In today’s briefing:
- Easy Trip Planners: Unattractive Inspite of High Profitability
- Woori – Plenty to Worry About
Easy Trip Planners: Unattractive Inspite of High Profitability
- Easy Trip Planners (EASEMYTR IN) has had a good run on its bourses and is probably one of the very few new-age companies which is profitable.
- However, the overall narrative does not look attractive to us when we deep dive into the forensics, including the cost drivers and balance sheet risks to the company.
- Perplexing business model, customer concentration and high valuations make it unattractive inspite of high profitability.
Woori – Plenty to Worry About
- Woori is the fastest growing major bank in Korea, not positive into a downturn
- Credit metrics look poor in granular data on loans and in credit costs
- Capital levels are relatively low, while funding mix is worsening
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