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
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. 3Q21 review: Media and music businesses both booming- We maintain a Buy rating and a TP of W250,000 on CJ ENM. With the firm having secured healthy growth engines across all of its business arms, w
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Raise target price 5% to KRW220,000; market leadership to strengthen further We maintain BUY and raise our TP by 5% to KRW220,000 on BGF Retail (reflects increases in WACC and terminal growth rate based on
The author is an analyst of KB Securities. He can be reached at seongjin.kang@kbfg.com. -- Ed. Maintain BUY, cut target price 5.3% to KRW18,000 We maintain BUY on Hanon Systems but cut our TP by 5.3% to KRW18,000. We revise down 2021E/2022E OP by 30.1%/10.6% to reflect production cutbacks by key cli
EcoPro BM announced on Nov. 1 that it would invest two trillion won to build cathode material production facilities in the United States and Europe.The company made this announcement in an ECO-Friendly Day event at the Eco-Battery Pohang Campus in Pohang, North Gyeongsang Province, on Nov. 4.It plan
The Fair Trade Commission (FTC) is expected to conditionally approve the merger between Hyundai Heavy Industries (HHI) and Daewoo Shipbuilding & Marine Engineering (DSME).The commission is likely to reach a conclusion to the proposed business combination, which has been reviewed for the past three y
Green ETFs in South Korea are showing low rates of return unlike U.S. and Chinese ETFs of the same type.According to industry sources, those in the United States are recording a rate of return of over 20 percent these days, and the 10 most profitable ETFs in the market include multiple green ETFs. T
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY, target price of KRW165,000 We maintain BUY and TP of KRW165,000 for S-Oil, which we present as one of our industry top picks. Our investment points include the following:(1) The company is in the b
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Industry Top PickWe maintain BUY and TP of KRW420,000 for SK innovation, which is one of our industry top picks. We believe it is the most noteworthy company for 2022 because (1) its EV battery business should s
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY, raise target price to KRW160,000 We maintain BUY and raise our TP by 3.2% to KRW160,000 on Kakao. Our DCF-based TP represents 65.0x 12m fwd P/E. We revise down 2021E OP by 4.5% given rising marketing
The author is an analyst of KB Securities. She can be reached at leesunhwa@kbfg.com. -- Ed. Maintain BUY, raise target price 16.3% from KRW430,000 to KRW500,000 We maintain BUY and raise our TP by 16.3% from KRW430,000 to KRW500,000 on HYBE. OP reached a record high in 3Q21, as core businesses conti
The author is an analyst of KB Securities. He can be reached at cm.lee@kbfg.com. -- Ed. Maintain BUY, raise target price 16% to KRW580,000 We maintain BUY and raise our TP by 16% from KRW500,000 to KRW580,000 on Ecopro BM. Our DCF-derived TP is based on 6.93% WACC (8.47% COE; 3.17% after-tax COD; 1.
“Let’s assume that the South Korean government demands Intel’s technological data and client information. Is there any possibility that the U.S. government will accept it?” said an employee in a Korean semiconductor company.Since the beginning of this year, the White House has had three meetings rel
The authors are analysts of Shinhan Investment Corp. They can be reached at eoyeon.hwang@shinhan.com and younghoon.song@shinhan.com, respectively. – Ed. Containership boom driven by COVID-19Containerships have led growth in freight rates and order placements in 2021. For containerships, the average
The stock price of Plug Power, a U.S. hydrogen energy company which received a joint investment from SK Inc. and SK E&S, has soared, providing the two Korean companies with a valuation gain of about 800 billion won.SK Inc. and SK E&S invested about 1.85 trillion won (about US$1.6 billion) together i
The author is an analyst of Shinhan Investment Corp. He can be reached at yjjung86@shinhan.com. -- Ed. Domestic: Sales on a clear recovery path in 4Q21Domestic auto sales (excluding imported cars) came in at 106,000 units (-21.5% YoY) for October, with the YoY downtrend continuing for eight consecut
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 3Q21 operating profit in line at KRW433.9bn (+12% QoQ)Hyosung TNC’s operating profit came in at a new record high of KRW433.9bn (+12% QoQ) in 3Q21, meet
The author is an analyst of NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com. -- Ed. Thanks to its sound cylindrical battery and electronic materials earnings, the firm is overcoming the negative impact of production setbacks for finished vehicles. Share price improvement is to hi