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Operates Shilla Hotels & Resorts and one of Korea's largest duty-free retailers, led by a Samsung founding-family member.
Operates Shilla Hotels & Resorts and one of Korea's largest duty-free retailers, led by a Samsung founding-family member.
Duty-free sells most; revenue comes from tourists and from bulk buyers who resell goods in China, and it pays large concession fees to airports and commissions to travel agents, so negotiating rent terms matters. Hotels are the smaller business.
Moat: narrow (brand, scale). Leading duty-free operator with premier airport concession slots and a strong hotel brand.
Headquarters: Seoul, South Korea · Founded: 1979 · Employees: 1,910
Size HtlShilla (008770.KS) is a South Korea Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $985M, the 235th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩35,500 on 6 Nov 2026.
Performance Over six months the shares fell 45.8%, against -12.0% for the median peer and -24.5% for the South Korea market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 1.5% over the last twelve months (peer median +6.6%); the operating margin is 3.3% (peer median 16.2%).
Valuation It trades at 15.1× forward earnings against a peer median of 21.0× (6th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points above its cost of capital (5.2% WACC).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩4.03T | ₩4.07T | ₩3.95T | ₩3.57T | ₩4.92T |
| Revenue growth | — | +3% | +11% | -27% | — |
| Gross profit | n/a | ₩1.19T | ₩1.08T | ₩864B | ₩2.25T |
| EBITDA | n/a | ₩154B | ₩126B | ₩219B | ₩201B |
| Net income | ₩49.2B | -₩173B | -₩61.5B | ₩86.0B | -₩50.2B |
| Free cash flow | n/a | ₩11.8B | -₩48.3B | ₩150B | ₩141B |
| Capital expenditure | n/a | ₩53.6B | ₩74.0B | ₩54.7B | ₩53.9B |
| Total debt | n/a | ₩1.68T | ₩1.66T | ₩1.60T | ₩1.62T |
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| Measure | 008770.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.9% | -0.6% | 6th lowest of 21 |
| 6-month return | -45.8% | -12.0% | 3rd lowest of 20 |
| Distance from 52-week high | -49.5% | -27.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | +1.5% | +6.6% | 5th lowest of 21 |
| Operating margin | 3.3% | 16.2% | 3rd lowest of 21 |
| Forward P/E | 15.1× | 21.0× | 6th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -7.6% | 1.7% | 4th least demanding of 19 |
| Growth delivered (Del g) | +5.0% | +18.8% | 4th lowest of 19 |
| Hurdle (Req g minus delivered) | -12.6 pp | -15.0 pp | 9th most demanding of 19 |
| ROIC minus cost of capital | +3.6 pp | -0.6 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HtlShilla 008770.KS | South Korea | $985M | -46% | +1% | 3% | 15.1× | -7.6% | +5.0% |
| Lemon Tree Hotels LEMONTREE.NS | India | $984M | -4% | +10% | 38% | 31.1× | 17.4% | +41.3% |
| Pierre et Vacances VAC.PA | France | $974M | -1% | +5% | 15% | 15.6× | -0.6% | +9.8% |
| Huangshan Tourism Development 600054.SS | China | $926M | -13% | +2% | 20% | 23.0× | -9.4% | +23.2% |
| Fujita Kanko 9722.T | Japan | $1.08B | +37% | +3% | 16% | 12.9× | -4.6% | +25.2% |
| Guangzhou Lingnan 000524.SZ | China | $885M | -19% | +6% | 2% | 62.9× | 11.7% | +19.4% |
| Hongkong & Shanghai Hotels 0045.HK | Hong Kong | $1.11B | -12% | -4% | 13% | n/a | 4.0% | +24.1% |
| PPHE Hotel PPH.L | United Kingdom | $864M | -2% | +5% | 19% | 21.0× | 7.7% | +35.6% |
| Target Hospitality TH | United States | $1.13B | -26% | +12% | -9% | 22.9× | 49.9% | +7.3% |
| Centurion OU8.SI | Singapore | $810M | -18% | +26% | 61% | 11.3× | -3.8% | +18.2% |
| NagaCorp 3918.HK | Hong Kong | $1.21B | -48% | +12% | 58% | 4.7× | -19.3% | -4.1% |
| Kelsian KLS.AX | Australia | $797M | +5% | +9% | 6% | 11.2× | 9.2% | +15.4% |
| Ventive Hospitality VENTIVE.NS | India | $1.34B | -17% | +15% | 29% | 26.2× | 29.9% | +78.5% |
| Great Eagle 0041.HK | Hong Kong | $1.37B | -24% | +75% | 12% | n/a | -0.9% | +13.8% |
| Waterways Leisure Tourism CORDELIA.NS | India | $677M | n/a | -2% | 14% | n/a | n/a | n/a |
| Formosa International Hotels 2707.TW | Taiwan | $668M | +2% | +6% | 26% | 13.3× | -7.7% | +4.7% |
| Imperial Hotel 9708.T | Japan | $666M | -26% | +10% | 3% | 47.6× | n/a | n/a |
| SkiStar SKIS-B.ST | Sweden | $1.58B | +27% | +7% | 17% | 21.3× | 8.4% | +12.5% |
| Lotte Tour Development 032350.KS | South Korea | $591M | -51% | +39% | 24% | 15.9× | -6.4% | +108.0% |
| India Tourism Development ITDC.NS | India | $572M | +6% | -9% | 16% | n/a | 58.7% | +24.6% |
| Harbour Centre Development 0051.HK | Hong Kong | $557M | +38% | +1% | 20% | n/a | -3.9% | -16.5% |