汇丰银行-韩国-互联网与零售行业-韩国家庭消费：是时候购物了

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1、24October2017KoreaHomeShoppingEQUITIESINTERNET&CATALOGRETAILTimetogoshoppingKoreaHomeshoppingcompaniescontinuetofocusonprofitsKarenChoi*HeadofConsumerandRetailResearch,Asia-PacificAtthesametime,T-commerceandmobilearedrivinggrowthTheHongkongandShanghaiBankingCorporationLimited,Seou

2、lSecuritiesBranchkaren.choi@kr.hsbc.comUpgradeGSHomeShoppingtoBuy(fromHold)andreiterate+82237068781BuyonbothHHSandCJOS*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andis2017year-to-date:Thehomeshoppingnameshavehadagoodrunsothisyearnotregistered/qualifiedpursuanttoFINRAregulations

3、(GSHS,HHSandCJOSsharesup23%,6.7%,19.4%,respectively,year-to-datevs.KOSPIup22.9%vs.KOSDAQup6%)mainlyattributabletosuperiorearningsgrowthcomparedwithotherretailformats(refertofigure5fordetails).Althoughourpreferencewithintheretailsectorremainsconveniencestorenames−fortheirstructuralgrowth

4、opportunitiescomingfromdemographicchanges−webelievenowisgoodtimetorevisitthesectorgiventhepositiveearningsgrowthoutlookin2018.Withthesharestradingatthelow-endoftheirtradingband(10x2018ePEvs.5-yearhistoricaltradingaverageof10-17x),webelievethereisroomforthesharestomovehigher.Weexpectsati

5、sfactory3Q17earningstobethenextupcomingcatalysts(dueearlyNovember).2018outlook:Weforecasthomeshoppingcompaniestopostsalesgrowthof7-8%in2018(previously5-6%)mainlyledbymobileandT-commerce.Weexpecthomeshoppingoperatorstomaintaintheirfocusonprofits(vs.growth)andassuch,companieswilltrytocome

6、upwithdifferentiatedproductsandconcentrateoncross-channelsalesandprofitabilityinthemobilechannel.ThefactthatHHShasmaintainedrelativelyhighmarginwhileachievingafastgrowthrateinmobilechannelstandsout.Weestimatehomeshoppingoperatorstoreportsatisfactoryearningsin3Q17(refertofigure1)withfewe

7、rpromotionsandnoone-offcosts.Valuationandrisks:WeupgradeGSHStoBuy(fromHold)andraiseourTPtoKRW270k(fromKRW230k);reiterateBuyonHHSandCJOSwithTPofKRW170k(fromKRW160k)andKRW270k(fromKRW260k)respectively.OurSOTPvaluationmethodologiesareunchanged;werolloverourvaluationto2018e,andrevi