[Alpha Biz= Reporter Kim Sangjin] Hyundai Motor Securities projected on the 7th that Modu Tour's third-quarter revenue would decline for the first time since the recovery from COVID-19, prompting them to lower their target price.

In their report, Hyundai Motor Securities estimated Modu Tour's Q3 performance to be a revenue of 48.7 billion won and an operating profit of 2.4 billion won. This reflects a 6.0% decrease in revenue and a 14.3% increase in operating profit compared to the same period last year, significantly missing market consensus estimates by approximately 20% and 50%, respectively.

They noted, "The number of package travelers in Q3 is expected to be 218,000, which is well below expectations, leading to revenue that marks the first decline since the COVID recovery." They highlighted that the market share for packages in Q3 is projected to be 3.1%, raising concerns about a structural decline compared to the pre-COVID range of 4.5% to 5.0%.

Regarding the booking situation for Q4, Hyundai Motor Securities commented, "As of now, October is showing a 3% increase compared to the same month last year, but November and December are expected to see declines of 4% and 3%, respectively, indicating lower-than-expected performance."

They maintained their investment rating at "Market Perform" and reduced the target price from 13,500 won to 11,000 won, reflecting a 19% decrease.
 

 

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