Paradise reported 1Q21 sales/OP of W96.6bn/-W12.2bn (sales: -48% yoy), due to a sharp decrease in foreign inbound traffic to Korea in 1Q (-90% yoy). We expect foreign inbound traffic to recover in FY22F and Paradise to return to black and report total sales/OP of W948bn/W69bn in FY22F. Upgrade to Add with a new TP of W23k, in anticipation of full casino earnings recovery in FY22F. This note marks the transfer of coverage to Jiwon Lee.
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