E-Mart’s third-quarter consolidated operating profit is forecast to fall 15.1% year-on-year to 128.5 billion won as Starbucks Korea’s weakness persists. IBK Securities projects revenue of 7.7413 trillion won, up 4.6%, and estimates Starbucks Korea will swing from a 60 billion-won operating profit to a 24.2 billion-won loss, reducing its contribution by about 84.2 billion won. Discount-store same-store sales growth is expected to exceed 5%, while Shinsegae Food, Chosun Hotel and narrower SSG.com losses should partly offset the weakness. IBK Securities retained its Buy rating and 100,000-won target price, compared with E-Mart’s previous close of 75,000 won. Near-term results will depend heavily on Starbucks Korea, although a stronger won, new-store expansion and base effects may limit further deterioration.