Hyundai Motor Securities lowered its investment opinion on E-Mart from "buy" to "neutral" on the 11th, saying it has little room for a rise in stock prices.

Hyundai Motor Securities analyzed in a report related to E-Mart on the same day, "Profitability will weaken in the short term as last year's fourth-quarter earnings also reflect some one-off costs such as Starbucks' summer carry bag recall."

Hyundai Motor Securities went on to say, "We believe expectations for easing restrictions on holiday operations at discount stores have already been reflected in stock prices," adding, "We have lowered our investment opinion in consideration of the possibility of a rise in short-term stock prices."

According to Hyundai Motor Securities, E-Mart's consolidated operating profit in the fourth quarter of last year is estimated to be 67.8 billion won, down 12.3 percent from a year earlier, below the market consensus.

Sales estimates will grow 8.8 percent year-on-year to 7.463 trillion won, but profitability is likely to have deteriorated depending on costs related to consolidated subsidiaries.

E-Mart's target price remained at the previously set 110,000 won.

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