The author is an analyst for Shinhan Securities. He can be reached at keonhyeong.ha@shinhan.com -- Ed.Clear decline in consumer prices to rekindle hopes for monetary easingConcerns still linger over the US banking sector turmoil triggered by the collapse of Silicon Valley Bank, but we believe timely
The Korean government will launch a major support program to support the Korean shipbuilding industry. It will provide 180 billion won (US$135 million) in support for the development of core technologies for future ships in 2023 alone and will also expand refund guarantees (RGs) to help Korean shipb
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.We raise our TP on Celltrion to 240,000, as we hike our GPM forecast. Excluding compensation costs of W60bn for US Covid-19 test kits, 1Q23 GPM came to 54%, beating consensus. GPM normalization and F
The author is an analyst for Shinhan Securities. She can be reached at hpark@shinhan.com -- Ed.1Q review: Demand still weak in China but stronger elsewhereAmorepacific posted consolidated operating profit of KRW64.4bn (-59% YoY) on sales of KRW913.7bn (-22% YoY) for 1Q23, falling short of the market
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed.Revenue rises in 1Q23; profit improvement startsHHI booked 1Q23 sales of W2,632.9bn (+31.5% y-y) and OP of W36.1bn (TTP y-y; OPM 1.4%), slightly below market consensus. NP (excluding minority interest
NICE Investors Service said in its recent report that the U.S. Inflation Reduction Act is likely to adversely affect South Korea’s EV industry by requiring more investment in North America. “Competition in the commercial EV market is likely to intensify in the short term, and then price competition
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com -- Ed.China’s consumer discretionary retail sales growth rebounded in March. We draw investor attention to F&F, which is strengthening its brand power in China, noting that the intensity of apparel consump
Doosan Enerbility announced on March 15 that it had signed a contract with Turkistan LLP, a subsidiary of Samruk-Kazna, Kazakhstan’s sovereign wealth fund, to build a combined cycle power plant worth 1.15 trillion won (US$877 million).Doosan Enerbility formed a consortium with local construction com
The authors are economists of Shinhan Securities. They can be reached at keonhyeong.ha@shinhan.com. -- Ed.Tightening fears resurface on strong jobs data and growing inflationary pressureAt the beginning of 2023, expectations for slower tightening and upbeat economic outlook with normalization of the
The Korea Fair Trade Commission announced on Feb. 9 that it would impose a fine of 42.3 billion won on Mercedes-Benz, BMW and Audi with regard to software tampering related to diesel exhaust fluid (DEF). The fines on them are 20.7 billion won, 15.7 billion won and 6 billion won, respectively.The com
Hyundai Heavy Industries Group has succeeded in developing a hybrid engine that uses a mixture of liquefied natural gas (LNG) and hydrogen for the first time in Korea. Korea Shipbuilding & Offshore Engineering and Hyundai Heavy Industries Co. announced on Dec. 22 that they have successfully complete
Apple has reportedly given up its plan to purchase NAND flashes for the iPhone series from Yangtze Memory Technology (YMTC), a Chinese state-run semiconductor company, and instead will partner with Samsung Electronics.Apple has scratched off its plan to purchase 3D NAND flashes from YMTC for iPhones
POSCO International will promote a hyperloop project with Hardt Hyperloop of the Netherlands, a global leader in hyperloop technology.The company signed a letter of intent (LOI) with the Dutch company at its main office in Songdo, Incheon, on Nov. 1 with the attendance of Joo Si-bo, CEO of POSCO Int
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. We expect FILA Holdings’ 3Q22 results to show y-y margin deterioration, with the benefits of won/dollar depreciation for Acushnet to be offset by an increased fixed cost burden due to inventory dep
The authors are economists at Shinhan Investment Corp. They can be reached at chee@shinhan.com. – Ed. Cases of dollar liquidity crunch in the pastThe USD/KRW exchange rate has been on a steep increase and recently topped the KRW1,380 mark, nearing or exceeding the levels seen during the dollar liqui
The authors are analysts of Shinhan Investment Corp. They can be reached at doyeon@shinhan.com and hyon@shinhan.com, respectively. – Ed. Memory market upturn to hinge on: 1) inventory depletion at client companies; 2) improvement in macro conditionsShare prices of memory chipmakers typically turn to
The authors are analysts of Shinhan Investment Corp. They can be reached at yjjung86@shinhan.com and dongho2852.shin@shinhan.com, respectively. -- Ed. 2Q22 OP exceeds market expectations by 22% at KRW53.1bnHyundai Wia reported operating profit of KRW53.1bn (+17.6% YoY) on sales of KRW2tr (-0.4% YoY)
Greenpeace said on July 4 that it has found that 10 models from Hyundai Motor Co. and Kia Corp. failed to pass a German exhaust gas emission test.In a press release, the non-profit environmental organization said the 10 models from the carmakers that were tested between 2015 and 2018 all exceeded th
German prosecutors are investigating the regional offices of Hyundai Motor Co. and Kia Corp. over allegations that the two carmakers manipulate exhaust gas emissions of their diesel vehicles.The Frankfurt prosecutors’ office in Germany said that around 140 prosecutors and investigators in Frankfurt
Frankfurt's prosecution investigators have searched eight Hyundai Motor and Kia offices in Germany and Luxembourg. According to the prosecution, the two companies conducted exhaust gas manipulation with their diesel cars sold until 2020.“Exhaust manipulators were attached to the 210,000 or so ca