Handsome(020000): Still handsome
- 2Q comment
- Reiterate BUY, but revise down TP to KRW19,800
> 2Q06 RP missed our estimate by coming in at KRW15.3bn(+5.5% y/y) due to disposal loss of KRW2.9bn on inventory assets.
2Q06 sales and operating profit beat both our estimates and the market consensus by coming in at KRW69.2bn(+9.5% y/y) and KRW12.3bn (+46.8bn y/y).
> Revise down FY06 sales and RP estimates to KRW323.3bn(+6.3% y/y) and KRW77.6bn(+11.8% y/y) respectively while revise up OP estimate to KRW63.4bn(+13.3% y/y).
> We made no changes in FY07 estimates.
> Target PER is down to 11.0x from 12.0x as valuation premium is lowered.
> TP is down TP to KRW19,800 from KRW21,700 / BUY is maintained. |
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