Weaker H2 Expected For Shinsegae Amid Slight Retail Slowdown

BMI View: Excellent H110 profits and sales figures from South Korean retail major, Shinsegae, are unlikely to be repeated in H210 and 2011, given our belief that the cyclical economic recovery has already peaked. Longer term, the growing purchasing power of the Korean consumer, coupled with the company's overseas expansion plans, suggest a more bullish outlook for Shinsegae over the next few years.

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