April 19, 2024

• 

[THE INVESTOR] BGF Retail’s third-quarter earnings met with analysts’ estimates, said Eugene Investment and Securities on Nov. 7, maintaining a “buy” recommendation and 110,000 won (US$99.01) target price. 

Its revenue rose 15.4 percent on-year to 1.58 trillion won and operating profit by 20.2 percent to 85.6 billion won, slightly higher than market expectations, said analyst Joo Yeong-hun. 

Sales of tobacco, which account for 40 percent of its revenue, remained slow since the beginning of this year but rose 3.2 percent this quarter on the back of strong sales of Philip Morris’ IQOS, said the analyst. 

The number of its convenience stores increased by 439 in the third quarter and is rising fast with the number of outlets set to rise up to 1,700 this year, added Joo.

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