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THE INVESTOR

Stocks & Bonds

[EQUITIES] ‘E-mart’s slow earnings due to one-off costs’

  • PUBLISHED :November 10, 2017 - 10:49
  • UPDATED :November 10, 2017 - 10:49
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[THE INVESTOR] E-mart has missed third-quarter earnings estimates but it was due to one-time costs, said Eugene Investment and Securities on Nov. 10, maintaining a “buy” recommendation and 270,000 won (US$241.55) target price. 




Its operating profit fell 14.9 percent on-year to 182.7 billion won, below 211.5 billion won consensus, but ruling out the 11 billion won cost that occurred from selling off five outlets in China the figures are not significantly off, said analyst Joo Yeong-hun.

Rather the fact that the sale of Chinese branches have actually begun is positive, according to the analyst who forecast that the retailer’s earnings will improve easily as revenue from Chuseok holiday get reflected losses of subsidiaries shrink.

Despite the decline in operating profit, net profit for major stakeholders surged 156 percent on-year boosted by the 255 billion won from offloading Costco stake, noted Joo, estimating that its revenue in the fourth quarter will rise 9.3 percent and operating profit by 29 percent from the same period last year.

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