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KR : Shinsegae International - Best still to come

Shinsegae International’s strong 1Q21 OP of W21.3bn (+78% yoy/+22% qoq, +6.2% margin) beat Bloomberg consensus estimates by 31%. We project rosy margin improvement in FY21F/22F (6.2%/7.6% vs. FY15-20 avg. of 3.3%) on pent-up demand for fashion and boost in cosmetic OP. Reiterate Add with a higher TP of W288,000, buoyed by 29%-53% EPS growth in FY21-22F. This note marks the transfer of coverage to Jiwon Lee.


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