[Click eStock] "Manyeongongjang Continues Growth Mainly Through Overseas Channels"

Kiwoom Securities analyzed on the 12th that Manyeogongjang is expected to continue its growth trend mainly through overseas channels. No investment opinion or target price was provided.

Manyeogongjang recorded sales of 36.6 billion KRW and operating profit of 8.3 billion KRW in the second quarter. These represent increases of 47% and 158%, respectively, compared to the same period last year. Kiwoom Securities evaluated that both domestic and international sales grew significantly.

Sojeong Cho, a researcher at Kiwoom Securities, stated, "Domestically, online sales grew significantly due to the Nego Wang event, and offline sales continued to grow mainly through the MBS channel. Overseas, most countries except Japan showed growth trends, and the United States showed significant growth due to entry into new channels."

They also forecast that the growth in performance will continue into the third quarter. Kiwoom Securities expects Manyeogongjang's sales and operating profit in the third quarter to be 32.7 billion KRW and 5.1 billion KRW, respectively, representing increases of 23% and 8% compared to the same period last year.

He added, "Domestically, the effect of re-entering the online Coupang channel and strong sales in major MBS channels are expected. In the United States, exports to major channels are expected to remain solid, and in Japan, the expansion of discount competition in online sales channels and the growth of offline channels are expected to offset each other, resulting in slight growth."

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