Raw material shortages triggered in China are seriously affecting global industries. Experts point out that China is weaponizing its resources under U.S. pressure, although it is mentioning carbon neutrality and electric power shortage as reasons. More and more countries are having talks with China
U.S. President Joe Biden recently told global semiconductor companies to submit their sensitive information and data and the deadline is just six days away. Samsung Electronics and SK Hynix will reportedly accept the demand while not giving trade secrets and confidential information.Those secrets an
The author is an analyst of KB Securities. He can be reached at cm.lee@kbfg.com. -- Ed. Maintain BUY, target price of KRW950,000 We maintain BUY and TP of KRW950,000 on Samsung SDI. Our DCF-derived TP, which is 3.5% below the market consensus, assumes 10.21% WACC (12.03% COE; 1.22% after-tax COD; 1.
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Maintain BUY, target price of KRW123,000 We maintain BUY and TP of KRW123,000 on KIH. 3Q21 consolidated NP (attributable to controlling interests) came in at KRW752.3bn, which was 8.3% above the market consensu
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 KRW145.8bn (+8% QoQ)SKC posted operating profit of KRW145.8bn (+8% QoQ) for 3Q21, beating the consensus estimate of KRW131.
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. Despite a recent rise in long-term interest rates, Samsung Life’s shares have underperformed those of its life insurance peers, due to issues specific to the firm. With the market now paying closer a
The author is an analyst of KB Securities. He can be reached at cm.lee@kbfg.com. -- Ed. Target price cut 14% to KRW240,000 on decline in near-term earnings due to slump in China We maintain BUY but cut our DCF-based TP by 14% (KRW280,000→KRW240,000) on SKIET. Our reduction in TP, which is 10% below
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY, target price of KRW420,000 We maintain BUY and our TP of KRW420,000 for SK innovation. Earnings improved QoQ in 3Q21 on robust refining margins and higher lube base oil profitability. We believe th
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. OLED key to metaverse’s virtual reality We maintain BUY and our TP of KRW25,000 (0.6x 2022E P/B) on LG Display. The company should gain from (1) its leadership in the OLED panel market (No. 1 in large-size OLED
The author is an analyst of KB Securities. He can be reached at seongjin.kang@kbfg.com. -- Ed. OP disappointing in 3Q21 but to improve— 3Q21 OP missed the market consensus, but market conditions should remain conducive to additional ASP hikes in 4Q21, mainly backed by RE tire demand. Going forward,
Short selling on Celltrion, which has the largest short balance among KOSPI stocks, is on the rise again. This means that more and more investors expect that the pharmaceutical company’s stock price will fall further, although it has already halved compared to its highest point.Celltrion's short
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. Market expectations and concerns regarding IFRS17 introduction are notably higher for Meritz F&M than those for its non-life peers. That said, at the present share price level, most positives have al
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. Hyundai M&F has fared ill in the stock market owing to weaker profits than peers. But, its gap with peers in terms of profitability and share price should narrow rapidly upon the introduction of IFRS
SKC’s board of directors approved on Nov. 1 the company’s plan to invest US$33 million in Nexeon, a British silicon anode material company, by forming a consortium with private equity fund operators SJL Partners and BNW Investment.The three companies’ investment will total US$80 million, with the SK
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed 3Q21P consolidated OP of KRW826.2bn (+2,375.9% YoY) beats consensus— Hyundai Steel posted 3Q21P consolidated revenue of KRW5.9tn (+31.3% YoY, +4.2% QoQ), OP of KRW826.2bn (+2,375.9% YoY, +51.5% QoQ; 14.1% O
The author is an analyst of KB Securities. She can be reached at leesunhwa@kbfg.com. -- Ed. Revise up TP by 19.4% from KRW360,000 to KRW430,000; Maintain BUY We revise up our TP for HYBE by 19.4% from KRW360,000 to KRW430,000, and maintain BUY considering current share price and potential upside. Ou
Concerns are increasing over Samsung Electronics and SK Hynix with the DRAM price having dropped 10 percent or so last month. Under the circumstances, both decided to control their DRAM supply volumes while not increasing related capital expenditures.According to market research firm TrendForce, the
South Korea's monthly exports increased year on year for 12 months in a row last month. Exports reached the second-highest level in history, and yet its trade surplus dropped 60 percent from the previous month, due to rapidly rising raw material prices, in October this year.The Ministry of Trade
The authors are analysts of Shinhan Investment Corp. They can be reached at mj1224@shinhan.com and kimaram@shinhan.com, respectively. – Ed. 3Q21 review: OP meets consensus at KRW23.1bn (+7.4% QoQ)AfreecaTV posted operating profit of KRW23.1bn (+7.4% QoQ) on sales of KRW71.1bn (+9.4% QoQ) for 3Q21, m
The author is an analyst of Shinhan Investment Corp. He can be reached at yjjung86@shinhan.com. -- Ed. 3Q21 OP misses consensus at KRW53.2bn (-19.0% YoY)Mando posted operating profit of KRW53.2bn (-19.0% YoY) on sales of KRW1.4tr (-4.4% YoY) for 3Q21, missing market expectations of KRW65.4bn by 19%.