The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Expect reduction in chip capacity, record OP for DP We maintain BUY and TP of KRW75,000 on SEC. We maintain a positive outlook given:(1) the stock is bottoming out after valuations fell to a historic low (1.1x
The author is an analyst of NH Investment & Securities. He can be reached at neul.ha@nhqv.com. -- Ed. Wielding a dominant position in the rechargeable battery tape market, Tapex is to enjoy earnings growth alongside rising battery shipments at its clients. With rechargeable battery safety becoming a
The author is an analyst of NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com. -- Ed. BH Flex is expected to benefit as its North American client is set to adopt OLED panels for its laptops and tablets from 2024. As the prices of OLED components for laptops and tablets are 3~4 time
The author is an analyst of Shinhan Investment Corp. He can be reached at hsh0628@shinhan.com. -- Ed. 2Q22 Preview: Earnings on a solid growth trajectoryWe now expect Innox Advanced Materials to post sales of KRW135.8bn (+25.2% YoY) and operating profit of KRW31.9bn (+60.3% YoY, operating margin of
The author is an analyst of NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com. -- Ed. Downstream demand for LGD is unlikely to improve significantly until 2023. Utilization rate (supply), which has dropped to the 70% level considering downstream demand, presents an additional burde
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY, target price of KRW75,000 We maintain BUY and 12m TP of KRW75,000 on SEC. We continue to have a positive outlook, as: (1) the stock has dropped to a historical low of 1.1x P/B, which seems excessi
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY, target price of KRW130,000 We maintain BUY and 12m TP of KRW130,000 on LGE. While HE earnings fell on sluggish demand, mid-/long-term growth potential appears intact, as VS posted its first ever p
The author is an analyst of NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com. -- Ed. TV earnings have turned sluggish due to weakened consumer sentiment. Both sales and profit growth should improve on the back of rising demand for vehicle components. We also draw attention to LGE’
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY, target price of KRW130,000 We maintain BUY and 12m TP of KRW130,000 on LGE. Despite shrinking B2C demand, mid-/long-term growth potential should remain intact, as VS is expected to post its first
Samsung Electronics vice chairman Lee Jae-yong has held a series of meetings with leaders of Keidanren or the Japan Business Federation.According to Samsung Electronics on July 5, Lee had dinner with Keidanren Chairman Masakazu Tokura, who visited Korea on July 4 to attend the Korea-Japan Business C
Samsung Display has raised its production yield of quantum dot (QD)-based organic light emitting diode (OLED) displays to 85 percent.Samsung Display president Choi Joo-sun had a meeting with executives and employees at Giheung Campus in Yongin of Gyeonggi Province on July 1. After announcing the com
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Downgrade to HOLD; cut target price to KRW17,000 We downgrade to HOLD for LGD and cut our 12m TP from KRW22,000 to KRW17,000 (12m fwd BVPS x 0.5x target P/B). We revise down 2022-23 earnings estimates on antici
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Lower target price to KRW130,000 but maintain BUY; expect solid H&A, sluggish HE We lower our 12m TP for LGE from KRW160,000 to KRW130,000, as we revise down 2022E/2023E NP (attributable to controlling interest
Samsung Display will invest US$300 million in Cynora, a German OLED material maker, to acquire the company's light-emitting materials intellectual property. Samsung Display wants to sharpen its competitiveness in large OLED panels.Bloomberg reported on June 28 (local time) that Samsung Display i
LG Electronics' automotive electronics business is expected to enjoy the first surplus in 26 quarters in the second quarter of this year. Its order intake is expected to approach 70 trillion won by the end of this year. On June 28, ZKW, a subsidiary of LG Electronics, announced that it signed a
The author is an analyst of NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com. -- Ed. While there are concerns about a short-term earnings slump at the OLED division, earnings growth remains stable at the semicon division, and the growth potential of the rechargeable division is ma
The author is an analyst of NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com. -- Ed. Asian investors are keenly focused on the degree of smartphone shipment slowdown, the timing of industry recovery, and the future direction of the XR market. In addition to offering our opinions o
China’s BOE benefited from a seven-year legal battle between Samsung Display and LG Display over organic light emitting diode (OLED) panel technology, some analysts say. Many Korean display engineers moved to China’s BOE in the process.On June 23, Nikkei Asia reported that more than 100 Korean engin
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Target price cut 13% to KRW75,000 We cut our TP by 13% to KRW75,000 (12m fwd BVPS x 1.47x target P/B) on (1) a decline in 3y avg. ROE (12.3%→11.6%) on lowered earnings estimates and (2) change in COE (8.47%→8.8
The South Korean government has decided to increase tax incentives for large corporations investing in the semiconductor, EV battery and vaccine industries. It decided not to do so in the display industry, although it was said that the technology should be classified as a national strategic technolo