Pernod Ricard Korea, a Korean affiliate of Pernod Ricard Group, a global liquor maker, has launched a range of elegant whisky gift sets to celebrate the Lunar New Year in 2024, the Year of the Dragon. The sets feature various product lines ranging from high-quality blended whiskies to unrivaled sing
Rongsheng Petrochemical, China’s largest petrochemical company, will begin a major expansion of petrochemical products at the beginning of the new year. The expansion portfolio includes intermediate raw materials and synthetic resins, which are the main products of Korean petrochemical companies.Ron
The author is an analyst for NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.We view the tight supply situation in the refining industry as being structural. Although refining margins should stabilize after peaking out in 2Q23, they are exceeding historical averages, suggesti
Pernod Ricard Hong Kong Limited has unveiled Ballantine’s 21YO Artist Edition in collaboration with celebrated Korean artist Noh Sangho exclusively in Global Travel Retail across the APAC region.This artist edition is rooted in the campaign slogan of Ballantine’s, "Time Well Spent," which emphasizes
The author is an analyst for NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.We raise our TP on SK Innovation to W250,000. Key indicators for the oil refining industry are showing strength. Profitability is to strengthen in 2H23 thanks to a gradual improvement in battery earn
The author is an analyst for NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.We raise our TP on S-Oil to W96,000. Key indicators for the oil refining industry, including oil prices and refining margins, remain robust. We advise more focusing upon an anticipated strengthening
The author is an analyst for NH Investment & SEcurities. HE can be reached at yk.choi@nhqv.com -- Ed.Key indicators in the refining industry are strong. Refining margins and aromatics product spreads are above the historical averages. In 2H23, solid refining margins should continue amid limited room
The author is an analyst for NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.Given unfavorable oil price and refining margin figures, we expect S-Oil’s earnings for 2Q23 to arrive tepid. But, with a gradual refining margin rebound anticipated from 2H23, we see valuation merit
The author is an analyst for NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.Reflecting anticipated AMPC-related gains, we raise our TP on SK Innovation by 13% from W230,000 to W260,000. Specifically, earnings improvement at the battery business stemming from the AMPC should
The author is an analyst of NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.We view recently weak refining margins as excessively reflecting concerns toward slowing demand. We point out that global refinery capacity additions are limited, and exports from China have been on a
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 3Q22 OP to come in short of consensus at KRW605.8bn (-74% QoQ)We now expect SK Innovation to post operating profit of KRW605.8bn (-74% QoQ) for 3Q22, mi
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 2Q22 OP beats consensus at KRW2.3tr (+41% QoQ)SK Innovation posted operating profit of KRW2.3tr (+41% QoQ) for 2Q22, beating the consensus estimate of K
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 2Q22 OP to exceed consensus at KRW2.16tr (+31% QoQ)SK Innovation is expected to have registered operating profit of KRW2.16tr (+31% QoQ) for 2Q22, beati
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 2Q22 OP to exceed consensus at KRW1.55tr (+16% QoQ)S-Oil is expected to have delivered operating profit of KRW1.55tr (+16% QoQ) for 2Q22, beating the co
SK geo centric, Neste and Covestro are cooperating to enable the production of a major polyurethane raw material based on renewable raw materials via mass balance.The cooperation will see Neste provide SK geo centric with renewable Neste RE, an ISCC certified feedstock for polymers and chemicals mad
Royal Salute, the prestige whisky from Pernod Ricard Korea, has been selected as the Best of 2022 in the whisky category at the 2022 Korea Wine and Spirits Awards. In addition, the company’s premium scotch whisky Ballantine’s and Irish whisky Jameson won the grand prize in their respective categorie
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 1Q22 OP forecast at KRW1.27tr (+224% QoQ) on oil refining boomS-Oil is projected to have recorded operating profit of KRW1.27tr (+224% QoQ) for 1Q22, be
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY, trim target price 7.2% to KRW283,000 We maintain BUY on Lotte Chemical but trim our TP by 7.2% to KRW283,000, as adjustments to key product spreads (e.g., HDPE, PP, MEG) lowered 2022E NP (attributa
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 4Q21 OP misses consensus at KRW29.7bn (-90% QoQ)Lotte Chemical reported operating profit of KRW29.7bn (-90% QoQ) for 4Q21, falling far short of the KRW2
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY, lower target price 6.7% to KRW305,000 We maintain BUY on Lotte Chemical but lower our TP by 6.7% to KRW305,000. Our revised TP, which represents 2022E P/E of 8.6x, P/B of 0.69x, reflects:(1) an inc