SPC Samlip announced on March 6 that it has signed a partnership agreement with Siam Makro, a distribution affiliate of Thailand’s CP Group, to advance into the Thai bakery market.SPC Samlip held a signing ceremony in honor of signing the partnership agreement on a joint bakery business with Siam Ma
Weak global demand and the U.S.-China trade conflict caused Samsung Electronics to lose more than 10 trillion won in assets held by its major subsidies in the United States and China over the past one-year period, according to a new report. The report also says that assets held by its major subsidia
Global automakers and battery companies are forging alliances and partnerships one after another. Following Ford’s decision to partner with LG Energy Solution instead of SK Energy in Turkey, General Motors (GM) has decided to build a joint venture plant with Samsung SDI instead of LG Energy Solution
The Korea Automobile Manufacturers Association announced on March 2 that South Korea produced 3.76 million cars in 2022, with a year-on-year growth of 8.5 percent, to become the world’s fifth-largest producer in the industry.Last year, the total global production was 84.97 million, still lower than
The U.S. government recently announced details as to subsidy qualifications related to the CHIPS and Science Act. According to it, subsidies will be given in exchange for manufacturing process opening and extra profit sharing.Both Samsung Electronics and SK Hynix are already being affected by the ac
The Ministry of Trade, Industry and Energy announced on March 1 that South Korea’s exports and imports were US$50.1 billion and US$55.4 billion last month, respectively. The exports fell 7.5 percent year on year whereas the imports increased 3.6 percent from a year ago.Last month, South Korea’s semi
The Ministry of Justice announced on March 1 that 1,595 visas for foreign shipbuilding workers were issued from January last year to January this year and those include 880 given to Vietnamese shipbuilding workers, followed by Thai (233), Uzbek (200), Indonesian (82) and Indian (56).The 1,595 worker
Korea Aerospace Industries (KAI) will export 18 FA-50 light fighters worth 1.2 trillion won to Malaysia. The Korean defense contractor is rapidly entering the Southeast Asian market as it has already exported the fighters to Indonesia, the Philippines and Thailand.KAI signed a US$920 million contrac
Samsung Electronics is investing aggressively in India. The Korean tech giant has decided to produce its next-generation foldable smartphones in India to make it a key smartphone production base.Samsung Electronics has produced mid- and low-priced smartphones in India. As India emerges as the center
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed.Dental implant exports climbed 6% y-y in January, showing disappointing results towards China but reconfirming a growth trajectory in early-February. We draw attention to the particularly robust growt
HMM announced on Feb. 14 that it has signed newbuilding contracts with Hyundai Samho Heavy Industries (HSHI) and HJ Shipbuilding and Construction (HJSC) for nine 9,000 TEU container ships powered by methanol dual-fuel engines.In last July, HMM unveiled a mid-to-long-term strategy to leap forward to
The author is an analyst of KB Securities. He can be reached at seongjin.kang@kbfg.com. -- Ed.4Q22 earnings miss expectations on non-recurring factors; China market recovery to be keyㅡ HL Mando saw OP miss the market consensus but come roughly in line when excluding non-recurring factors. The effect
Lee Seok-yong, CEO of NongHyup Bank (NH Bank), held a video conference with overseas branch managers on Feb. 8 to check the current status of business promotion by country and encourage employees.Lee asked overseas branch managers to make efforts to generate profits in global business and clarify bu
HD Hyundai announced on Feb. 8 that it will donate 10 medium-sized excavators for earthquake damage recovery work in Turkey.“We hope that this support will be of some help in speedy restoration of the damage,” an HD Hyundai official said. “HD Hyundai hopes that residents in the earthquake-stricken a
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. Europe’s electricity market is stabilizing on the normalization of nuclear and wind power plants. Natural gas prices are also falling, with natural gas stocks freeing up. Coal prices have entered
POSCO will resume normal operation of all 17 rolling mills at its plant in Pohang from Feb. 20. The facilities restart after five months of suspension due to damage by a typhoon last year.POSCO had to replace 11 of the 15 motor drives at the No. 2 Hot Rolling Mill, the core facility of the Pohang pl
South Korea’s monthly trade deficit hit an all-time high of US$12.7 billion last month. Its semiconductor exports dropped 44.5 percent from a year ago to US$6 billion, the highest rate of decrease in 14 years or so.Last month, South Korea’s petrochemical, general machinery and steel exports decrease
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed.4Q22P operating loss of KRW425.0bn (turn to red YoY) misses market consensusㅡ POSCO Holdings reported 4Q22P revenue of KRW19.2tn (-9.8% YoY, -9.0% QoQ), operating loss of KRW425.3bn (turn to red YoY/QoQ) an
The South Korean government announced on Jan. 26 that newly approved Economic Development Cooperation Fund (EDCF) projects would be 3.8 trillion won this year, 3.9 trillion won next year and 4 trillion won in 2025 and EDCF budget execution would be 1.5 trillion won, 1.7 trillion won and 1.8 trillion
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed.We lower our TP on CJ Logistics by 5% to W122,000 in light of both a slowdown in parcel delivery volume growth and a decline in forwarding profitability. However, pointing out that delivery players co