South Korean convenience store brands are overtaking their Japanese counterparts in Southeast Asian markets.The Nikkei reported on May 26 that GS Retail is currently running 160 GS25 stores in Vietnam, 10 more than FamilyMart, and the number is second only to Circle K’s 260. FamilyMart entered the V
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. Amid a short-term contraction in the global wind power market due to higher costs, utilization rates at CS Wind’s major subsidiaries are sluggish. While top-line growth should continue on the mid/lon
Hanwha Energy signed a contract with TotalEnergies on May 24 in order to directly bring in 600,000 tons of LNG a year for 15 years.The contract is Hanwha Group’s first step in the LNG power generation industry. The group is planning to expand its business in the sector by making use of its expertise
SK ecoplant announced on May 20 that it has signed a stock purchase agreement (SPA) to acquire a 30 percent stake in Cenviro, a Malaysian environmental company offering innovative waste resource recovery and recycling solutions.The agreement was signed wtih Khazanah, a Malaysian sovereign wealth fun
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Maintain BUY, target price of KRW100,000; expect market outperformance to continue We maintain BUY and TP of KRW100,000 for Coway as changes to revenue/OP forecast were marginal (less than 3%). The stock’s
The authors are analysts of Shinhan Investment Corp. They can be reached at doyeon@shinhan.com and hyon@shinhan.com, respectively. – Ed. Record-breaking earnings streak to continue into 2Q22DB HiTek generated operating profit of KRW181.5bn (+31.4% QoQ) on sales of KRW395bn (+7.4% QoQ) in 1Q22, once
The author is an analyst of Shinhan Investment Corp. He can be reached at yjjung86@shinhan.com. -- Ed. 1Q22OP beats expectations at KRW21.6bn (+58% YoY, +91% QoQ)Iljin Materials posted sales of KRW200.1bn (+45% YoY, +10% QoQ) and operating profit of KRW21.6bn (+58% YoY, +91% QoQ) for 1Q22. Sales wer
Coway Co. reported financial results for the first quarter of 2022 on May 13. The company posted 928 billion won in sales, 172.7 billion won in operating profit and 135.0 billion won in net profit on a consolidated base.The company's sales, operating profit and net profit increased 5.6 percent,
An increasing number of automakers are focusing on cylindrical electric vehicle (EV) batteries, and the examples include BMW. According to industry sources, the company is considering using cylindrical instead of prismatic batteries in its new platform starting from 2025 and this is for the purpose
The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. 1Q22 review: Solid earnings fueled by robust top line; no major one-offs— Samsung Engineering posted 1Q22P consolidated revenue of KRW2.16tn (+41.3% YoY, -13.9% QoQ), OP of KRW174.4bn (+62.5% YoY, +63.4%
SK Earthon has secured the right to explore and develop an oil mining block off the coat of Sarawak, Malaysia.The company, a subsidiary of SK Innovation, announced on April 24 that it signed a production sharing contract for Block SK 427 with Petroliam Nasional Berhad (Petronas), a Malaysian state-o
8 Rivers Capital, a U.S. company that received investment from SK Materials, was named as one of the finalists in a carbon removal technology contest organized by Tesla CEO Elon Musk.According to foreign media outlets on April 24, the Elon Musk Foundation selected 15 teams that advanced to the final
The Bank of Korea announced on April 13 that it extended its currency swap agreement with the central bank of the United Arab Emirates by five years. The size of the contract is approximately 6.1 trillion won.The first currency swap deal between the two banks was signed in 2013 with maturity of thre
The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. Maintain BUY, target price of KRW31,000 We maintain BUY and TP of KRW31,000 (12m fwd P/B of 2.4x, P/E of 13.8x) for Samsung Engineering. Given the current macro environment, elevated oil prices are not li
The authors are analysts of Shinhan Investment Corp. They can be reached at wonyong.sim@shinhan.com and snowKH@shinhan.com, respectively. -- Ed. Elentec supplies a wide range of parts for mobile devices, home appliances and power tools based on proprietary technologies in design, mold production and
The author is an analyst of NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com. -- Ed. In 2Q22, Iljin Materials deserves attention for its operation of plants #3 and #4 in Malaysia and new investment decisions in the US and Europe.Raise TP to W150,000 to reflect US/Europe investment
Korea Water Resources Corp. opened the Southeast Asian Cooperation Headquarters in Kuala Lumpur, Malaysia, on March 17.The state-run corporation established the Southeast Asian Cooperation Headquarters to discover new business opportunities in Southeast Asia, strengthen support for Korean water busi
The Federation of Korean Industries said on March 16 that South Korean products’ share in the Chinese import market, the second-largest in the world, is falling in the wake of U.S.-China trade disputes and so on.“The share in the market was 9.8 percent on average in the period of 2012 to 2016 and 8.
Samsung Electronics has established the Test & Package (TP) Center within the Global Manufacturing & Infrastructure Department of its DX Business Division.The Global Manufacturing & Infrastructure Department is an organization that is responsible for the whole infrastructure related to semiconductor
The author is an analyst of NH Investment & Securities. He can be reached at jack.baek@nhqv.com. -- Ed. KCC Glass is the largest glass manufacturer in Korea. The firm’s OP has increased significantly compared to previous years, with flat glass prices surging since 1H21. Despite being number one in t