汇丰银行-韩国-化妆品行业-一切都会过去：期待复苏-20170825-Korea Cosmetics：This too shall pass we expect a recovery-HSBC.pdfVIP

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汇丰银行-韩国-化妆品行业-一切都会过去：期待复苏-20170825-Korea Cosmetics：This too shall pass we expect a recovery-HSBC.pdf

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25 August 2017   Korea Cosmetics EQUITIES CONSUMER This too shall pass: we expect a recovery Korea  Earnings recovery may be slower than market expects – not a Karen Choi* surprise given China’s restriction of tourism continues Head of Consumer and Retail Research, Asia-Pacific The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch  The focus now should be on recovery and market share gains karen.choi@ +822 3706 8781 in mainland China * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is  We continue to like AmorePacific and LG HH, both rated Buy not registered/ qualified pursuant to FINRA regulations What’s new? Since China’s restriction of group tours to Korea from 15 March 2017 with no signs of an ease of tensions between the two nations, Chinese inbound tourism continues to be weak. July Chinese inbound tourism to Korea was down as much as 69.3% y-o-y which is a similar trend we’ve seen since April. This will again inevitably weigh on 3Q earnings, especia