[Click e-Stock] "Hyundai Home Shopping Enters Profit Growth Phase...Dividends Expected to Increase"

by Cho Seulkina

Published 02 Feb.2026 10:33(KST)

As Hyundai Home Shopping enters what is being called a “profit growth phase,” securities analysts predict that dividend payouts and overall shareholder returns will also increase in the future.

Nam Sung-hyun, a researcher at IBK Investment & Securities, stated this in a corporate analysis report titled “Entering the Profit Growth Phase = Entering the Dividend Growth Phase” released on February 2, emphasizing the need to pay attention to Hyundai Home Shopping’s improving performance.

[Click e-Stock] "Hyundai Home Shopping Enters Profit Growth Phase...Dividends Expected to Increase"

Nam first noted, “While the growth rate of gross merchandise volume is limited, profit growth has started to accelerate,” and analyzed that “profitability is improving due to the expansion of high-margin product categories.” In the third quarter of last year, Hyundai Home Shopping recorded an operating profit of 64 billion won, a 25.7% increase compared to the same period the previous year.

He added, “This trend is expected to continue in the fourth quarter,” specifically citing the following reasons: ▲ the fourth quarter is a period when the proportion of high-margin product categories is relatively high, and ▲ sales volumes of food and beauty product categories have recovered.

In addition, the anticipated decline in broadcasting transmission fees is also positive for future earnings prospects. Nam explained, “One of the biggest factors that has undermined profitability in the home shopping industry is the increase in transmission fees,” and predicted, “This began to decline in 2025 and is expected to continue into 2026.” He estimated Hyundai Home Shopping’s transmission fee reduction rate at about 1 to 1.5%, noting, “While not large, it is a meaningful range.”

Accordingly, with improved business performance, shareholder returns are also expected to rise. Nam pointed out that Hyundai Home Shopping has stated it will use 30% of its standalone operating profit as a source for dividends, and commented, “As both the proportion of high-margin product categories increases and transmission fees decrease, dividend expansion is expected going forward.”

Hyundai Department Store Group has previously announced an active shareholder policy following the launch of Hyundai GF Holdings. Nam predicted, “As recent performance improvements are being seen, Hyundai Home Shopping is also likely to follow the group’s policy direction.”