Shinsegae International신세계인터내셔날

Shinsegae International's trailing profits are close to break-even on ₩1.08T of revenue, and a National Tax Service investigation was reported in October.

Shinsegae International distributes imported luxury and designer brands and runs its own fashion labels, selling mainly through department stores, discount marts and duty-free shops. Revenue has fallen for several years, and operating income was negative in 2025, while the trailing twelve months to H1 2026 show a thin 0.7% operating margin. The shares are at ₩10,150, down 8.6% over three months, and sit well below the 52-week high of ₩17,130.

What stands out

• Trailing revenue to H1 2026 is about ₩1.08T, but operating income is only about ₩7.9B and net income about ₩6.4B, so margins are very thin.
• Revenue fell 15.2% in 2025 and operating income turned negative (about -₩11.5B), after profits of ₩115B in 2022.
• Borrowings of about ₩222B exceed cash of about ₩52B, and liabilities are 57.3% of equity.
• The trailing P/E is about 55.9 on depressed earnings, while the price-to-book ratio is 0.4 and the data shows a 3.9% dividend yield.
• Foreign ownership fell from 7.0% to 6.2% over about 60 days, and 20-day flows were net positive for institutions but negative for foreign and retail investors.

What to watch

• Reports in October 2026 said the National Tax Service has opened a special tax investigation into the company and Shinsegae D&F; the data does not give an outcome or amounts.
• The next quarterly results and the preliminary earnings notice, since the trailing margins are very small.
• The company's fair value model gives a base value of ₩7,967 with a wide bear-to-bull range, and the data does not explain its assumptions further.