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Hotel Shilla:Robust Earnings Ease Valuation Concerns

Summary

We raise our 2018 earnings estimates in light of better-than-expected 2Q18 results.

We upgrade our rating to BUY and raise our target price to KRW123,000.

Hotel Shilla will benefit from the thawing relations between Korea and China.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.