The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.Celltrion Healthcare posted sound 3Q23 earnings, when considering purchase price settlements. Defying market concerns, the company showed a relative return of 15%p following its merger disclosure on
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.Classys’s 3Q23 OP exceeded consensus, reaching W24.7bn. The firm’s is still in a re-rating phase, led by an increasing equipment sales portion both domestically and internationally. Costs are expecte
LS Materials, a subsidiary of LS Cable & System, has announced on Nov. 8 that it will supply ultracapacitors (UC), also known as “next-generation secondary batteries,” to a Japanese manufacturer of Automated Guided Vehicles (AGVs).The UC is an industrial special battery known for its rapid charging
The author is an analyst for Shinhan Securities. He can be reached at sanghoonpure.cho@shinhan.com -- Ed.3Q23 OP of KRW126.8bn (+44.6% YoY) beats consensus by 12%GS Retail posted operating profit of KRW126.8bn (+44.6% YoY) on sales of KRW3.09tr (+4.5% YoY) in 3Q23, beating the market consensus by 12
The author is an analyst for NH Investment & Securities. She can be reached at yd.yoon@nhqv.com -- Ed.Kiwoom recently announced that it will reflect provisions of W433.3bn for Youngpoong Paper receivables in 4Q23, putting the issue to rest. Recently, stock market trading has become active again. A d
The author is an analyst for NH Investment & Securities. He can be reached at kyeongkeun.kang@nhqv.com -- Ed.T-Robotics is achieving significant milestones in the logistics robotics arena, standing as the first player in the AMR industry to secure rechargeable battery-related orders from large firms
The author is an analyst for NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com -- Ed.Due to slowing demand in downstream industries and continued inventory adjustments in distribution channels, PI AMC’s 2H23 earnings are likely to miss our estimates. However, considering already hi
The author is an analyst for NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com -- Ed.Three years of corrections have sent Internet share prices down to the 2019 levels, with Internet companies suffering slowed earnings growth amid a languid expansion of their webtoon, fintech, and
The growth of electric vehicles (EVs) changing the paradigm of the global automobile market has come to an abrupt halt. As a result, carmakers are showing mixed moves.General Motors (GM), Ford and Volkswagen, as well as the world’s No. 1 EV maker Tesla, have postponed or canceled their investment pl
On Nov. 6, the first day of the complete ban on short selling, the KOSDAQ market witnessed 164.9 billion won (US$125.69 million) worth of short sales. Among these transactions, a remarkable 99 percent consisted of hedges by the Liquidity Providers (LPs) for exchange-traded funds (ETFs). As individua
On Nov. 7, the second day of the complete ban on short selling, the KOSPI index fell by 2.33 percent, and the KOSDAQ index dropped by 1.80 percent.Even on the second day of the government’s complete ban on short selling, controversy continues in the securities market.According to financial authoriti
The author is an analyst for NH Investment & Securities. He can be reached at sokang@shinhan.com -- Ed.3Q23 review: Earnings meet consensus on improved cost efficiencyNAVER posted operating profit of KRW380.2bn (+15.1% YoY, +2% QoQ, operating margin of 15.5%) on sales of KRW2.45tr (+18.9% YoY, 1.6%
The author is an analyst for Shinhan Securities. He can be reached at jinmyung.lee93@shinhan.com -- Ed.3Q OP of KRW1.56tr (positive swing QoQ) beats consensusSK Innovation turned positive QoQ in 3Q23 and registered operating profit of KRW1.56tr, beating the KRW1.05tr consensus. The refining division
The author is an analyst for Shinhan Securities. He can be reached at yjjung86@shinhan.com -- Ed.3Q23 OP decent at KRW7.8bn (positive swing YoY, +754% QoQ)SK IE Technology posted operating profit of KRW7.8bn (positive swing YoY, +754% QoQ) on sales of KRW182.2bn (+35% YoY, +20% QoQ) for 3Q23, beatin
The author is an analyst for NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com -- Ed.Affected by delays in EV and battery production amid slowing downstream demand, there are short-term uncertainties in play toward SKIET’s plans for operating new plants in Poland and the US. Accord
The author is an analyst for NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com -- Ed.Although it is too early to expect an economic rebound, the ad market started to gradually recover from October. Sales are expected to improve, along with an increase in commerce commission rates
We lower our TP on SK Innovation to W190,000. Although operating losses at the battery business narrowed in 3Q23, expectations for the pace of earnings improvement need to be reduced. Nevertheless, profitability remains on an uptrend thanks to battery facility yield improvement and US sales expansio
The author is an analyst for NH Investment & Securities. He can be reached at sw.kang@nhqv.com -- Ed.With the US unemployment rate rising for a second straight month, we are nearing the threshold for the Sahm Rule recession indicator (which has a 100% historical accuracy rate). Given the effects of
The author is an analyst for NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.Adhering to Hyosung TNC as our petrochemical industry top pick, we raise our TP by 18% to W520,000. With the price of spandex remaining strong despite raw material price decrease, the spandex spread
The author is an analyst for NH Investment & Securities. He can be reached at kyeongkeun.kang@nhqv.com -- Ed.We expect Samyoung to enjoy accelerated earnings growth on combined effects from sales mix improvement (stemming from the mass production of capacitor film for EVs), production volume increas