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.
The author is an analyst of KB Securities. He can be reached at cm.lee@kbfg.com. -- Ed. Maintain BUY, raise target price 19% to KRW690,000 We maintain BUY on Ecopro BM and raise our TP by 19% from KRW580,000 to KRW690,000. Our DCF-derived TP is based on 7.01% WACC (8.57% COE; 3.17% after-tax COD; 1.
The author is an analyst of NH Investment & Securities. She can be reached at yd.yoon@nhqv.com. -- Ed. Jinsung TEC’s 3Q21 earnings arrived somewhat under consensus due to rising steel prices and increased transportation costs. Jinsung TEC’s OPM should climb from 4Q21 thanks to price hikes. We advise
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. We expect TES’s earnings to improve from 3Q22 in line with the likely start of improvement in memory semiconductor supply-demand conditions. We believe that expectations towards a 1H22 industry downcy
The author is an analyst of NH Investment & Securities. He can be reached at dongyang.kim@nhqv.com. -- Ed. Doosan Corp’s asset sell-downs to address liquidity issues in its affiliates are technically finalized. We expect the size of collateral provided by the firm to be scaled down or terminated. Ea
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. Nongshim’s 3Q21 OP came in flat y-y, beating consensus by 15%. Growth momentum should gradually strengthen for the firm thanks to improvements in profitability at domestic subsidiaries (backed by ASP
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. We forecast that the retail sector will outperform the Kospi in 2022, noting that sector OP growth (based on 10 retail companies under our coverage) is estimated to outpace that for the Kospi. The mai
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. In the domestic cosmetics market, concerns over intensifying competition and consumption slump in China are mounting. Jitters related to China stem from the resurgence of Covid-19, a real estate marke
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. We predict that earnings at domestic F&B plays will begin improving from 2022 on the full-fledged materialization of benefits from: 1) internal restructuring; 2) ASP hikes; 3) capacity expansion; and
The author is an analyst of NH Investment & Securities. He can be reached at jinmyung.choi@nhqv.com. -- Ed. We maintain a Positive rating on the defense/space development sector. Earnings at domestic defense/space-related companies should expand rapidly going forward, spurred by: 1) expansion of nat
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