The author is an analyst of Shinhan Investment Corp. He can be reached at mj1224@shinhan.com. -- Ed. The worst is overFears of tightening regulations on the platform business have wiped out more than KRW14tr from Kakao’s market cap since early September. The share price correction, which may appear
The author is an analyst of Shinhan Investment Corp. He can be reached at mj1224@shinhan.com. -- Ed. 3Q21 OP to beat consensus at KRW30.8bn (+12.4% YoY)We now expect NHN to report operating profit of KRW30.8bn (+12.4% YoY) on sales of KRW482.2bn (+15.0% YoY) for 3Q21, beating the KRW26.2bn consensus
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY; cut target price 17.7% to KRW790,000 We maintain BUY but cut our TP by 17.7% to KRW790,000 for NCsoft. Our DCF-based TP corresponds to 20.8x 2022E implied P/E. We lower 2021E/2022E OP by 24.9%/23.4%
The Export-Import Bank of Korea (Eximbank) has no plans to convert Korean Air's permanent convertible bonds it acquired in June last year into common stocks, according to media reports.The state-run bank's stance is quite different from that of Korea Development Bank (KDB) regarding its hold
Minority shareholders of Celltrion are stepping up pressure on the company's management to come up with measures against the recent plunge in the stock price.Celltrion's minority shareholders have recently agreed to wage an all-out war against the company’s management and are campaigning to
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. The emergency relief funds paid out in September likely negatively impacted sales at Emart’s major business division, with the firm’s 3Q21 results set to fall short of our previous predictions. Howeve
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. Clio’s 3Q21 OP likely jumped 284% y-y on the back of low-base effect, core channel growth, and strong new product sales. While investor sentiment has contracted sharply due to the re-spreading of Covi
Samsung Electronics' market capitalization fell by nearly 40 trillion won in the third quarter of 2021 alone. During the period, the stock market’s entire capitalization dropped by 167 trillion won.The Korea CXO Research Institute added up the market capitalizations of 2,336 of 2,584 listed stoc
Clarksons Research announced on Oct. 13 that global new shipbuilding orders added up to 3.28 million CGT (116 ships) last month and 60 percent, 28 percent and 8 percent of the new orders went to Chinese, South Korean and Japanese shipbuilders.The South Korean shipbuilders’ market share was 42 percen
People Power Party lawmaker Han Moo-kyung said on Oct. 13 that the liquefaction, transport and storage of imported hydrogen according to the carbon neutrality scenario of the South Korean government will cost no less than 66 trillion won and the total cost including the import price is likely to be
Market research firm TrendForce said in its report on Oct. 13 that the overall average selling price of DRAM products is likely to fall 15 percent to 20 percent next year. “An increase in the inventory of clients is likely to lead to oversupply next year,” it explained, adding, “Next year, the total
The author is an analyst of KB Securities. She can be reached at leesunhwa@kbfg.com. -- Ed. Maintain BUY; lower target price 4.6% from KRW650,000 to KRW620,000 Despite lowering our TP from KRW650,000 to KRW620,000, we maintain BUY for CJCJ to reflect the stock’s current price and upside potential. O
Financial market instabilities are increasing due to global supply chain issues and concerns over inflation.On Oct. 12, KOSPI fell 1.35 percent to close at 2,916.38 points and Samsung Electronics slid 3.5 percent to 69,000 won per share, the lowest level since Dec. 1 last year. For reference, the st
The Korea Consumer Agency recently called burger franchises’ delivery fees into question. Still, major burger franchises are not reducing the fees while receiving additional fees for small orders.The additional delivery fee applied to every order between 12,000 won and 15,000 won is 2,000 won in the
The authors are analysts of Shinhan Investment Corp. They can be reached at snowKH@shinhan.com and wonyong.sim@shinhan.com, respectively. -- Ed. Initiate coverage with BUY for a target price of KRW28,000We initiate coverage of Wysiwyg Studios with BUY for a target price of KRW28,000, based on 2022F
The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. Maintain BUY, cut target price to KRW38,500 We maintain BUY on HDC but cut our TP (derived using the P/B/ROE model) by 9.4% to KRW38,500 to reflect (1) an increase in cost of equity (8.1%→8.4%) triggered
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY, lower target price to KRW170,000 We lower our 12m TP by 15.0% to KRW170,000 for LGE to reflect downward revisions to 2021E/2022E/2023E NP (attributable to controlling interests) of 16.8%/2.4%/18.0
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Revise down target price 8% to KRW340,000; stock undervalued at 7.7x 12m fwd P/E We maintain BUY and cut our TP by 8% to KRW340,000 for Shinsegae to reflect a drop in EV/EBITDA multiple for Department Store
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Maintain BUY; Lower target price by 8% to KRW240,000 We maintain BUY on E-mart but lower our TP by 8% to KRW240,000 as we reflect revisions to 2021E/2022E OP (-10%/-3%). We believe shares are undervalued at
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. In September, international passenger traffic climbed 47% y-y, continuing the recovery trend. Cargo traffic recorded an all-time high in terms of average tons per day. We look to a rapid demand recov