[Edaily Reporter Kwon Oh Seok ] HEUNGKUK METALTECH CO.,LTD. announced on the 15th that it is maintaining its “Buy” rating on BGF Retail(282330)and raising its target price from 190,000 won to 200,000 won.

Park Jong-ryeol, an analyst at HEUNGKUK METALTECH CO.,LTD., said, “Operating performance is expected to remain robust in the second half of the year, driven by benefits from structural changes in the consumption environment resulting from the increase in one- and two-person households, as well as expanded spending by foreign tourists visiting Korea.”
The firm projected that third-quarter consolidated revenue would reach 2.6 trillion won (up 5.2% year-over-year) and operating profit 108 billion won (up 10.6%), continuing the strong operating performance seen in the previous quarter. Analyst Park predicted, “Revenue growth is expected to remain robust, driven by the opening of high-quality new stores, the expansion of medium- to large-sized stores, and improved growth rates at existing locations.”
He added, “An increase in operating profit that significantly outpaces revenue growth will be possible due to an improvement in gross profit margin resulting from an optimized product mix and a reduction in the SG&A expense ratio driven by revenue expansion,” noting that “the operating profit margin is expected to improve by 0.2 percentage points year-over-year to 4.2%.”
The firm revised its 2026 full-year consolidated revenue forecast to 9.5 trillion won (+5.3%) and operating profit to 306.7 billion won (+20.8%). It expects stable profit growth as same-store sales increase, high-margin product offerings expand, and operational efficiency improves simultaneously.
He explained, “As the convenience store market has entered a saturation phase since 2023, we are shifting away from a growth strategy focused on opening new stores and instead concentrating on increasing the proportion of medium- and large-sized stores to improve profitability per store.” He added, “Our business strategy focuses on △ securing new drivers of revenue growth by expanding our customer base △ expanding the range of differentiated products, and △ developing a grocery shopping platform (with a goal of operating 500 grocery-specialized stores by the end of the year).”
On April 30, the company also announced a plan to enhance corporate value by expanding shareholder returns (aiming for a shareholder return ratio of 40%). He added, “Going forward, a revaluation of the stock price driven by strong earnings momentum and expanded shareholder returns is expected to be sustainable.”