[Click eStock] "Hanssem, Growth Momentum Continues"

[Asia Economy Reporter Song Hwajeong] Yuanta Securities maintained a 'Buy' investment rating and a target price of 156,000 KRW for Hanssem on the 8th, viewing that despite ongoing uncertainties, the growth trend is expected to continue.

Hanssem's fourth-quarter results last year exceeded expectations. On a consolidated basis, sales increased by 27% year-on-year to 552 billion KRW, and operating profit rose by 36% to 29.5 billion KRW. Kim Giryong, a researcher at Yuanta Securities, analyzed, "The operating profit for the quarter surpassed market expectations by 13%. Since the second quarter of last year, sales growth compared to the same period last year continued across all B2C channels, and due to expanded sales at dealerships and increased direct construction package sales, the Rehouse channel sales grew by 33% year-on-year." In addition, online channels, which reflected the COVID-19 special demand, as well as offline interior dealerships and direct stores, also recorded sales growth of over 30% compared to the same period last year.

Growth is expected this year through the expansion of offline stores. Hanssem plans to open five new KB (Kitchen & Bath), interior, and Rehouse dealerships each in the first half of this year. Researcher Kim said, "Offline stores are expected to increase from 53 last year to 99 in 2022. Furthermore, strategies to package best-selling products, expand Hanssem Mall, and strengthen online channels are also expected to continue."

Although uncertainties remain, a steady growth trend is anticipated. Researcher Kim stated, "Despite ongoing uncertainties such as allegations of illegal slush fund creation and concerns over damage to the image of B2C companies, the steady growth centered on the Rehouse channel is encouraging. The structural growth of the interior and remodeling market, Hanssem's expanding influence, and the expected launch of a home appliance + furniture package with Samsung Electronics in the second half of this year will sustain the growth trend."

This content was produced with the assistance of AI translation services.