shopping channel operating around the clock for a small purchase of roughly KRW7,000 on average. In addition, cost savings effect should kick in from 2023. Earnings remained sluggish over the past two years on increased investment for business diversification into digital commerce. From 2H22, however, the company shifted its focus to profitability and decided to halt early morning delivery services, withdraw from the health & beauty business, and cut back on marketing spend. In digital commerce, GS Retail now plans to work on securing competitive advantages through operational synergy with mainstay convenience store and supermarket businesses. Raise target price to KRW35,000 for sector top pick GS Retail is our sector top pick with a revised up target price of KRW35,000. The 6% increase in target price reflects a smaller valuation discount to global peers (from 30% to 20%) in light of the narrowing gap in same-store sales growth thanks to differentiated product offerings at the company's convenience stores. Earnings improvement should accelerate on the decline in costs and shift in focus of digital commerce operations. POPULAR