SAMSUNG E&A (formerly Samsung Engineering), a total solutions provider for the global energy industry, announced today that it recorded an operating profit of KRW 209.4 billion in the first quarter exceeded the market forecast (KRW 196 billion), continuing a solid performance trend.Through the Q1 pr
Volvo Group Korea, a specialized excavator manufacturer, announced on April 24 that it has completed the construction of Asia’s first group battery pack production facility at its Changwon Plant in South Gyeongsang Province, South Korea.On April 23, Volvo Group Korea held a ceremony at the Changwon
LG Energy Solution has declared war against technology theft, believing that patent infringement by overseas battery-related manufacturers in regions like China and Europe is severe. The company’s own investigation revealed 580 cases of confirmed patent infringement. They are ready to pursue legal a
The upcoming Nintendo Switch 2, the first new gaming device from Japan’s Nintendo in eight years, is expected to incorporate a significant amount of technology from Samsung Electronics. It is predicted that a wide range of Samsung products, from displays to memory and foundry services, will be used,
The operating profits of the four major domestic groups -- Samsung, SK, Hyundai Motor, and LG -- last year showed a decrease of over 65 percent compared to 2022.The Korea CXO Research Institute, specializing in corporate analysis, released a report containing the findings on April 24.Specifically, t
HD Hyundai Heavy Industries (HHI) announced on April that it has signed a memorandum of understanding (MOU) with Philly Shipyard in Pennsylvania of the United States to provide new shipbuilding and maintenance, repair and overhaul (MRO) services for US naval and government vessels for the U.S. gover
OCI Holdings announced on April 23 that it will expand its solar power business in earnest after signing a memorandum of understanding (MOU) for investment cooperation with the Malaysian central government at the KL20 Summit 2024, a global investment attraction event held in Kuala Lumpur, Malaysia,
President Yoon Suk-yeol held a summit with Romanian President Klaus Iohannis at the Yongsan presidential office on April 23 to discuss bilateral cooperation. It is the first bilateral summit in Korea in 16 years since 2008. Yoon visited the Lithuanian capital Vilnius for a North Atlantic Treaty Orga
As the final bid for the sale of Asiana Airlines’ cargo business approaches, attention is turning to the future owner. The acquisition is expected to amount to around 1 trillion won, including debt. Out of the four low-cost carriers (LCCs) that have entered the bidding, three are experiencing capita
Chinese electric multiple unit rapid transit cars, which dominated the U.S. electric rapid transit car market through price war, are being withdrawn from the market one after another due to safety issues and rising costs. Hyundai Rotem, which has struggled due to the price war, is aggressively pursu
The author is an analyst for NH Investment & Securities. He can be reached at youngryu@nhqv.com. -- Ed.Noise appearing here and there; market expectations being adjustedAfter ASML and TSMC announced weaker-than-expected 1Q24 results and negative market outlooks, tech firms have experienced overall s
Both Samsung Electronics and SK hynix, the two leading semiconductor giants in South Korea, closed lower. The decline was influenced by a simultaneous sharp drop in semiconductor stock prices, with Nvidia falling by 10 percent in the U.S. market.In the KOSPI market on April 22, Samsung Electronics c
Samyang Foods’ flagship brand “Buldak Series” is making waves in the global market, garnering successive attention from local media. Particularly, it continues to uphold the “Buldak Legend” with comprehensive support of Kim Jung-soo, vice chairman of Samyang Round Square.Based on industry sources on
LG Electronics is accelerating its business expansion in the B2B sectors like delivery and logistics by focusing on robotic solutions.On April 22, LG Electronics announced that it would supply its AI autonomous delivery robot, the “LG CLOi ServeBot (double-door)” to Kakao Mobility’s “BRING” robot de
With the ongoing competition in the AI semiconductor sector, the foundry (contract chip manufacturing) industry is facing a new challenge due to stagnant demand and overcapacity. Concurrently, the rivalry for dominance in the high-bandwidth memory (HBM) segment, a crucial component in AI, is intensi
The author is an analyst for Shinhan Securities. He can be reached at ldh@sinhan.com -- Ed.1Q24 review: OP of engines surpasses construction equipmentHD Hyundai Infracore posted sales of KRW1.16tr (-10% YoY), operating profit of KRW92.8bn (-39% YoY), and operating margin of 8% (-3.8%p YoY) for 1Q24.
The author is an analyst for Shinhan Securities. She can be reached at sunmi.kim@shinhan.com -- Ed.Strong top-line drives earnings surprise & annual forecast revisionHyundai Engineering & Construction posted sales of KRW8.5tr and operating profit of KRW250.9bn for 1Q24, beating consensus estimates b
The number of affiliates belonging to Korea’s conglomerates crossed 3,000 for the first time in 2023. The increase is the result of business diversification in response to an unstable global business environment, but the increase has generated many negative side effects.As of May 2023, the number of
Netflix Services Korea has begun an administrative lawsuit against Korea’s tax authorities over 78 billion won (US$57 million) in tax imposed on the OTT giant. Much attention is being paid to see how the Korean court will rule on the unfair practice of global platform companies such as Netflix not p
The New Zealand Wine Festivals, which promise an unforgettable experience of New Zealand culture and remarkable wines, are returning this year by popular demand. The events in Seoul and Busan will leverage the growth and recognition of an array of New Zealand’s premium wines.“New Zealand wine is a f