[Click eStock] F&F, Overseas Performance Growth Momentum... Target Price Raised

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Motor Securities maintained a 'Buy' investment rating on F&F on the 16th, slightly raising its earnings forecast and raising the target price to 1.1 million KRW.

Jeong Hye-jin, a researcher at Hyundai Motor Securities, stated, "The number of MLB stores in China is expected to continue growing, increasing from about 494 stores at the end of 2021 to around 800 stores this year, driving sales growth."

Researcher Jeong explained, "The estimated sales of MLB in China this year are expected to reach 591.1 billion KRW, a 54% increase compared to the previous year," adding, "Discovery's sales at the beginning of 2022 also appear to have maintained a favorable trend."

She continued, "Although the pace of new store openings in China, which led to sales expansion, will slow down, the strengthened overall profit capacity and still valid differentiated overseas performance growth momentum within the consumer goods category are expected to continue in 2022."

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