[Featured Stock] Hanssem Falls Over 7%... 2Q Earnings Miss Consensus

Record Lowest Price Since June
Profit Turnaround Despite Results Below Expectations
Hanssem, Losing No.1 Position in Furniture Industry, Focuses on Strengthening Fundamentals

Hanssem recorded its lowest stock price since June. Although it succeeded in turning a profit for five consecutive quarters, the second-quarter earnings, which fell short of market consensus (average forecast), appear to have had an impact.

As of 9:28 a.m. on the 12th, Hanssem is trading at 51,100 KRW, down 7.93% (4,400 KRW) from the previous trading day. The lowest Hanssem stock price since June was 52,000 KRW on June 14, which has now been broken downward.

Hanssem announced its second-quarter earnings after the market closed on the 9th. Sales were 478 billion KRW, and operating profit was 7.1 billion KRW. Compared to the same period last year, sales decreased by 7.1%, but operating profit increased by 478.3% despite reflecting some bad debt provisions (4.6 billion KRW) as losses due to the 'Timon·Wemakeprice (Timemep) incident.' This marks five consecutive quarters of profit since the second quarter of last year. However, the operating profit fell far short of the consensus estimate of 14.4 billion KRW.

Hanssem, long known as the perennial number one in the furniture industry, has recently lost its leading position to Hyundai Livart. Hyundai Livart surpassed Hanssem's sales for the first time in the first quarter and maintained its number one position in the industry in the second quarter with sales of 497 billion KRW and operating profit of 8.2 billion KRW. Having lost the top spot, Hanssem appears to be focusing on strengthening its fundamentals. Since recording a profit in the second quarter of last year, it has continued to post profits for five consecutive quarters.

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