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[Alpha Biz=(Chicago) Reporter Paul Lee] Kiwoom Securities lowered its target price to 20,500 won on the 21st, citing the adjustment of sales estimates at the Walkerhill branch and the increased cost of customers for the new casino complex resort. The investment opinion remained 'buy'.
"We will adjust the unusual sales of Walkerhill branches in the second and third quarters of 2023 and lower our earnings estimates by increasing the cost of competitive marketing for new casino complex resorts and casino customers. However, although it is slow, upside points are also ready as a recovery in demand for Chinese VIP can occur at any time," Kiwoom Securities said.
Paradise recorded sales of 992.4 billion won and operating profit of 145.8 billion won last year. It was the best performance since its establishment, with all sectors, including casinos, complex resorts and hotels, taking the lead.
This year, the company is expected to have the most stable business activities compared to its competitors this year, following last year, thanks to the strength of Japan VIP, the normalization of complex resorts, and the good defense of casinos and hotels.
Kiwoom Securities predicted Paradise's sales of 1.629 trillion won and operating profit of 132.2 billion won this year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
