Samsung Display and LG Display, the two major Korean display makers, have begun the second round of their battle in the display market. Unlike LG Display, which makes large-sized panels, Samsung Display makes smash hits focused on small and medium-sized panels. LG Display is trying to reverse its fo
The author is an analyst for NH Investment & Securities. He can be reached at junsup@nhqv.com -- Ed.At Hyundai M&F, 2024E P/B sits at only 0.39x, well below that for Samsung F&M (0.76x) and DB Insurance (0.59x). Although its shareholder return momentum is weak, Hyundai M&F offers limited valuation b
KG Mobility, once a perennially loss-making company, has returned to profitability last year, driven by increased exports to Europe and Latin America.According to industry and securities market sources on Feb. 6, KG Mobility’s operating income for last year is estimated to be around 5 billion won. T
The author is an analyst of KB Securities. She can be reached at leesunhwa@kbfg.com. -- Ed. Maintain BUY but cut target price 28.6% to KRW250,000 We cut our TP by 28.6% (KRW350,000→KRW250,000) on Naver. We revise down 2022E/2023E OP by 7.7%/13.3% to reflect M&A-driven changes in structural mix (i.e.
The authors are analysts of Shinhan Investment Corp. They can be reached at yjjung86@shinhan.com and dongho2852.shin@shinhan.com, respectively. -- Ed. 2Q22 OP exceeds market expectations by 22% at KRW53.1bnHyundai Wia reported operating profit of KRW53.1bn (+17.6% YoY) on sales of KRW2tr (-0.4% YoY)
The author is an analyst of NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com. -- Ed. Innox AMC’s share price has slid as of late amid market fears that OLED TV shipments will slow amid an economic downturn. But, such fears look overblown given likely sound earnings momentum in 2H2
The author is an analyst of NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com. -- Ed. Despite the 2Q off-season, OLED shipments remain solid, and Innox AMC’s market share within core customers continues to expand. In line, the company is forecast to outstrip consensus with record-h
The author is an analyst of NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com. -- Ed. Innox AMC is enjoying margin improvement thanks to restructuring and production efficiency enhancements, amid solid conditions for the OLED market, a major downstream industry. Also favorable, pro
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY, target price of KRW170,000; exit from solar panel business We maintain BUY and our TP of KRW170,000 on LG Electronics, as the company should benefit from its streamlined business structure followi
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. AmorePacific’s 3Q21 OP fell 10% y-y, missing consensus. However, the continued strong growth of both the firm’s online channels and Sulwhasoo in China remains positive.Expect gradual rebound in profit
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. LG H&H’s 3Q21 OP grew 4.5% y-y. In addition to high y-y base burden across all business divisions, impacts were felt from logistics disruptions, natural disasters, and the re-spreading of Covid-19. Ho
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. Lotte Shopping has almost completed its offline store restructuring, but earnings have yet to improve as quickly as expected. Turnaround momentum is needed for the firm to boost its EV.Present Hold ra
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. Hotel Shilla’s margins have improved significantly thanks to a rising portion of high-margin sales to small/mid-sized resellers and the expiry of its airport DFS business license for Incheon Internati
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. Clio’s OP increased 1% y-y in 2Q21. Sales growth is set to sustain in 2H21 thanks to both new product launches and major promotions at high-margin H&B channels. With efforts being made to strengthen p
The author is an analyst of NH Investment & Securities. He can be reached at jinmyung.choi@nhqv.com. -- Ed. We revise up our new order estimate for SHI by 12% and raise our TP accordingly. In the near term, the firm is likely to struggle due to rising raw material costs. However, efforts for fundame
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY and target price of KRW240,000 We maintain BUY and our 12m TP of KRW240,000 on LGE, as we believe the company has the capacity to generate quarterly OP in excess of KRW1tn given earnings improvemen
eBay Inc. of the United States officially announced on Jan. 19 that it would sell eBay Korea for five trillion won. Most in the industry said that the company was overvalued.However, the atmosphere changed after Coupang went public in New York in March, when the loss-making company posted a market c
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. With group-wide efforts to improve channel efficiency beginning to yield tangible results, AmoreG is expected to book a y-y sales rebound in 2H21. As the firm’s relative valuation merit versus AmorePa
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. Shinsegae Food shares have risen rapidly of late, driven by expectations of a recovery in eating-out demand. That said, with its margins set to improve to exceed pre-Covid-19 level thanks to a mid/lon
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. Clio’s OP declined 41% y-y in 1Q21 on the booking of one-off expenses. However, most of the firm’s channels (excluding Club Clio) are showing signs of recovery, and efforts have been made to strengthe