[Edaily Reporter Shin Ha-yeon ] On the 24th, Hana Securities assessed that while E-MART Co., Ltd.(139480)’s core businesses—such as hypermarkets and Traders—are showing a clear trend of improvement, uncertainties surrounding its online business and the performance of some affiliates are acting as headwinds.

Park Jong-dae, an analyst at Hana Securities, stated, “The hypermarket business is clearly benefiting from Homeplus’s withdrawal,” adding, “Same-store sales growth for hypermarkets in the first quarter was 2% year-over-year, and reached 4–5% in April and May.”

He explained, “With 59 Homeplus stores closed, sales at nearby E-MART Co., Ltd. locations have increased by 10%, boosting the overall same-store growth rate by 2 percentage points,” and added, “We expect the second-quarter same-store growth rate to reach around 3% year-over-year.”

Trader’s and E-MART Co., Ltd. are also assessed to be continuing their growth momentum. Analyst Park noted, “Both Trader’s and E-MART Co., Ltd. are seeing improved growth rates compared to the first quarter,” and analyzed, “The year-over-year profit increase could be larger than in the first quarter.”

The specialty store business and the hotel division are also continuing to show improved performance. He explained, “The specialty store (Nobland International Inc.) has also streamlined most of its underperforming categories and is continuing to show steady performance improvements,” adding, “In 2025, Joseon Hotel & Resort recorded an operating profit of 530억 won, and it appears possible to exceed 600억 won this year.”

On the other hand, the online business and some affiliates were cited as sources of concern.

Analyst Park stated, “Starbucks faces significant earnings uncertainty due to a decline in sales stemming from the humidifier recall issue and the marketing controversy in May,” adding, “Since June has a high comparison base due to last year’s loyalty program event, the decline in earnings resulting from the sales drop is likely to be substantial.”

Regarding SSG.com, he assessed, “Sluggish sales are leading to a burden from fixed costs,” adding, “We should brace for an operating loss of around 70 billion won this year as well.”

He also predicted that Gmarket would continue to be affected by rising marketing costs. “Since the company is in a phase of increasing marketing expenses to drive revenue growth, equity method losses of around 40 billion won per quarter appear unavoidable for the time being,” he assessed.

Hana Securities estimated E-MART Co., Ltd.’s consolidated operating profit for the second quarter at 72 billion won. Analyst Park stated, “We expect a significant increase in profits at E-MART Co., Ltd.’s headquarters,” but added, “The slump at Starbucks and SSG.com is likely to limit the extent of the earnings improvement.”

He continued, “The current stock price is trading at a 12-month forward price-to-earnings (P/E) ratio of 12.7,” adding, “For a sustained recovery in the stock price, uncertainties surrounding the performance of various affiliates, including the e-commerce business, must be resolved.”

Meanwhile, regarding the shareholder return policy, he explained, “E-MART Co., Ltd. announced a value-up program in early 2025 and decided to raise the minimum dividend to 2,500 won per share,” adding, “The company plans to cancel all 2.9% of its treasury shares by June 2027.” He continued, “Since the exercise price for SHINSEGAE FOOD’s share repurchase right (63,348 won) is more than 30% higher than the exchange price, it is highly likely that many shareholders will exercise their repurchase rights.”