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GS Home Shopping: Modest Earnings To Continue

Summary

2Q19 results came in just shy of expectations but were modest when considering one-offs.

We maintain BUY but trim our target price to KRW213,000 to reflect our downwardly adjusted earnings forecasts.

We used a SOTP valuation for our new target price, which is based on 11.0x 2019F P/E. The stock is a great dividend play.

GS Home Shopping GS Home Shopping

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.