[Click e-Stock] "Where Will You Travel This Year?... This Stock Continues to Grow Despite the Middle East War"

SK Securities has maintained its "Buy" investment rating and a target price of 82,000 won for Hanatour.

On the 31st, ahead of the New Year's extended holiday, the duty-free area of Incheon International Airport Terminal 1 is bustling with travelers. 2025.12.31 Photo by Jin-Hyung Kang

On the 23rd, SK Securities researcher Na Seungdoo stated, "Hanatour, as Korea's leading travel agency, is demonstrating qualitative growth amid changes in the travel industry following the COVID-19 pandemic."

Last year, operating profit reached 57.6 billion won, representing a 13.2% increase compared to the same period of the previous year. Researcher Na explained, "Moving away from a low-margin, high-volume structure and establishing a focus on selling value-added products had a significant impact," adding, "By launching a wide variety of products, including premium options, that expand consumer choices, the company is strengthening its competitiveness."

Cost reductions driven by the transition to artificial intelligence (AX) also contributed to the increase in operating profit. Researcher Na commented, "By offering AI-integrated services that cover everything from travel planning to itinerary recommendations, reservations, and consultations, Hanatour is now able to provide real-time services to customers." He further evaluated, "This has laid a structural foundation for long-term improvement in operating profit margins."

Although travel demand has slowed due to factors such as the Middle East war, demand is expected to recover in the second half of this year. Researcher Na said, "We are already seeing bookings being made before fuel surcharges increase, and while demand for long-haul travel is declining due to the Middle East war, demand for short-haul travel is rising." He also noted, "Indicators such as the Consumer Sentiment Index, consumer spending outlook, and travel expenditure outlook—which reflect consumption trends six months ahead—are all maintaining a positive trajectory."

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