[Click e-Stock] "Shinsegae I&C, Electric Vehicle Charging Business Promising... No Reason for Undervaluation"

[Asia Economy Reporter Ji Yeon-jin] Cape Investment & Securities announced on the 22nd that it expects an expansion of the electric vehicle charging business utilizing large stores of group companies such as Shinsegae Department Store, E-Mart, and outlets, and presented a target price of 260,000 won for Shinsegae I&C.

At this year's regular shareholders' meeting, Shinsegae I&C added the electric vehicle charging business, including the electricity business, to its new business objectives. Hyundai Department Store and Lotte Department Store, as well as the three Shinsegae distribution companies, also added the electric vehicle charging business to their new businesses through subsidiaries.

The Shinsegae Group has recently increased investments in digital transformation such as rapid delivery, unmanned stores, and smart logistics. Shinsegae I&C has set a goal to achieve sales of 1 trillion won and an operating profit of 90 billion won by 2025.

Choi Jin-sung, a researcher at Cape Investment & Securities, stated, "Considering the definite turnaround of the core business and the new momentum of the electric vehicle charging station business, which has recently attracted high interest, we believe there is no longer a need to be undervalued compared to competitors."