Hana Securities downgraded target prices for Korean hotel stocks GS P&L and Seobu T&D despite strong earnings forecasts, citing excessive divergence between current stock prices and fundamentals. GS P&L's target was lowered from 72,000 won to 64,000 won, while Seobu T&D's target dropped from 21,000 won to 18,000 won. Analyst Lee Ki-hoon attributed the downgrades to the widening gap with actual stock prices but strongly recommended overweight positions, describing the stocks as 'absurdly undervalued.' The assessment comes as May cumulative foreign tourist arrivals in Korea increased 20% year-over-year to 8.72 million and both companies are forecast to deliver robust Q2 results. Korean hotel stocks have underperformed despite the tourism recovery and record highs for global hotel chains like Hilton and Marriott, with GS P&L and Seobu T&D trading at 2026 estimated PER of only 12x or EV/EBIT multiples of 6-8x.
Hana Securities 下调了韩国酒店股 GS P&L 和 Seobu T&D 的目标价，尽管盈利预测强劲，理由是当前股价与基本面之间存在过度背离。GS P&L 的目标价从 72,000 韩元下调至 64,000 韩元，而 Seobu T&D 的目标价从 21,000 韩元下调至 18,000 韩元。分析师 Lee Ki-hoon 将下调归因于与实际股价之间的差距扩大，但强烈建议增持，称这些股票“荒谬地被低估”。该评估发布之际，韩国 5 月累计外国游客入境人数同比增长 20% 至 872 万，且两家公司预计将公布强劲的第二季度业绩。尽管旅游业复苏且希尔顿和万豪等全球酒店连锁创下历史新高，但韩国酒店股表现不佳，GS P&L 和 Seobu T&D 的 2026 年预估市盈率仅为 12 倍，或 EV/EBIT 倍数为 6-8 倍。
Hana Securities Downgrades Hotel Stock Targets Amid Price Divergence
Hana Securities lowered target prices for GS P&L from 72,000 won to 64,000 won and for Seobu T&D from 21,000 won to 18,000 won to reflect the divergence with current stock prices. Lee Ki-hoon stated the downgrades were unavoidable due to the excessive gap but maintained strong overweight recommendations, calling the valuation levels 'absurd.' The analyst noted that May cumulative foreign tourist arrivals in Korea reached 8.72 million, a 20% increase year-over-year. May cumulative Chinese inbound tourists to Korea and Japan were 2.56 million (+24%) and 1.72 million (-56%) respectively, confirming Korea's benefit from the 'Korea-Japan rivalry.' Concerns about flight cancellations due to surging oil prices were resolved as oil prices normalized. Lee highlighted that global hotel chains Hilton and Marriott continue to hit record highs, while Korean hotel stocks remain depressed. GS P&L and Seobu T&D are trading at 2026 estimated PER of only 12x or EV/EBIT multiples of 6-8x.
Hana Securities 因价格背离下调酒店股目标价
Hana Securities 将 GS P&L 的目标价从 72,000 韩元下调至 64,000 韩元，将 Seobu T&D 的目标价从 21,000 韩元下调至 18,000 韩元，以反映与当前股价的背离。Lee Ki-hoon 表示，由于差距过大，下调是不可避免的，但仍维持强烈的增持建议，称估值水平“荒谬”。该分析师指出，韩国 5 月累计外国游客入境人数达到 872 万，同比增长 20%。5 月累计赴韩国和日本的中国入境游客分别为 256 万（+24%）和 172 万（-56%），证实了韩国从“韩日竞争”中受益。对因油价飙升导致航班取消的担忧随着油价正常化而得到解决。Lee 强调，全球酒店连锁希尔顿和万豪继续创下历史新高，而韩国酒店股仍处于低迷状态。GS P&L 和 Seobu T&D 的 2026 年预估市盈率仅为 12 倍，或 EV/EBIT 倍数为 6-8 倍。
GS P&L Q2 Forecast Shows 107% Operating Profit Growth
GS P&L's Q2 forecast revenue and operating profit are 151.4 billion won and 24 billion won respectively, representing 35% and 107% increases year-over-year. The operating profit forecast aligns with the consensus estimate of 23.5 billion won. Average Daily Rate (ADR) is anticipated to rise approximately 10% across most hotels, considering the average won-dollar exchange rate in Q2 last year was around 1,400 won. The Occupancy Rate (OCC) at Grand Hotel declined slightly due to banquet hall renovations that continued from January to April, impacting revenue. However, Westin's OCC is estimated to have rapidly increased to around 85%, representing a rise of over 10 percentage points compared to Q1.
