Ac t i o n | 31 Jul 2026 05:47:49 ET │ 14 pages Hotel Shilla (008770.KS) OP Beat in 2Q, Driven by Airport DFS Biz / Hotel Biz CITI'S TAKE Hotel Shilla (Shilla) recorded above consensus OP in 2Q, driven by notable improvement in Incheon Airport DFS biz / hotel biz. Moreover, Shilla provided relatively constructive narrative on 3Q outlook. After lowering FY26-28 NP estimates by 15-29%, we lower our 12-m TP to W49,000. 2Q beat — Shilla recorded W972bn revenue (-5% y/y) and W61bn OP (+606% y/y) in 2Q26, OP comi ...