April 19, 2024

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[THE INVESTOR] Shinsegae International will maintain growth momentum both in size and in quality, said Mirae Asset Daewoo on Aug. 22, maintaining a “buy” recommendation and 260,000 won (US$232.54) target price. 

It will launch a new cosmetics brand in October and bring in two imported product lines within this year. In December, Vidi Vici will add skin care products and open more branches in downtown duty-free stores. It has also announced that its subsidiary Intercos Korea will raise capital, to meet growing production as it will manufacture the entire Vidi Vici products from now on and probably those of the new brand as well, said analyst Ha Nu-ri.

Shinsegae is strengthening its structure by raising manufacturing ratio of its own brands and improving cost efficiency. The sharp growth of earnings are boosting its fundamentals while expansion of cosmetics business will push its multiples, she added. 

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