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
Koreans spent US$3,753.76 million (about 4.5 trillion won) on cross-border shopping in 2020, according to data submitted by the Korea Customs Service to the National Assembly's Strategy and Finance Committee on Oct. 11. Compared to US$1,622.28 million in 2016, the purchase amount swelled 2.3 tim
The Samsung Group founder family, including Hong Ra-hee, wife of the late group chairman Lee Kun-hee, will sell about two trillion won worth of shares in Samsung affiliates to pay inheritance tax on the property left by the late chairman.Hong signed a disposal trust contract with KB Kookmin Bank on
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY; Cut TP by 4.8% to KRW100,000 We maintain BUY on Samsung Electronics, but cut our 12m TP by 4.8% to KRW100,00 (based on target P/B multiple of 2.15x and 12m fwd BVPS) to reflect: (1) a lower ROE (1
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. SEC announced its 3Q21 preliminary results, slightly missing our estimates. Contributing to earnings was a rise in memory semiconductor prices. In 4Q21, OP is expected to total W15.7tn, affected by en
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. With the release of new films, global box office receipts appear to be on a recovery track. But, with expectations towards such already baked in, CJ CGV’s upside share price potential looks limited
The South Korean government announced on Oct. 7 that it would increase the domestic clean hydrogen production capacity to at least one million tons a year by 2030 and create at least 50,000 jobs in the industry by that year.At present, the government is planning to increase the annual domestic use o
The authors are analysts of Shinhan Investment Corp. They can be reached at sehunjang@shinhan.com and shawn1225@shinhan.com, respectively. -- Ed. Global biotech company focused on antibody drugs like anti-FcRnHanall Biopharma manufactures and sells medicines and focuses on R&D of new antibody drugs.
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Raise target price by 17% to KRW480,000 We maintain BUY on Hansol Chemical and lift our 12m TP by 17% from KRW410,000 to KRW480,000 (43.9% upside). Our TP increase is based on the following:(1) As the world’s o
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY but cut target price to KRW25,000 We maintain BUY on LGD but cut our TP by 16.7% to KRW25,000 given that we revise down 2021E/2022E NP (attributable to controlling interests) by 12.2%/19.1% to refl
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Maintain BUY; raise target price 5% to KRW315,000 We maintain BUY on Samsung F&M and raise our TP by 5% to KRW315,000. Our rating remains unchanged because: (1) the company can maintain a consistent capital pol
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Maintain BUY, target price of KRW103,000 We maintain BUY on Samsung Life and our TP of KRW103,000 based on the following:(1) The insurer continues to generate better protection-type contract acquisition results
The author is an analyst of NH Investment & Securities. He can be reached at will.byun@nhqv.com. -- Ed. Steelmakers’ profits soaring amid recovery from Covid-19The steel/metal sector has benefitted from economic stimulus packages and recovery in the wake of the Covid-19 crisis. With operations of pr
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. Com2uS has been experiencing a share price correction due to less-than-anticipated sales of Summoners War: Lost Centuria. Given its limited number of successful games over the last few years, a s
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. NHN is transforming into a tech player, with a business portfolio encompassing payment, commerce, cloud, and AI. Strong growth potential for the new businesses should come to shine gradually. Tha
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. The sound performance of MU Archangel 2, which hit the domestic market in September, once again proved the value of Webzen’s MU IP. Despite stricter regulations in China, a number of MU IP-based
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. The recent failure of NCSOFT’s B&S2 has raised concerns over its P2W business model, but the company is predicted to make changes, having learned a lesson from the flop.Anticipation growing again
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. Kakao Games’ Odin is still leading the domestic game market, maintaining first place in app store sales rankings for three months since its release. The firm’s earnings momentum is to pick up aga