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분야
hwpb. Evaluate the performance of Shinsegae
1) Analysis of common-size income statements (Unit : Won)
2) Competitor Analysis (Lotte shopping, Hyundai department store)
3 ) analysis of income statements
4) Analysis of labor costs
c. Evaluate the liquidity of Shinsegae
d. About cash flows statement
1) Time-series analysis in cash flows
2) Cross-sectional analysis in cash flows
e. Main accounting policies of Shinsegae
1) Revenue recognition
2) Allowance for doubtful debts
3) Inventory
4) Depreciation
4-1) Depreciation of tangible assets
4-2) Depreciation of intangible assets
5) Gift certificate
f. Compute PER / PBR and Evaluate them
* References
* Appendices
Shinsegae is a company that performs distribution, mainly. Distribution is an activity that the goods are exchanged and distributed in many stage from a manufacturer to a consumer. That is, distribution companies take a role as a broker which is buying the goods from manufacturer in the cheapest price and supplying to a consumer who uses them.
Shinsegae is composed of Shinsegae department store, E-mart, Shinsegae-mart and so on. And there are several competitors with Shinsegae. They are Hyundai Department Store, Lotte shopping, GS Home shopping, CJ Home shopping and so on.
b. Evaluate the performance of Shinsegae
1) Analysis of common-size income statements (Unit : Won)
When you see I/S of Shinsegae from 2005 to 2008, some parts are remarkable. For example, Sales Revenue, Gross Profit or Loss, Operating Income or Loss, Income Loss Before Income Taxes Expenses and Net income or Loss has increased steadily since 2005. So this company can be said had been good at management.
Nowadays, global economic crisis is prevalent and consumption of Korean people were also critically reduced. In this bad situation, these profitable results of Shinsegae proved that distribution industry like Shinsegae is economic-defensive. Which means Shinsegae isn't influenced with economic fluctuation compared to other companies. Many specialists also said that one important part of Shinsegae, E-mart is intensively economic-defensive.
2) Competitor Analysis (Lotte shopping, Hyundai department store)
Rivals of Shinsegae are Hyundai Departmentstore, Lotte Shopping, GS homeshopping, CJ homeshopping and so on. These rivals also economic-defensive. But in results of our group's analysis, Shinsegae showed the best performance of the five companies.
* Lotte shopping Net income - decreased from 742,517,230,309 to 692,134,492,117 in 2007
* Hyundai department store Operating income - decreased from 171,275,918 to 171,275,918 in 2007
When we saw Shinsegae's I/S, there was no reduction in many stages of income. But when we saw I/S of top two rivals, there was reduction of income in 2007, Net income of Lotte Shopping and Operating income of Hyundai department store. With these results, we could conclude that Shinsegae did good management although other same-industry companies had a bad time in 2007.
3 ) analysis of income statements
2) 5 Korea investment & securities company analyst reports
- distribution part, Shinsegae / analyst : Ok-jin Nam, www.truefriend.com
3) Shinsegae brochure - www.shinsegae.com
4) Financial statements of Shinsegae writed by Deloitte Anjin LLC (2009. 3)
5) Audit report about Financial statements of Shinsegae writed by Deloitte Anjin LLC (2009. 2. 17)
6) Business report that must be presented to Financial Services Commission and Korea Exchange writed by Shinsegae
