汇丰HSBC：亚洲消费与零售行业研究：EastSpenders系列：韩国食品进军全球市场-260108（英文版）（25页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited,Seoul Securities Branch View HSBC Global Investment Re

2、search at:https:/ The 22ndedition of the EM Sentiment SurveyClick to viewPushingthe accelerator into2026 Whats on our mind Despite weak domestic consumption,Korea retail names under our coverage were up 40%in 2025(vs.KOSPI up 76%)on expectations of a consumption pick-up.Department store sales outper

3、formed the most,especially from October 2025,led by apparel and luxury sales growth.We believe 4Q key influences are:1)significant OP improvements at department stores,led by fashion and luxury categories,but 2)limited sales pick-up at duty-free stores despite strong inbound tourist growth,and 3)ove

4、rall weak domestic consumption as evidenced by weak monthly sales data across various retail formats.However,we are concerned about rising expectations and think investors should be selective.Jan Spotlight Samyang Foods We prefer Samyang Foods as we see several near-term catalysts likely to boost th

5、e stock price:1)satisfactory 4Q results,despite market concerns;2)a recovery in noodle export data in the US;and 3)capacity expansion in China for 2027.In particular,we believe there is plenty of room for growth opportunities in the US.While Samyangs penetration rate is already 90%in US Walmart stor

6、es,it is only 50%for Costco and 30%for others.A long-term catalyst would be the construction of a China factory by 2027(source:DART,19 November 2025)as the company decided to increase capacity by 1,130m units(from 830m).We think this is positive as the capacity expansion scheduled this year should b