KR : Hyundai Home Shopping Network Corp - Strong online growth potential

Hyundai Home Shopping reported 1Q21 sales/OP of W579bn/W41bn, which were 3%/24% above Bloomberg consensus estimates. Driven by higher-than-expected online HS margin in 1Q, we forecast Hyundai HS to report total sales/OP of W2.4tr/W170bn in FY21F (+4%/+10% yoy). Reiterate Add with an unchanged TP of W109,000, based on 7x historical P/E. This note marks the transfer of coverage to Jiwon Lee.

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