The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. The domestic securities industry is to face a serious challenge in 2022. In addition to high base effect (record-high stock transaction value booked in 2021), rising interest rates should result in a
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. In 2022, major financial groups are forecast to deliver further record high earnings following 2021. Helped by rising benchmark rates and market interest rates, NIM is set to improve. Although househ
The authors are analysts of Shinhan Investment Corp. They can be reached at mingu.jeong@shinhan.com and jhwon@shinhan.com, respectively. -- Ed. Initiate coverage with BUY for a target price of KRW71,400We initiate coverage of Value Added Technology with BUY for a target price of KRW71,400. Our targe
The author is an analyst of Shinhan Investment Corp. He can be reached at chank@shinhan.com. -- Ed. 3Q21 sales of KRW48.8bn (+23.3% YoY)Worldex Industry & Trading posted sales of KRW48.8bn (+23.3% YoY) and operating profit of KRW11.1bn (+13.8% YoY) for 3Q21, in line with consensus estimates. Silicon
The authors are analysts of Shinhan Investment Corp. They can be reached at mingu.jeong@shinhan.com and jhwon@shinhan.com, respectively. -- Ed. Initiate coverage with BUY for a target price of KRW195,300We initiate our coverage of Osstem Implant with a BUY rating for a target price of KRW195,300, ba
The author is an analyst of KB Securities. She can be reached at leesunhwa@kbfg.com. -- Ed. Maintain BUY, target price of KRW400,000 We maintain BUY and TP of KRW400,000 on Nongshim. OPM bottomed out in 2Q21, as the Aug 18 ramyeon price hike reduced the impact of increasing grain prices. With the hi
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Semiconductor industry to benefit from U.S. policy We maintain BUY and TP of KRW100,000 on SEC. After the U.S.-Japan semiconductor agreement in 1986, the company emerged to become the world’s top semiconductor
The author is an analyst of KB Securities. She can be reached at leesunhwa@kbfg.com. -- Ed. Maintain BUY, target price of KRW45,000 We maintain BUY and TP of KRW45,000 on HiteJinro. The company continued to struggle in 3Q21 because of the Delta variant. However, we expect bars and restaurants to enj
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. While a memory market downcycle is likely to last from 4Q21 to 2022, such expectations have already been reflected in chipmakers’ share prices, which have pulled back over the last 10 months. Given th
The author is an analyst of NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com. -- Ed. Over 2020~2021, even during the Covid-19 crisis, sales of BEVs have exceeded market expectations, in turn leading finished car makers to place aggressive battery orders. In response, cell/material
The author is an analyst of NH Investment & Securities. He can be reached at jinmyung.choi@nhqv.com. -- Ed. We maintain a Neutral stance on the machinery sector. Industrial demand from China has turned downwards, and demand from DMs (including the US and Europe) is slowing gradually. Higher logistic
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. Initiate coverage with BUY for a target price of 900,000We initiate coverage of Hyosung Advanced Materials with BUY for a sum-of-the-parts valuation-bas
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. In 2021, transportation plays have enjoyed strong tariff upcycle thanks to a container shipping crisis at ports and a lack of transportation workers around the world. With rising tariffs translating
The authors are analysts of NH Investment & Securities. They can be reached at minjae.lee@nhqv.com and ys.jung@nhqv.com, respectively. -- Ed. While power shortages have become a global issue this year, the global community has firmly set its future direction on greater distribution of renewable ener
Market research firm TrendForce said on Nov. 17 that the global DRAM sales increased 10.2 percent to US$26.569 billion in the third quarter of this year.The sales include Samsung Electronics’ US$11.68 billion. Its sales increased 11.1 percent in one quarter. At the same time, its market share rose f
Chinese manufacturers’ LFP batteries are attracting increasing attention in the global EV battery market as major EV manufacturers such as Tesla and Mercedes-Benz are adopting those batteries as a solution to rapidly rising raw material prices.Under the circumstances, South Korean EV battery manufac
The authors are analysts of Shinhan Investment Corp. They can be reached at doyeon@shinhan.com and hyon@shinhan.com, respectively. – Ed. 3Q21 operating profit of KRW119bn (+46.2% QoQ)DB HiTek delivered record-high quarterly results for 3Q21. Operating profit of KRW119bn (+46.2% QoQ) on sales of KRW3
The authors are analysts of Shinhan Investment Corp. They can be reached at shawn1225@shinhan.com and jhwon@shinhan.com, respectively. – Ed. Strong 3Q on solid toxin sales and MT10109L revenue recognitionMedytox reported consolidated sales of KRW69.9bn (+95.2% YoY) and operating profit of KRW33.9bn
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Semiconductor inventories depleting faster than expected; top industry pick We maintain BUY and 12m TP of KRW100,000 on SEC. We favor the stock as our top industry pick because:(1) semiconductor inventories at
The author is an analyst of KB Securities. He can be reached at cm.lee@kbfg.com. -- Ed. Maintain BUY, raise target price 15% to KRW300,000 We maintain BUY on L&F and raise our TP by 15% from KRW260,000 to KRW300,000. Our DCF-based TP assumes 7.87% WACC (8.57% COE; 3.76% after-tax COD; 1.02 104w adj.