GS P&L 第二季度预测显示营业利润增长 107%
GS P&L 第二季度预测收入为 1514 亿韩元，营业利润为 240 亿韩元，同比分别增长 35% 和 107%。营业利润预测与市场普遍预期的 235 亿韩元一致。考虑到去年第二季度的平均美元兑韩元汇率约为 1,400 韩元，大多数酒店的平均每日房价（ADR）预计将上涨约 10%。Grand Hotel 的入住率（OCC）因一月至四月的宴会厅翻新而略有下降，影响了收入。然而，Westin 的 OCC 估计已快速上升至约 85%，较第一季度上升超过 10 个百分点。
Seobu T&D Q2 Occupancy Rate Expected to Reach Record High
Seobu T&D's Q2 forecast revenue and operating profit are 75.8 billion won and 19.8 billion won respectively, representing 39% and 77% increases year-over-year. The operating profit forecast is in line with the consensus estimate of 21.2 billion won. The hotel division's OCC is anticipated to reach approximately 78%, surpassing the previous record of 75% set in Q4 last year. ADR is forecast to exceed 200,000 won for the first time, reaching 210,000 won with a 12% increase.
Seobu T&D 第二季度入住率预计将创历史新高
Seobu T&D 第二季度预测收入为 758 亿韩元，营业利润为 198 亿韩元，同比分别增长 39% 和 77%。营业利润预测与市场普遍预期的 212 亿韩元一致。酒店部门的 OCC 预计将达到约 78%，超过去年第四季度创下的 75% 的先前记录。ADR 预计将首次超过 200,000 韩元，达到 210,000 韩元，增长 12%。
FAQ
Why did Hana Securities downgrade target prices for GS P&L and Seobu T&D?
Hana Securities lowered target prices for GS P&L from 72,000 won to 64,000 won and for Seobu T&D from 21,000 won to 18,000 won due to the excessive divergence between current stock prices and the firm's previous targets. Analyst Lee Ki-hoon stated the downgrades were unavoidable given the gap but maintained strong overweight recommendations, describing the stocks as 'absurdly undervalued' at 2026 estimated PER of only 12x or EV/EBIT multiples of 6-8x.
为什么 Hana Securities 下调了 GS P&L 和 Seobu T&D 的目标价？
Hana Securities 将 GS P&L 的目标价从 72,000 韩元下调至 64,000 韩元，将 Seobu T&D 的目标价从 21,000 韩元下调至 18,000 韩元，原因是当前股价与公司先前目标之间存在过度背离。分析师 Lee Ki-hoon 表示，鉴于差距，下调是不可避免的，但仍维持强烈的增持建议，称这些股票在 2026 年预估市盈率仅为 12 倍或 EV/EBIT 倍数为 6-8 倍的情况下“荒谬地被低估”。
What are the Q2 earnings forecasts for GS P&L?
GS P&L's Q2 forecast revenue is 151.4 billion won, a 35% increase year-over-year, with operating profit forecast at 24 billion won, a 107% increase year-over-year. The operating profit forecast aligns with the consensus estimate of 23.5 billion won. Average Daily Rate is expected to rise approximately 10% across most hotels, while Westin's Occupancy Rate is estimated to have reached around 85%, over 10 percentage points higher than Q1.
GS P&L 的第二季度盈利预测是多少？
GS P&L 第二季度预测收入为 1514 亿韩元，同比增长 35%，营业利润预测为 240 亿韩元，同比增长 107%。营业利润预测与市场普遍预期的 235 亿韩元一致。大多数酒店的平均每日房价预计将上涨约 10%，而 Westin 的入住率估计已达到约 85%，较第一季度高出 10 个百分点以上。
How did foreign tourist arrivals to Korea perform in May?
May cumulative foreign tourist arrivals in Korea reached 8.72 million, representing a 20% increase year-over-year. May cumulative Chinese inbound tourists to Korea totaled 2.56 million, a 24% increase, compared to 1.72 million for Japan, a 56% decrease, confirming Korea's benefit from the 'Korea-Japan rivalry' in attracting Chinese tourists.
5 月份韩国外国游客入境情况如何？
韩国 5 月累计外国游客入境人数达到 872 万，同比增长 20%。5 月累计赴韩中国入境游客总计 256 万，增长 24%，而日本为 172 万，下降 56%，证实了韩国在吸引中国游客方面从“韩日竞争”中受益。
