The author is an analyst of NH Investment & Securities. He can be reached at jinmyung.choi@nhqv.com. -- Ed. Taking a mid/long-term view, we maintain a Positive stance towards the shipbuilding sector. The sector is expected to see healthy new orders next year. In 1H22, LNGC orders from Qatar are expe
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. In 2021, Butter, by Korean boy group BTS, stayed on top of the Billboard Hot 100 chart for 14 weeks in a row, and Korean drama Squid Game became the most watched show on Netflix. In our view, these
The Korea Exchange announced on Nov. 15 that the total market capitalization of the 23 Samsung Group stocks in the South Korean stock market decreased from 744 trillion won to 678 trillion won from the end of last year to Nov. 12 this year whereas the combined market cap of the 26 SK Group stocks in
The Institute of International Finance said in its report on Nov. 15 that South Korea’s household debt-to-GDP ratio was 104.2 percent at the end of the second quarter of this year. The ratio is the highest among those of the 37 countries it covered and Hong Kong followed South Korea with 92 percent,
The author is an analyst of NH Investment & Securities. He can be reached at ryan.ra@nhqv.com. – Ed. In October, exports of aesthetic device equipment and consumables were excellent. Expectations for exports in 4Q21, the peak season, have risen. Dental devices also showed decent exports. Now is the
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. OLED TV panel shortage expected in 2022 We maintain BUY and TP of KRW25,000 (0.6x 2022E P/B) on LGD. We remain positive about the company because we believe Samsung Electronics’ entry into the OLED TV market in
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 of KRW420.2bn (+117% QoQ) tops consensus by 61%Korean Air Lines posted operating profit of KRW420.2bn (+117.1% QoQ) on sales of KRW2.3tr (+
The author is an analyst of NH Investment & Securities. He can be reached at sw.kang@nhqv.com. -- Ed. According to the Fed’s FRB/US model, theoretical inflation expectations currently clock at 2.48%p—a level the Fed can withstand. While an early FF hike looks unlikely, US TB yields look set to conti
The authors are analysts of Shinhan Investment Corp. They can be reached at snowKH@shinhan.com and wonyong.sim@shinhan.com, respectively. -- Ed. 3Q21 sales down 23% YoY to KRW73.1bnTSE posted sales of KRW73.1bn (-23% YoY) and operating profit of KRW10.9bn (-12% YoY) for 3Q21, falling short of the ma
The author is an analyst of NH Investment & Securities. She can be reached at yd.yoon@nhqv.com. -- Ed. DY Power’s 3Q21 results exceed consensus as strong DM demand offset weak China demand. The stock is trading at a P/E of less than 5x, which is lower than the machinery industry average.Valuation me
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. HiteJinro’s 3Q21 OP fell 30% y-y on the effects of strict social distancing. However, as we enter the living with Covid-19 era, the firm should see earnings momentum gradually recover alongside an imp
Despite a severe global semiconductor shortage, global eco-friendly car sales were strong this year. In the electric car sales standings, Hyundai Motor Co. came in sixth, while Tesla remained in the top spot.From January to September 2021, 2.92 million electric vehicles were sold worldwide, up 153 p
The Korea Insurance Research Institute announced on Nov. 12 that South Korean households’ debt-to-disposable income ratio was 190.6 percent in 2019. “For reference, the ratio was 252.6 percent in Denmark, 232 percent in the Netherlands, 210.1 percent in Australia, 104.1 percent in the United States,
The Japanese government is planning to provide huge subsidies for TSMC with the largest foundry in the world increasing its investment in Japan. An increasing number of Japanese news outlets are skeptical about the wisdom of the Japanese government's policy.TSMC is planning to build a semiconduc
The stock price of LG Innotek is on the uptick as the company is expected to become the biggest beneficiary of Apple's metaverse business and car project.On Nov. 12, the company's stock price closed at 242,000 won, up 4.99 percent from the previous trading day. Compared to one month ago, it
The authors are analysts of Shinhan Investment Corp. They can be reached at mj1224@shinhan.com and kimaram@shinhan.com, respectively. – Ed. 3Q21 OP misses consensus at KRW96.3bn (-14.7% QoQ)NCsoft posted operating profit of KRW96.3bn (-14.7% QoQ) on sales of KRW500.6bn (-7.0% QoQ) for 3Q21, falling
The authors are analysts of Shinhan Investment Corp. They can be reached at snowKH@shinhan.com and wonyong.sim@shinhan.com, respectively. -- Ed. 3Q21 operating profit of KRW11.9bn (+69% YoY)Chunbo posted operating profit of KRW11.9bn (+69% YoY) on sales of KRW73.8bn (+93% YoY) for 3Q21. The company
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed 3Q21P operating loss of KRW936.7bn (turn to loss YoY), missing market consensus — KEPCO reported 3Q21P revenue of KRW16.5tn (+4.8% YoY, +21.8% QoQ), operating loss of KRW936.7bn (turn to red YoY, remain in
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. YG Ent. posted a 3Q21 earnings surprise thanks to brisk album sales (Lisa’s solo album) and investment gains from subsidiaries (primarily Maxst). Now is the time to turn attention to the growth pot
The author is an analyst of NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com. -- Ed. We raise our TP on Dongwha Enterprise by 20% to W145,000, reflecting a change in base year for our TP calculations. With a US capacity expansion looking increasingly likely, we believe that expans