Samsung Electronics announced on Nov. 11 that it has developed Hybrid-Substrate Cube (H-Cube) technology, its latest 2.5D packaging solution specialized for semiconductors for HPC, AI, data center and network products that require high-performance and large-area packaging technology.“H-Cube solution
The authors are analysts of Shinhan Investment Corp. They can be reached at mj1224@shinhan.com and kimaram@shinhan.com, respectively. – Ed. 3Q21OP reported at KRW12.9bn (+17.7% QoQ)Com2uS posted operating profit of KRW12.9bn (+17.7% QoQ) on sales of KRW113.1bn (-26.0% QoQ) for 3Q21, coming in far be
The authors are analysts of Shinhan Investment Corp. They can be reached at mj1224@shinhan.com and kimaram@shinhan.com, respectively. – Ed. 3Q21 operating profit of KRW10.2bn (positive swing QoQ)PearlAbyss posted operating profit of KRW10.2bn (positive swing QoQ) on sales of KRW96.4bn (+8.9% QoQ) fo
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. Orion’s 3Q21 OP climbed 6% y-y, slightly beating consensus. Alongside steady earnings improvement at the Chinese and domestic subsidiaries, strong earnings growth for the Vietnamese and Russian subsid
LG Energy Solution and Samsung SDI will supply batteries to a large-scale energy storage system (ESS) project in the United States.U.S. renewable energy company Terragen has selected LG Energy Solution and Samsung SDI as battery suppliers in connection with a large-scale solar power and ESS project
MBK Partners, the nation's largest private equity fund operator, is seeking to take over online shopping mall platform Korea Center and e-commerce platform Danawa.The private equity company intends to become the largest shareholder of Korea Center, which in turn will acquire Danawa with investme
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Top pick for sector We maintain BUY and 12m TP of KRW300,000 (38.5% upside) for LG Innotek. We recommend LG Innotek as our top pick for the sector, since we believe: (1) the company is well positioned to become
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Revise down TP to KRW280,000 but maintain BUY We revise down our TP for Celltrion from KRW300,000 to KRW280,000 as we reflect downward revisions to 2023E/2024E OP of 12.5%/11.7% on sluggish 3Q21 results. We ma
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. In contrast to concerns over intensifying competition among DFSs and a peak out in department store earnings, Shinsegae achieved its highest-ever quarterly OP in 3Q21. We expect the firm’s strong perf
The author is an analyst of NH Investment & Securities. He can be reached at jinmyung.choi@nhqv.com. -- Ed. Greater focus should be paid to the jump in HMD’s orders than the increase in its costs. In our view, the more than doubling of orders y-y in 2021 highlights an important structural change in
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. AmorePacific is projected to sustain strong growth thanks to labor restructuring at both home and abroad, its high-margin DFS & e-commerce businesses, and luxury brand Sulwhasoo. In 2022, with the sal
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. Three breakthroughsConcerns are high over intensifying competition and slowing consumption in the Chinese cosmetics industry. However, we believe that the share prices of Korean cosmetic companies exc
Clarkson Research said the Korean shipbuilding industry staged its comeback to the world’s No. 1 spot in October by accounting for 52 percent of the global orders.Korean shipbuilders won 1.12 million CGT (52 percent) of the global total of 2.13 million CGT, surpassing China's 810,000 CGT. Howeve
The South Korean stock market is increasingly decoupling from the U.S. stock market. The latter reached a new high on Nov. 6 and continued to rise on Nov. 7 and 8 whereas the former is still moving around 3,000 points.On Nov. 8, the S&P 500 index rose 0.09 percent to close at an all-time high of 4,7
The author is an analyst of KB Securities. He can be reached at seongjin.kang@kbfg.com. -- Ed. Many positives despite 3Q21 earnings miss — 3Q21 OP missed consensus but beat our estimate. Positives include: (1) a high proportion of revenue related to eco-friendly vehicles; (2) potential for reduction
The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. Maintain BUY, target price of KRW56,500 We maintain BUY and TP of KRW56,500 (0.95x 12m fwd BVPS) on GS E&C. The stock is trading at 0.7x 12m fwd, which is attractive because we see it undergoing significa
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