Samsung Display has begun the construction of the world’s first 8.6th generation organic light-emitting diode (OLED) production line. As major manufacturers such as Apple are increasing the proportion of OLED displays instead of liquid crystal displays (LCDs) in the laptop and tablet markets, Samsun
Samsung Electronics has confirmed the sale of its entire stake in ASML, a Dutch semiconductor equipment company. According to Samsung Electronics’ audit report on the Feb. 21, the company disposed of its entire stake of 1,584,070 shares (a 0.4% stake) in ASML during the fourth quarter of last year.
The author is an analyst for Shinhan Securities. He can be reached at snowKH@shinhan.com -- Ed.Earnings stability improving on subsidiary growth, client diversificationWe believe two major points indicate that the timing is right to accumulate shares in Wonik QnC. The first is solid earnings stabili
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com -- Ed.With the memory industry recovering, investment at Wonik IPS customers should pick up from 2024. However, the recent 3D NAND development trend towards feature scaling, rather than increase to the number
The authors are analysts of Shinhan Investment Corp. They can be reached at doyeon@shinhan.com and hyon@shinhan.com, respectively. – Ed. Memory chip prices likely to drop until 2Q23 and turn around in 2H23The memory chip market has witnessed the steepest decline in demand and the highest inventory l
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. In response to the economic slowdown, memory chipmakers are expected to significantly reduce capex in 2023. Semicon equipment makers are predicted to see full-fledged earnings improvement in 2H23.Memo
The authors are analysts of Shinhan Investment Corp. They can be reached at doyeon@shinhan.com and hyon@shinhan.com, respectively. – Ed. 2Q22 earnings surpass market expectationsWonik Materials posted all-time high earnings for 2Q22, with sales of KRW132.3bn (+29.1% QoQ) and operating profit of KRW2
The authors are analysts of Shinhan Investment Corp. They can be reached at snowKH@shinhan.com and wonyong.sim@shinhan.com, respectively. -- Ed. 2Q22 operating profit comes in at KRW35.9bn (+47% YoY)Wonik QnC reported operating profit of KRW35.9bn (+47% YoY) on sales of KRW192.2bn (+20% YoY) for 2Q2
The authors are analysts of Shinhan Investment Corp. They can be reached at snowKH@shinhan.com and wonyong.sim@shinhan.com, respectively. -- Ed. Solid performance regardless of the semiconductor market cycleWonik QnC, the bellwether for IT materials, parts, and equipment stocks, is on a structural g
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. Memory makers are adopting a conservative capacity investment strategy in response to the memory semiconductor downcycle that started in 4Q21. Earnings momentum will likely remain limited in 1H22.Memo
The author is an analyst of NH Investment & Securities. He can be reached at midas.sohn@nhqv.com. -- Ed. IONES’s share price fell after the announcement of a change in its largest shareholder. But, noting that the firm’s fundamentals remain intact, we view the drop as representing a good buying oppo
The authors are analysts of Shinhan Investment Corp. They can be reached at snowKH@shinhan.com and wonyong.sim@shinhan.com, respectively. -- Ed. Initiate coverage with BUY for a target price of KRW55,000We initiate our coverage of Wonik PNE with BUY for a target price of KRW55,000, based on 2023F EP
The author is an analyst of Shinhan Investment Corp. He can be reached at doyeon@shinhan.com. -- Ed. Earnings to continue steadily upward to new highs each yearWonik Materials is expected to post sales of KRW79.1bn (+9.2% QoQ) and operating profit of KRW15.2bn (+24.6% QoQ) for 3Q21. Earnings growth
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. DRAM prices are expected to decline from 1Q22. After the price drop, DRAM makers’ investment should turn conservative. Consequently, we expect semiconductor equipment makers to perform sluggishly in 2
The author is an analyst of Shinhan Investment Corp. He can be reached at doyeon@shinhan.com. -- Ed. Market concerns caused by stagnant share price trends in 1H21Samsung Electronics and SK Hynix shares underperformed the KOSPI in 1H21, fueling further concerns over semiconductor market conditions. D
The author is an analyst of Shinhan Investment Corp. He can be reached at doyeon@shinhan.com. -- Ed. 1H21 summary: Non-memory chips in severe shortageThe global shortage of non-memory chips worsened in 2Q due to: 1) failure to predict the pace of post-pandemic recovery in consumption; and 2) tempora
The authors are analysts of Shinhan Investment Corp. They can be reached at snowKH@shinhan.com and swoong92@shinhan.com, respectively. -- Ed. 1Q21 OP reported at KRW20bn (+162% YoY)Wonik QnC posted operating profit of KRW20bn (+162% YoY) on sales of KRW142.6bn (+13% YoY) for 1Q21, exceeding our esti
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. Aggressive competition for capacity expansion, such as that seen in the past, should be limited among Wonik’s clients moving ahead due to softening competition among memory semiconductor makers and a
The author is an analyst of Shinhan Investment Corp. He can be reached at doyeon@shinhan.com. -- Ed. Identifying the current stage of memory market cycleWe looked at the current stage of the memory semiconductor market in order to figure out how long the up-cycle will last. Similarities and differen
The author is an analyst of Shinhan Investment Corp. He can be reached at doyeon@shinhan.com. -- Ed. 1Q21 OP to come in at KRW11.0bn (+8.1% QoQ)We now expect Wonik Materials to report sales of KRW69.7bn (+0.5% QoQ) and operating profit of KRW11.0bn (+8.1% YoY) for 1Q21, marking decent results for a