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GKL: Earnings Normalize In 2Q19

Summary

We reiterate BUY on GKL but trim our target price to KRW25,000.

Earnings are normalizing as promotions come to a halt and the hold ratio increases.

Costs climbed, notably labor cost, as subsidiary GKLWITH hired new regular employees.

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

Additional disclosure: Hyundai Motor Company is a passive shareholder in our bank.