The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. Maintain BUY, target price of KRW66,000 We maintain BUY and TP of KRW66,000 for Hyundai E&C. Expected turnarounds were pushed back by a delayed rebound in overseas revenue and a spate of one-off costs. Ho
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 (2.6x 12m fwd P/B) for Samsung Engineering. Among global EPC companies, Samsung Engineering has the most attractive profit margi
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Earnings beat market consensus, our estimate— Kiwoom Securities reported 3Q21 consolidated NP (attributable to controlling interests) of KRW232.7bn, beating the market consensus by 22.6%.— We attribute this to:
The author is an analyst of KB Securities. He can be reached at newday@kbfg.com. -- Ed. Maintain BUY and TP of KRW135,000 We maintain our 12m fwd TP of KRW135,000 (based on 12m Fwd BVPS and 0.95x target P/B) for KSOE. While we have reflected changes to total equity (i.e., change in base for the 12m
Concerns are mounting over South Korea’s high reliance on Chinese raw materials with China’s urea export control leading to an increasing shortage of urea solutions in South Korea. The reliance is particularly high in the electric vehicle battery industry.According to the Korea International Trade A
The authors are analysts of Shinhan Investment Corp. They can be reached at eoyeon.hwang@shinhan.com and younghoon.song@shinhan.com, respectively. – Ed. 3Q21 OP meets consensus at KRW105.4bn (+13.9% YoY)CJ Logistics posted operating profit of KRW105.4bn (+13.9% YoY) on sales of KRW2.8tr (+2.6% YoY)
The authors are analysts of Shinhan Investment Corp. They can be reached at chank@shinhan.com and hyungwou@shinhan.com, respectively. -- Ed. 3Q21 sales exceed consensus at KRW58.6bn (+44.3% YoY)Duk San Neolux posted sales of KRW58.6bn (+44.3% YoY) and operating profit of KRW16.3bn (+45.8% YoY) for 3
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. Backed by ongoing strong operating leverage effects, Megastudy Edu recorded 3Q21 OPM of 25%. In addition to narrowing losses at the main adult business (civil servant exams), structural earnings gr
Foreign investors' stake in Samsung Electronics has dropped to the lowest point in four and a half years.Samsung Electronics' stock price rose 0.57 percent from the previous trading day to 76,600 won on Nov. 8. Foreign investors held 3,057.13 million common shares in the company, accounting
Qatar has placed the first batch of liquefied natural gas (LNG) carrier orders with Korean shipbuilders. As the total project size amounts to 23 trillion won, Korean shipbuilders are expected to enjoy an order rally.QatarEnergy, formerly Qatar Petroleum (QP), announced on Nov. 7 that it has placed a
The author is an analyst of KB Securities. He can be reached at cm.lee@kbfg.com. -- Ed. Maintain BUY and TP of KRW950,000 We maintain BUY and TP of KRW950,000 for Samsung SDI. Our TP is 6.1% below consensus. Derived using the DCF model, our TP assumes 10.21% WACC (12.03% COE, 1.22% after-tax COD, 1.
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. Lotte Rental’s share price has fallen on concerns over an earnings peak-out; however, we expect the firm’s earnings growth to sustain into 2022. From a valuation viewpoint, the shares look appealing.A
The author is an analyst of NH Investment & Securities. He can be reached at sw.kang@nhqv.com. -- Ed. Both the US Fed and the BOE reaffirmed their belief that an upshot in inflation will prove transitory over the midterm, albeit with some additional caveats. Fears of the Fed initiating a base rate u
The stock prices of Celltrion Group's affiliates are plunging on news of Pfizer's development of an oral COVID-19 treatment. Celltrion Co.'s stock price fell below 200,000 won for the first time in 2021 on Nov. 8.As of 10 a.m. on Nov. 8, Celltrion Co. was trading at 196,000 won, down 6.2
The author is an analyst of NH Investment & Securities. He can be reached at dongyang.kim@nhqv.com. -- Ed. LXI’s 3Q21 results beat consensus by a wide margin. Moving ahead, earnings momentum should sustain on soaring commodity prices and the firm’s bullish logistics business. Other positives to look
The South Korean government and some local politicians are claiming that South Korea should become a part of the MSCI World Index. Under the circumstances, short selling is drawing attention. This is because the current partial short selling ban must be lifted for South Korea to become a part of the
Korea’s three major battery makers, which have announced massive investment plans for the United States, are shifting their focus to Europe. They are looking to secure an edge with next-generation batteries in a price war with Chinese battery companies.As the three battery companies have decided to
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 3Q21 OP exceeds consensus at KRW77.3bn (-25% QoQ)Industries posted operating profit of KRW77.3bn (-25% QoQ) for 3Q21, exceeding the consensus estimate o
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed Maintain HOLD, lower target price to KRW24,000 (-11.1%) We maintain HOLD but lower our TP by 11.1% to KRW24,000 on KEPCO. We revise down 2021E/2022E NOPAT by KRW1.2tn/KRW5.7tn (2021E OP: -KRW334.9bn→-KRW2.3
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed Maintain HOLD; Raise TP 18.4% to KRW45,000 We maintain HOLD on KOGAS, but raise our TP by 18.4% to KRW45,000. We have revised up 2021E-2023E OP by an average of 3.9% to reflect steep increases in internatio