The author is an analyst for Shinhan Securities. He can be reached at ldh@sinhan.com -- Ed.2Q23 review: Earnings surpriseDoosan Bobcat reported sales of USD2.03bn (+15% YoY) and operating profit of USD360mn (+44% YoY) for 2Q23, an earnings surprise that exceeds market estimates by 3.2% and 28.3%, re
The author is an analyst for NH Investment & Securities. He can be reached at minjae.lee@nhqv.com -- Ed.While the value of IS Dongseo’s construction division is bound to be dampened amid lackluster real estate market conditions, it is still to enjoy stable revenue thanks to in-house housing projects
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.Dental implant exports logged a new monthly high in June, with record-high exports continuing to major countries thanks to China’s VBP effects and Russia’s recovery. In addition, monthly exports of a
The author is an analyst for NH Investment & Securities. He can be reached at jooyh@nhqv.com -- Ed.We lower our TP on HiteJinro to W28,000 to reflect increased marketing expenses following the launch of its Kelly brand. That said, we believe earnings concerns as already being baked into the share pr
The author is an analyst for NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com -- Ed.Despite the impending release of Ares, Kakao Games’ most anticipated 2023 game, expectations for the new title have yet to be reflected in share price. Ares’s sci-fi theme is to set it apart from
The author is an analyst for NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com -- Ed.It is currently a key period for NCSOFT to make modifications and improvements to TL in order to address player complaints. Global beta tests scheduled for August/September could be an important i
The author is an analyst for NH Investment & Securities. He can be reached at minjae.lee@nhqv.com -- Ed.With the number of apartment units up for pre-sale in 1H23 arriving at the lowest level since 2010, unsold apartment number has slid. In terms of undersubscription ratio, however, the 1H23 figure
The author is an analyst for NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com -- Ed.China’s smartphone shipments showed significant y-y growth in May. By company, shipment recovery was robust at Chinese firms. However, considering that sales at China’s 618 shopping festival missed
The author is an analyst for Shinhan Securities. He can be reached at jaewonjeong@shinhan.com -- Ed.1Q23 operating loss decreases on cost control despite sales dropPsomagen continued in the red in 1Q23 with sales of USD6.52mn (-11.2% YoY) on standalone basis. Sales fell as orders were slashed by a m
The author is an analyst for NH Investment & Securities. He can be reached at jooyh@nhqv.com -- Ed.Reflecting concerns toward intensifying competition in the domestic liquor market, we lower our TP on Lotte Chilsung. But, considering both an anticipated earnings uptrend following consolidation of ea
The author is a junior analyst for NH Investment & Securities. She can be reached at eunsang.lee@nhqv.com -- Ed.With its raw material procurement costs now normalizing, LX Hausys’s auto parts/fabric business profitability has begun to strengthen in earnest. Its 2023 B2C sales growth will likely prov
The author is an analyst for NH Investment & Securities. He can be reached at jiyoony@nhqv.com -- Ed.The Nature Holdings’ OP for 1Q23 came in sluggish due to both a higher COGS-to-sales ratio and greater labor costs for advertising and new brands. But, the overseas sales portion for NG has been on a
The author is an analyst for Shinhan Securities. He can be reached at yjjung86@shinhan.com -- Ed.Operating margin to improve from 2.5% in 1Q to 7.6% in 4QNexen Tire recorded sluggish earnings in 1Q23 with sales of KRW639.6bn (+20% YoY, -9% QoQ) and operating profit of KRW16.2bn (positive swing YoY,
The author is an analyst for NH Investment & Securities. She can be reached at hzl.lee@nhqv.com -- Ed.We raise our TP on YG Ent to W96,000. With Blackpink’s high global popularity translating into economies of scale, earnings momentum is now picking up in earnest. Contract renewal for Blackpink is e
The author is an analyst for NH Investment & Securities. She can be reached at hzl.lee@nhqv.com -- Ed.SM Ent posted consensus-missing 1Q23 OP of W18.3bn, weighed upon by OP deterioration due to an absence of meaningful new album releases. But, with eagerly-awaited major artist release cycles drawing
Pulmuone, a South Korean fresh food company and the U.S. tofu market leader, announced on May 14th that the annual sales of its fresh noodle products in the U.S. stood at $72.2M in 2022, up 65 percent year on year. The company is continuing its rapid growth in Asian noodle sales in U.S. by captivati
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com -- Ed.Samsung Engineering’s 1Q23 earnings far exceeded consensus, thanks to an improved COGS-to-sales ratio at the non-hydrocarbon division. Although the lack of new orders for overseas projects is somew
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.We favorably view a rebound in implant exports to China in March, but Suwon City saw disappointing results for 1Q23 on delayed recovery of exports to Russia. In March, aesthetic equipment hit its high
The author is an analyst of Shinhan Securities. She can be reached at inhae.ji@shinhan.com -- Ed.Paid subscribers growing at a fast rateDearU Bubble, the global fan community platform operated by Dear U, is seeing rapid growth in the number of paid subscribers. The figure increased 26% QoQ from 1.7m
The author is an analyist of NH Investment & Securities. He can be reached at jooyh@nhqv.com -- Ed.We raise our TP on Nongshim to W430,000. The firm’s sales growth is looking sound both at home and overseas, and its cost burden should ease towards 2H23.Raise TP to KRW430,000We raise our TP on Nongsh