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Moorim P&P: Still Undervalued Given Robust Earnings

Summary

Strong earnings momentum will likely hold in 2H18.

We raise our target price from KRW13,500 to KRW15,000 and continue to present the company as our Conviction Call.

Given the robust earnings momentum, we think Moorim is a stock that investors can safely hold until end-2018 and we even see further upside.

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