J.P. Morgan — Korean Department Stores: Three Lessons from Q2; A Messier Industry, but Shinsegae Still Stands Out
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
This J.P. Morgan note on Korean department stores, framed around three lessons from the second quarter and a messier competitive landscape in which Shinsegae still stands out, is presented as a chart pack. The exhibits compare Lotte Shopping's 2026 department store results against J.P. Morgan estimates (JPMe) and break down its 2026 GMV by category year on year. A further chart tracks foreign-customer GMV growth for the Korean department store sector. For Hyundai Department Store (HDS), operating profit is overlaid against the share price, while valuation charts plot one-year forward P/E multiples for Shinsegae, Lotte Shopping and Japan's Isetan Mitsukoshi, providing regional context for the Korean names. Currency figures are in Korean won, with share prices and multiples plotted on secondary axes. The note closes with a DCF valuation for Lotte Shopping based on a 6.4% WACC and 0.5% terminal growth rate.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
Exhibit 7
Exhibit 8
