April 25, 2024

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[THE INVESTOR] Paradise has widely missed second-quarter earnings expectations and needs to be approached with caution until Korea’s relationship with China improves, said Dongbu Securities on Aug. 9, maintaining a “buy” recommendation and 16,000 won (US$14.10) target price. 

Its revenue from casino fell over 31 percent, said the securities firm. The opening of a mega resort Paradise City in April added burden including one-off cost of an opening event worth 1.7 billion won, noted analyst Kwon Yun-gu.

Although its revenue was quite strong in July, based on its second-quarter earnings, its operating profit for the whole year will be down 27 billion won, said the analyst.

By Hwang You-mee (glamazon@heraldcorp.com)