[Click eStock] "Hanssem Sees Furniture Purchases Increase as 'Jipkok' Time Grows"

Hana Financial Investment Issues 'Buy' Rating and Target Price of 81,000 Won... Closing Price on 24th at 70,100 Won

Living room decorated with Hanssem Rehouse package 'Super' (Photo by Asia Economy DB)

[Asia Economy Reporter Kum Boryeong] An analysis has emerged that the so-called 'stay-at-home' time increase during the novel coronavirus disease (COVID-19) era has had a positive impact on Hanssem.

According to Hana Financial Investment on the 27th, Hanssem's preliminary first-quarter results showed consolidated sales of 493.5 billion KRW, an 11.5% increase compared to the previous year, while operating profit decreased by 9.2% to 16.8 billion KRW.

Since the outbreak of COVID-19, as time spent at home has increased, people have started investing more in their homes. Chaesangwook, a researcher at Hana Financial Investment, explained, "Hanssem's interior division grew by 19% in the first quarter compared to the previous quarter. This means that a lot of furniture was purchased in the first quarter. The sales expansion through online channels stands out more than through offline channels. Online sales rose by as much as 32% compared to the previous quarter."

In the case of Rehouse, quarterly sales reached 105.4 billion KRW, a 9% increase compared to the previous year. This shows that 'increased online furniture sales - Rehouse growth' are the two main pillars of growth. Researcher Cha said, "In the future, growth in the interior reform market is expected amid durable goods consumption such as furniture and kitchens and the trend of strengthening regulations on reconstruction and redevelopment."

Hana Financial Investment gave Hanssem a 'Buy' investment rating with a target price of 81,000 KRW. The closing price on the 24th was 70,100 KRW.

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