[Click eStock] "Yongpyong Resort, Clear Earnings Improvement and 'With Corona' Benefits"

[Asia Economy Reporter Park Jihwan] Yuanta Securities announced on the 28th that Yongpyong Resort has secured short-term growth momentum due to the upcoming full-scale With Corona starting next month, along with a steady improvement in performance.

Yongpyong Resort is the largest comprehensive resort company in Korea engaged in condo sales and operation businesses. This year, with the completion of the premium condo 'Apolis' and securing various contents, it is steadily improving its business structure. The transformation from a traditional and old-fashioned image to a premium complex cultural space has begun.

Researcher Heo Seonjae of Yuanta Securities predicted, "Yongpyong Resort's operating revenue is expected to grow at an average annual rate of 6% to 131.1 billion KRW by 2023, and sales revenue from condo sales of about 150 billion KRW every two years is expected to be added."

Yongpyong Resort is promoting plans to develop three condos to build a premium resort town by 2024. The plan includes expanding the total number of condo rooms by more than 30% and increasing the proportion of premium condos to at least 60%.

Lifestyle content will also be expanded. Large-scale natural walking trails, cultural events, performances, and exhibitions are continuously being expanded as unique lifestyle contents, transforming the space from simple lodging services into a place where premium cultural content can be enjoyed.

Annual performance is expected to increase by 84.5% year-on-year to 235.1 billion KRW in sales. Operating profit is expected to turn positive at 20.4 billion KRW. Researcher Heo Seonjae stated, "This is due to recognizing Apolis sales revenue of 125.3 billion KRW and improved operating income following the easing of social distancing," adding, "From next year, with the full-scale transition to With Corona, demand from high value-added group customers is expected to recover, so significant growth in operating income can be anticipated."