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
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