The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) escalated tensions in February by adding an additional six Chinese companies to its blacklist, following the earlier inclusion of eight companies. With these new additions, the Biden administration has now blacklisted a total of
Sam Bird (GBR) beats the heat with the Hankook iON Race to win the ABB FIA Formula E World Championship race in the Brazilian megacity of São Paulo. Despite an ambient temperature of 35 degrees, rising to around 60 degrees on the asphalt at the 2.933-kilometer high-speed circuit around the Anhembi S
Legoland Korea Resort announced the unveiling and lighting ceremony of the country’s first giant Christmas tree made of Lego bricks, standing at 9 meters in height, on Nov. 24.Located in the Brick Street Square of Legoland, the Lego Christmas Tree reaches an impressive height of 9 meters and 83 cent
The United States has decided to extend the grace period for Korean companies to export semiconductor equipment to China. This immediately alleviates the concerns for domestic companies such as Samsung Electronics and SK hynix, who can continue producing semiconductors in their Chinese factories for
Samsung Biologics and Pfizer announced a strategic partnership on June 8 for the long-term contract manufacturing of multi-product drugs.Samsung Biologics and Pfizer first signed a contract manufacturing agreement for a single product last March, and Samsung Biologics is expected to manufacture Pfiz
LG Chem has completed its acquisition of AVEO Oncology, a U.S. biopharmaceutical company focused on oncology, in an all-cash transaction with an implied equity value of US$571M on a fully diluted basis, the company announced on Jan. 19.“We are excited to complete LG Chem’s acquisition of AVEO, which
Hanwha Group chairman Kim Seung-youn met with Edwin John Feulner Jr., chairman of the American Heritage Foundation’s Asian Studies Center, at The Plaza Hotel in Seoul on Nov. 8.At the dinner, the Hanwha chairman was accompanied by his eldest son Kim Dong-kwan, vice president of Hanwha Solutions, his
SK ecoplant has become the largest shareholder of Ascend Elements, a U.S. battery recycling company that has expertise in extracting rare metals from electric vehicle (EV) batteries. The U.S. startup is valued at about 600 billion won.SK ecoplant signed a US$50 million stock purchase agreement (SPA)
Hanwha Systems signed a strategic memorandum of understanding (MOU) with Honeywell Aerospace, a U.S. defense and aerospace company, for joint development of advanced air vehicle (AAV) systems at Farnborough International Airshow 2022 in the United Kingdom on July 19 (local time).The two companies wi
3M’s semiconductor coolant plant in Belgium is working to restart previously idled PFAS-related manufacturing processes.PFAS are substances widely used in cosmetics and dental floss and may cause hormone disruption after accumulation in the body. In a statement sent to BusinessKorea, the company sai
SK Geo Centric, a subsidiary of SK Innovation, has made an equity investment of US$55 million (approximately 68 billion won) in PureCycle Technologies, an American plastic waste recycling company.PureCycle has a proprietary chemical recycling technology that utilizes a solvent to remove contaminants
The author is an analyst of KB Securities. He can be reached at swhong@kbfg.com. -- Ed. 4Q20P earnings in line— POSCO posted 4Q20P consolidated revenue of KRW15.26tn (-5% YoY) and OP of KRW863.3bn (+55% YoY; 5.7% OPM), in line with the market consensus.— Standalone revenue/OP came in at KRW7.08tn (-
The author is an analyst of KB Securities. He can be reached at swhong@kbfg.com. -- Ed. 4Q20P consolidated OP of KRW55.4bn short of consensus by 42%— Hyundai Steel posted 4Q20P consolidated revenue of KRW4.78tn (-1% YoY) and OP of KRW55.4bn (turn to black YoY; 1.2% OPM), stopping short of the market
The author is an analyst of KB Securities. He can be reached at swhong@kbfg.com. -- Ed.Maintain BUY; raise target price to KRW350,000 We raise our TP by 17% for POSCO (KRW300,000→KRW350,000) to accommodate upward revisions to 2021E NP (attributable to controlling interests) and 36m fwd ROE (4.5%→5.6
Some lawmakers from Georgia and Tennessee of the United States have sent a letter to LG Energy Solutions and SK Innovation to urge the two Korean electric vehicle battery manufacturers to settle their dispute over trade secret infringement.The letter was sent by three U.S. representatives – Republic
The author is an analyst of KB Securities. He can be reached at swhong@kbfg.com. -- Ed. Maintain BUY and target price of KRW500,000 We maintain BUY and our TP of KRW500,000 for Korea Zinc. Our TP, which was derived using a three-stage dividend discount model (based on total payouts) that reflects ou
The author is an analyst of KB Securities. He can be reached at swhong@kbfg.com. -- Ed.Maintain BUY and raise target price to KRW300,000 We maintain BUY and raise our TP by 20% (KRW250,000→KRW300,000) to reflect: (1) An increase in 36m fwd foreseeable ROE (4.3%→4.5%) (2) A drop in cost of equity (7.
The author is an analyst of KB Securities. He can be reached at swhong@kbfg.com. -- Ed. Maintain BUY and target price of KRW500,000 We maintain BUY and our TP of KRW500,000 because our marginal revisions to earnings projections did not change our assumptions for Stage-1 dividends (KRW14,000-15,000)
The U.S. and South Korean governments had an economic council meeting on Oct. 14 to discuss post-COVID-19 economic cooperation. There, the U.S. government stressed its clean network policy and asked the South Korean government to rule out Huawei. “It is an issue to be determined by the private secto
The author is an analyst of KB Securities. He can be reached at swhong@kbfg.com. -- Ed. Maintain BUY and target price of KRW250,000 We maintain our KRW250,000 TP for POSCO. Our TP was derived using the P/B-ROE model (7.21% cost of equity; 4.32% foreseeable ROE; 1.58% terminal growth). Cost of equity