The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. With sales and OP at its telecom business both reaching above certain levels, we expect LG U+ to expand its non-telecom domains. It will be important to monitor related new developments at the fi
The Korea Petroleum Association announced on Jan. 29 that South Korean oil refining companies’ petroleum product exports hit an all-time high of US$57.037 billion last year, up 71.2 percent from a year ago.In 2022, South Korea’s crude oil imports totaled US$95.45 billion and the ratio of the exports
The author is an analyst of KB Securities. He can be reached at newday@kbfg.com. -- Ed.Maintain BUY; lower target price to KRW135,000 We cut our 12m TP by 3.6% from KRW140,000 to KRW135,000 (12m fwd BVPS x 1.89x target P/B) on HHI to reflect changes to our earnings forecast, 12m fwd base period, 1y
Japan’s Kioxia Holdings Corp., the world's No. 2 NAND flash maker, and fourth-ranked Western Digital Corp. of the United States have revived their merger negotiations, Bloomberg reported on Jan. 4 (local time). If this U.S.-Japan NAND flash alliance becomes a reality, the global NAND flash marke
The Ministry of Land, Infrastructure and Transport announced on Dec. 1 that foreigners owned 0.26 percent of South Korea’s territory at the end of the first half of this year. It is 260,747,000 square meters in area and 32.455 trillion won in appraised value.In six months, the ratio increased by 0.5
Global NAND flash sales in the third quarter of this year plunged by 24 percent from the previous quarter, market intelligence provider TrendForce said on Nov. 24. Sales and market shares of major chipmakers such as Samsung Electronics and SK Hynix continued to decline.NAND flash sales in the third
The authors are analysts of Shinhan Investment Corp. They can be reached at krpark@shinhan.com and mw.choi@shinhan.com, respectively. -- Ed. Fuel cost adjusted charge announced at KRW5/kWh for 4Q22KEPCO has set the fuel cost adjusted charge per unit at KRW5/kWh for 4Q22. The hike in fuel costs for 4
The author is an analyst of KB Securities. He can be reached at seongjin.kang@kbfg.com. -- Ed. Maintain BUY, target price of KRW100,000 We maintain BUY and TP of KRW100,000 on Kia Corp. Our DCF-based TP (10% WACC; 1.0% TGR) is unchanged, with +2.0pp WACC offset by upward revisions to 2022E/2023E OP
Even Korea’s six main industries that buttress the national economy are shaking from their foundations due to a rise in the exchange rate, high interest rates and soaring raw material prices.Many experts are concerned that Korean companies in the so-called six core sectors -- semiconductors, electri
South Korean petrochemical companies, including LG Chem and Lotte Chemical, are reducing the production of ethylene and synthetic fibers with economic and exchange rate conditions increasingly affecting their profitability.As of Sept. 5, the per-ton prices of ethylene and naphtha were US$950 and US$
The author is an analyst of NH Investment & Securities. She can be reached at yd.yoon@nhqv.com. -- Ed. Although we lower TP on Daishin from W23,000 to W20,000 to reflect a general slowdown in the securities industry, we maintain a Buy rating on: 1) the likely reflection of solid real estate financin
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. In response to the economic slowdown, memory chipmakers are expected to significantly reduce capex in 2023. Semicon equipment makers are predicted to see full-fledged earnings improvement in 2H23.Memo
The Ministry of Trade, Industry and Energy announced on Aug. 1 that South Korea’s exports, imports and trade deficit were US$60.7 billion, US$65.37 billion and US$4.67 billion in July, respectively. Exports increased 9.4 percent year on year, imports jumped 21.8 percent year on year, and the latter
The author is an analyst of KB Securities. She can be reached at leesunhwa@kbfg.com. -- Ed. Maintain BUY, target price of KRW360,000 We maintain BUY on Nongshim and our TP of KRW360,000. 2Q22 earnings should miss the market consensus on growing raw material/logistics costs. However, we forecast the
Park Hyatt Busan presents the ‘Lazy Afternoon’ package, a chance of an authentic Italian dining experience amid unique views over the famous Gwangan Bridge and the luxurious Yacht Marina prior to checking into your room.With arrival registrations available from 4 p.m., the package features a pre-che
The authors are analysts of Shinhan Investment Corp. They can be reached at snowKH@shinhan.com and wonyong.sim@shinhan.com, respectively. -- Ed. Visible earnings improvement expected in 2H22 vs. 1H22Lotte Data Communication stands to report gradual improvement in earnings for 2Q22 after posting slug
The author is an analyst of Shinhan Investment Corp. He can be reached at yjjung86@shinhan.com. -- Ed. Domestic: Strategic focus on exportsDomestic auto sales (excluding imported cars) stood at 120,000 units (-3.5% YoY, +0.2% MoM) in May. Shipments out of domestic plants including exports reached 14
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed. Maintain BUY, target price of KRW67,000 We maintain BUY and TP of KRW67,000 for Hyundai Steel. Our TP is based on the P/B-ROE model (8.90% COE; 4.21% sustainable ROE; 0.48% TGR); sustainable ROE was lowere
The author is a fixed income strategist of Shinhan Investment Corp. He can be reached at jk.ahn@shinhan.com. -- Ed. No need for US Fed to consider a 75bp rate hike yetBoth Korean and US bond yields are on an uptrend. In May, 3Y and 10Y KTB yields surged by 18.5bpeach, and 2Y and 10Y US Treasury yiel
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 1Q22 earnings beat consensus by wide margin— SK innovation posted 1Q22 revenue of KRW16.26tn (+76.0% YoY, +18.5% QoQ) and OP of KRW1.65tn (+228.2% YoY, TTB QoQ), beating consensus (KRW1.00tn OP, Mar 21, FnGuide)