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등록 일시 2023-11-18 조회수 34
Hana Securities reported on the 9th that Kangwon Land's third-quarter operating profit was KRW 91.8 billion.
Lee Ki-hoon, a researcher at Hana Securities, said, "Gangwon Land's drop amount in the third quarter 
fell 10% year-on-year, and the drop amount per person is expected to return to the 
COVID level, and a similar trend is expected in the fourth quarter," adding, 
"As the illegal gambling market expands, Kangwon Land's growth potential continues to face 
downward pressure, and as the high-interest rate situation continues, its attractiveness 
as a dividend stock has also declined, and foreign ownership has continued to decline."
Researcher Lee Ki-hoon explained, "It is positive that Kangwon Land is 
checking the bottom of the market dividend rate of around 5%."
Researcher Lee pointed out, "Gangwon Land's third-quarter sales fell 6% year-on-year to 374 billion won, 
and operating profit fell 23% to 91.8 billion won, slightly below the consensus (97 billion won)," adding, 
"The drop amount decreased 12% year-on-year to about 1.5 trillion won, the number of visitors fell 3% to 640,000 and the hold rate rose 1.1% to 23.8%, and the per capita drop decreased 10% to 2.29 million won."
"It was steadily stabilizing downward, but it is regrettable that it has returned to the pre-COVID level," he said. "In particular, the number of 
VIP visitors increased slightly year-on-year to about 4,600, but the drop per person decreased by 21% and the drop was sluggish compared to traffic."
"This trend is expected to continue in the fourth quarter," he added.
Non-casino sales, such as hotels and condos, fell 0.4% year-on-year to 53.9 billion won, almost the same as 
the previous year, he said. "The quarterly division of incentives from this year 
will reduce the salary sector by about 30 billion won in the fourth quarter compared to the previous year."
"As the high interest rate situation continues, the investment attractiveness of 
Kangwon Land, a dividend stock, continues to decline, and the stock price net asset ratio (P/B), which is the strongest 
support line for the casino industry, is already below," he said. "Considering the annual 
dividend of 700 won to 750 won, 14,000 to 15,000 won in stock price is around 5% of the market dividend rate."
"At the current high-interest rate level, it will be at the bottom level, but it is not clear 
whether it is a section that can confirm a trend rebound," he said. "In the end, in order for 
Kangwon Land's investment attractiveness to be raised, it will be necessary to raise its performance or lower interest rates due to the improvement of its business environment."