汇丰银行-韩国消费业：xx限韩旅游的潜在冲击？-16页.pdfVIP

17 March 2017   Korea Consumer EQUITIES CONSUMER  China restricts tourism to Korea: potential impact? Korea While it is too early to quantify the potential impact… Karen Choi* Head of Consumer and Retail Research, Asia-Pacific …we draw on the case of Japan in 2012 The Hong Kong and Shanghai Banking Corporation Limited, Seoul Securities Branch Maintain Buy on AmorePacific (but cut TP to KRW400k from karen.choi@ +822 3706 8781 KRW480k) and LG HH (TP to KRW1.1m from KRW1.3m) on * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is weaker duty-free sales assumptions not registered/ qualified pursuant to FINRA regulations What’s new? According to press reports (eg Asia Economy , 16 March 2017), China has banned Chinese group tours from Korea from 15 March, in a reaction to the Korean government’s decision to deploy the Terminal High Altitude Area Defense system, THAAD. This was unexpected and, while it is