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 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
SK On, a leading electric vehicle (EV) battery manufacturer, announced today it has signed a battery cell supply agreement with the Swedish EV maker Polestar, securing another long-term growth engine in the global battery market.Under the agreement, SK On will supply battery cells to Polestar for it
At HD Hyundai Heavy Industries’ Ulsan yard, the future of South Korea’s naval defense is being forged. The Republic of Korea Navy’s next-generation Aegis destroyer (KDX-III Batch-II) King Jeongjo the Great was successfully launched last July and is awaiting operational deployment. The lead ship in t
SK ecoplant is set to provide solid oxide fuel cells (SOFCs) to an upcoming data center in Ireland, a data center hub for major global tech companies.On November 2, SK ecoplant made a significant announcement, revealing the signing of a memorandum of understanding (MOU) with Ireland's Lumcloon Energ
Samsung Electronics and SK hynix are igniting a market recovery for NAND flash, which has been slower to rebound compared to DRAM, by transitioning processes and reducing production.On Nov. 3, industry insiders forecasted that NAND would still take more time to recover due to its higher inventory le
SK Innovation has successfully achieved a turnaround to profitability within just one quarter, driven by the growth in its overall business profits. The battery division has improved its chances of turning a profit in the fourth quarter, recording its historically lowest operating losses. Meanwhile,
The author is an analyst for Shinhan Securities. He can be reached at sanghoonpure.cho@shinhan.com -- Ed.3Q23 OP meets consensus at KRW84.3bn (+12.3% YoY)Lotte Chilsung Beverage posted operating profit of KRW84.3bn (+12.3% YoY) on sales of KRW830.4bn (+5.9% YoY) in 3Q23, meeting the consensus estima
Global leading tire company Hankook Tire & Technology (Hankook Tire) hosted the official kick-off meeting for the ’Tire-to-Tire Circular Economy Model’ consortium on November 1 in Daejeon, South Korea. Held at the Hankook Technodome, the event marked the start of the consortium’s efforts to create t
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.Hanmi Pharm delivered consensus-beating OP of W57.5bn for 3Q23, helped by both a higher drug (manufactured by Hanmi) sales portion at Hanmi (non-consolidated) and decreased Beijing Hanmi SG&A expense
The author is an analyst for NH Investment & Securities. She can be reached at jiyoony@nhqv.com -- Ed.If excluding one-off labor costs, AmorePacific met 3Q23 consensus. Due to the slow recovery of Sulwhasoo in China, earnings growth at the firm is likely to remain flat in 4Q23. However, we see justi
Samsung Electronics announced in its third-quarter online earnings call on Oct. 31 that it will expand its supply of cutting-edge memory, including 10-nm 4th-generation (1a) and 5th-generation (1b) DRAM and 7th- and 8th-generation V-NAND flash memory, without making any downward adjustments.“Demand
China’s leading memory semiconductor company, Yangtze Memory Technologies Company (YMTC), has been reported as successfully developing and mass-producing 232-layer 3D NAND flash. According to South China Morning Post (SCMP) on Oct. 27, semiconductor analyst firm TechInsights revealed in a report on
The market for the next-generation HBM3E, a high-performance semiconductor for artificial intelligence within the High Bandwidth Memory (HBM) sector, is heating up. As Samsung Electronics, SK hynix, and Micron all gear up to mass-produce 5th generation HBM3E, the competition is expected to intensify
“All-solid-state batteries are different from conventional batteries in terms of materials and process methods, which poses many challenges for battery makers,” said Samsung SDI Vice President Michael Son in a conference call on the morning of Oct. 26. “In the fourth quarter, we will start supplying