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권영배, CFA, Analyst, 3774 6012, yb.kwon@miraeasset.com
강원랜드
035250 KS
Figure 6 Quarterly earnings forecast
(KRW bn) 1Q14 2Q14 3Q14 4Q14 2014 1Q15P 2Q15E 3Q15E 4Q15E 2015E 1Q16E 2Q16E 3Q16E 4Q16E 2016E
Total sales 373 356 394 374 1,497 425 401 439 417 1,683 463 456 513 466 1,899
(QoQ, %) 11.2 (4.7) 10.8 (5.2) 13.9 (5.8) 9.6 (5.0) 10.9 (1.4) 12.4 (9.1)
(YoY, %) 9.1 15.0 5.2 11.3 9.9 14.0 12.7 11.5 11.7 12.4 8.8 13.9 16.8 11.8 12.8
Casino 345 346 376 352 1,419 396 393 421 396 1,605 433 448 495 445 1,821
Drop 1,487 1,525 1,657 1,555 6,224 1,704 1,715 1,847 1,720 6,985 1,867 1,932 2,107 1,892 7,798
(QoQ, %) 5.2 2.5 8.7 (6.1) 9.5 0.7 7.7 (6.9) 8.6 3.5 9.0 (10.2)
(YoY, %) 0.6 9.5 5.5 10.1 6.3 14.6 12.5 11.5 10.6 12.2 9.6 12.7 14.0 10.0 11.6
Hold ratio (%) 23.2 22.7 22.7 22.6 22.8 23.3 22.9 22.8 23.0 23.0 23.2 23.2 23.5 23.5 23.4
Number of visitors (1000 ppl) 745 695 844 733 3,018 801 731 879 765 3,176 836 784 955 802 3,377
(QoQ, %) 3.4 (6.7) 21.4 (13.1) 9.2 (8.8) 20.3 (13.0) 9.3 (6.2) 21.7 (16.0)
(YoY, %) (3.9) (1.7) (2.4) 1.7 (1.6) 7.5 5.1 4.2 4.3 5.2 4.4 7.3 8.6 4.8 6.3
Drop per visitor (KRW thousand) 1,995 2,193 1,964 2,121 2,062 2,127 2,347 2,101 2,248 2,199 2,233 2,464 2,206 2,360 2,309
Hotel 6 5 8 7 24 6 5 8 7 25 6 5 8 7 25
Condo 9 2 6 6 24 9 2 6 6 24 9 2 6 6 24
Ski 13 0 1 7 21 14 0 1 7 22 14 0 1 7 22
Golf 0 0 2 1 3 0 0 2 1 3 0 0 2 1 3
Subsidiaies 0 1 2 1 4 1 1 2 1 4 1 1 2 1 4
COGS 174 170 189 194 727 186 184 206 209 784 207 205 235 229 877
Comp 35 34 37 36 141 37 40 43 40 161 44 46 50 45 186
Tax 48 53 57 54 212 56 60 64 60 240 66 68 75 68 277
Gross profit 200 190 205 180 774 240 217 233 209 898 255 251 278 237 1,022
(QoQ, %) 99.5 (5.1) 8.0 (12.1) 33.3 (9.6) 7.6 (10.5) 22.4 (1.6) 10.8 (14.8)
(YoY, %) 9.5 24.4 2.3 79.7 21.9 20.1 14.3 13.8 16.0 16.0 6.5 15.9 19.3 13.6 13.7
GPM (%) 53.5 53.3 52.0 48.2 51.7 56.4 54.1 53.1 50.0 53.4 55.2 55.0 54.2 50.8 53.8
SG&A 62 66 72 61 261 70 73 77 67 287 79 86 92 69 325
Operating profit 138 124 133 119 513 169 144 156 142 611 177 165 186 168 697
(QoQ, %) 232.2 (10.2) 7.5 (10.2) 42.1 (15.1) 8.5 (9.1) 24.4 (6.4) 12.7 (9.7)
(YoY, %) 16.3 32.8 (1.8) 187.7 32.3 23.1 16.4 17.6 19.1 19.1 4.2 14.9 19.3 18.5 13.9
OPM (%) 36.9 34.8 33.7 31.9 34.3 39.8 35.9 35.6 34.0 36.3 38.2 36.2 36.3 36.1 36.7
Pretax profit 140 133 139 84 496 177 148 160 141 626 181 170 191 168 709
Net profit 106 101 106 47 359 132 112 121 106 471 137 128 144 127 535
Net profit attributable to major shareholders 106 101 106 47 359 132 112 121 106 471 137 128 144 127 535
(QoQ, %) 280.0 (5.1) 4.9 (55.1) 179.5 (15.7) 8.3 (12.0) 28.4 (6.2) 12.4 (12.1)
(YoY, %) 19.2 31.9 0.9 69.8 20.8 24.9 10.9 14.5 124.6 31.1 3.2 14.8 19.1 19.0 13.6
자료: 강원랜드, 미래에셋증권 리서치센터
Mirae Asset Securities