Hyundai Engineering & Construction Co. (Hyundai E&C) has won an exclusive contract for the redevelopment of Show Tower, a landmark office building in central Singapore. The construction budget amounts to US$220 million.Hyundai E&C announced on Sept. 6 that it has received a letter of award (LOA) fro
South Korean Trade Minister Yeo Han-koo had an online meeting with Minister of Trade and Industry of Singapore Gan Kim Yong on Sept. 6, saying that South Korea would make an official announcement this month on its accession to the Digital Economy Partnership Agreement.The agreement is a digital trad
SPC Group announced on Aug. 30 that it has opened the seventh Shake Shack store in Singapore at Gardens by the Bay, a nature park in the central region of the city state.The new store is located in front of the Flower Dome at Gardens by the Bay, the world's largest botanical garden (greenhouse)
The Financial Services Commission announced on Aug. 25 that investors in the South Korean stock market can invest in Chinese ETFs starting from Aug. 27.Previously, ETF registration and sale by domestic financial investment companies have been limited to those raised in OECD member states, Hong Kong
Mirae Asset Group is considering investing an additional 300 billion won in Impossible Foods, a U.S. startup specializing in alternative meat. The group has already invested 180 billion won in Impossible Foods on two occasions in March and August 2020. If the Korean financial group invests an additi
SK Hynix, which is in the process of acquiring NAND flash business unit from Intel, established 12 corporations abroad in the first half of 2021 to expand its NAND flash business.The new corporations were established in 10 countries, which are the United States, Canada, Mexico, the United Kingdom, I
The global direct investment in the 10 member states of the ASEAN amounted to US$731 billion in 2016 to 2020, when that in China was US$698.9 billion. In that period, the investments in the ASEAN and China increased 30.4 percent and 10.4 percent compared to 2011 to 2015, respectively.The Federation
Kakao announced on Aug. 16 that it has set up a subsidiary dubbed "Krust" in Singapore to expand the ecosystem for its blockchain platform "klaytn." Kakao also has the Klaytn Foundation, a non-profit corporation, in Singapore."The establishment of Krust means that we will globally expand the develop
Intel CEO Patrick Gelsinger is lobbying multiple governments, including the U.S., for subsidies.“The United States and the European Union need to raise their global semiconductor market shares to at least 30 percent and 20 percent within 10 years, respectively,” he recently said, adding, “It is Asia
The author is an analyst of Shinhan Investment Corp. He can be reached at mj1224@shinhan.com. -- Ed. 2Q21 OP beats consensus at KRW26.9bn (-2.5% QoQ)Wemade posted operating profit of KRW26.9bn (-2.5% QoQ) on sales of KRW68.9bn (-9.4% QoQ) for 2Q21, exceeding the consensus estimate of KRW21.9bn. Dome
Korean shipbuilders' order book for offshore plant projects are expanding after a long order drought.Korea Shipbuilding & Offshore Engineering (KSOE) has recently signed a contract with a U.S.-based crude oil developer to build one floating production system (FPS) for 659.2 billion won.KSOE land
Korean artist Sisley-L has been designing and painting art pieces for the past 16 years. Using art as a platform, she is supporting world peace initiatives and exploring the NFT space.To date she has opened exhibitions all over the world, including New York City, Hawaii, Manila, Singapore, Hong Kong
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Maintain target price of KRW120,000; recent correction should be seen as buying opportunity We maintain BUY and our TP of KRW120,000 for Hotel Shilla. Revenue/OP have been improving QoQ since bottoming out
The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. 2Q21 review: Results in line despite one-off expenses — GS E&C announced preliminary 2Q21 revenue of KRW2.2tn (-12.4% YoY, +11.0% QoQ), OP of KRW125.3bn (-24.1% YoY, -29.1% QoQ), and NP (attributable to c
The author is an analyst of NH Investment & Securities. He can be reached at dongyang.kim@nhqv.com. -- Ed. We view expectations towards mid/long-term earnings growth at Hyundai Autoever’s strategic businesses as remaining valid in line with accelerating digital transformations at clients. A recent t
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. E-mart to become Starbucks Coffee Korea’s largest shareholder via acquisition of an additional 17.5% stake— In its Jul 27 disclosure, E-mart announced it will acquire an additional stake (currently 50%) in
Shinsegae Group has increased its stake in Starbucks Coffee Korea.E-Mart announced on July 27 that it has acquired an additional 17.5 percent stake in Starbucks Coffee Korea from Starbucks International of the United States. With the acquisition, Shinsegae Group’s stake in the coffee shop franchise
Naver Cloud announced on July 26 that it has acquired Multi-Tier Cloud Security (MTCS), a Singapore cloud security certificate, for the first time among Korean cloud operators.MTCS is indispensable for participation in public tenders in Singapore. It will help Naver Cloud enter the global public clo
The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. 2Q21 review: Earnings miss consensus on unexpected expenses from performance bond call— Hyundai E&C reported preliminary 2Q21 revenue of KRW4.38tn (-3.5% YoY, +5.6% QoQ), OP of KRW141.0bn (-8.4% YoY, -29.
SK Hynix's acquisition of the NAND flash business from Intel unit has been approved by all major countries except China.While China approved the acquisition of MagnaChip Semiconductor by a Chinese private equity fund management company in one month, it has been delaying SK Hynix's acquisitio