[Featured Stock] Shinsegae Hits 52-Week High... Rises on Earnings Improvement Expectations

[Asia Economy Reporter Lee Seon-ae] Shinsegae has recorded a 52-week high.

As of 9:31 AM on the 24th, Shinsegae is trading at 282,000 KRW, up 2.92% from the previous day. Early in the session, the price rose to 282,500 KRW, setting a new 52-week high. This is interpreted as being due to expectations of improved performance driven by a recovery in consumer sentiment.

On the same day, Hana Financial Investment gave a buy rating on Shinsegae and set a target price of 340,000 KRW. This target price is a 9% increase from the previously suggested target of 310,000 KRW.

Park Jong-dae, a researcher at Hana Financial Investment, explained, "We expect a significant improvement in performance in the first quarter of this year due to the base effect from the previous year and the recovery of consumer sentiment," adding, "Department store sales in January and February are up 20% year-on-year, and daily duty-free sales are understood to have risen to 9 billion KRW."