Hotel Shilla Co Ltd

Hotel Shilla Co Ltd is a Korea-based company principally engaged in the operation of duty free shops. The Company operates its business through two segments. The Travel Retail (TR) segment operates duty free shops under the brand name of The Shilla Duty Free which offers boutique items, fashions, jewelries, cosmetics, watches and others. The Hotel and Leisure segment primarily provides services such as accommodation, food and beverage, as well as banquets. The Company's leisure business includes sports and travel operation business; sport business includes indoor gyms and in-house fitness clubs’ operation on consignment; and travel business includes hotel and air ticket reservations for the company's business trips.

• Passenger throughput growth (leading)
• Aero rate / passenger fee schedules (regulated)
• Non-aero revenue per passenger (trend)
• Air traffic recovery vs pre-COVID baseline (coincident)

• Air-travel demand (recession sensitivity) · exposure: high
• Regulatory rate-setting · exposure: high
• Sanctions (route closures) · exposure: medium for international hubs

• Passengers (millions/year) — core volume
• EBITDA margin % — 40-55% healthy
• Non-aero revenue % — >35% premium operators
• Net debt / EBITDA — 5-7x acceptable given long-life assets

Detailed financial analysis, valuation snapshot, multi-period history, and AI narrative are pending — generated when this company is included in the next analysis batch. Profile data above is point-in-time as of 2026-04-30.