We forecast a yoy increase in S-1's 2H21F OP as we expect security services revenue to gradually recover amid the Covid-19 pandemic. OP could improve in 2021F/22Fon strong integrated security services driven by Samsung group orders and building maintenance revenues. Reiterate Add with a GGM-based target price of W98,000. We recommend S-1 as a defensive pick given its steady topline growth.
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