Focus on individual companies rather than macro variables......................3
Four investment checkpoints that will capture investor attention 3
- Benefit from won’s appreciation could be limited 3
- Continued consumption increase unlikely 5
- China momentum the sole long-term driver 6
- Stock rally laggards to close valuation gap in the short run 8
News and events.........................................................................................9
What happened last week 9
Consumer sector: performance and earnings...........................................10
World consumers: last month’s performance by industry 10
Asia Pacific consumers: last month’s performance by industry 10
Korean consumers: last month’s performance by industry 10
Consumer industries’ performance relative to MSCI Korea 11
Companies’ performance: winners and losers last week 11
Korea consumers: comparative valuations 12
Korea consumers: comparative performance 13
Asia-Pacific consumers: comparative valuations 14
Asia-Pacific consumers: comparative performance 15
Global consumers: comparative valuations 16
Global consumers: comparative performance 17
Company section....................................................................................... 18
Hyundai Department Store 18
Amorepacific Corp 23
Orion 27
Shinsegae 31
Lotte Shopping 35
Analyst team profile..................................................................................39