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The author is an analyst of NH Investment & Securities. He can be reached at sw.kang@nhqv.com. -- Ed. Despite standout economic indicators, US TB yields are stabilizing downwards, helped in part by strong demand for US TBs by banks (even with an end to SLR regulation relief) and Japanese funds. TB y
Finance
Kang Seung-won
2021.04.19 21:23
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The author is an analyst of NH Investment & Securities. He can be reached at sw.kang@nhqv.com. -- Ed. Pricing in fears of Fed tightening, yields on 10yr US TBs recently hit 1.60%. As a cause of yield uptrend, the Fed will tolerate economic improvement but not worries towards tightening. With the key
Finance
Kang Seung-won
2021.03.16 11:04
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The authors are analysts of Shinhan Investment Corp. They can be reached at ym.ko@shinhan.com and hyungwou@shinhan.com, respectively. -- Ed. Focus on positive changes for telecom equipment in 2021Global telcos have put off investments this year due to the COVID-19 pandemic. We expect capex spend to
Finance
Ko Yeong-min & Park Hyung-wou
2020.12.11 10:42
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NIM:Amid Covid-19, the BOK adjusted down the base rate by 50bp in March, undertaking an additional rate cut of 25bp in May. The resultant downward pressure on NIM is to remain in play through 1Q21.While market yields could change due to external variables, without an uptrend in the base rate, the po
Finance
Michelle Cho
2020.11.18 20:11
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The author is an analyst of NH Investment & Securities. They can be reached at jaemin.ahn@nhqv.com. -- Ed. Frequency allocation to take place in 2021—related costs sized at W500bn (at minimum)~W1.7tn (at maximum) per companyWe note that for the right to use government-allotted frequency bands for a
Finance
Ahn Jae-min
2020.11.11 10:21
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The author is an analyst of NH Investment & Securities. They can be reached at jaemin.ahn@nhqv.com. -- Ed. Moving forward, we expect domestic telcos to focus on non-telecom businesses. In particular, 2021 should be the year when their non-telecom businesses begin to bloom and push up overall EVs.Tel
Finance
Ahn Jae-min
2020.11.11 10:07
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The author is an analyst of NH Investment & Securities. She can be reached at jy.lee@nhqv.com. -- Ed. Emart’s shares to perform better going forwardThe large discount store market has been hit hard by growing online penetration, but earnings will likely differ by company, depending on the performanc
Finance
JY Lee
2020.11.04 20:52
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The authors are analysts of NH Investment & Securities. They can be reached at minjae.lee@nhqv.com, ys.jung@njqv.com and midas.sohn@nhqv.com, respectively. – Ed. Environmental costs increase cost burden for power producers using traditional energy sourcesPower producers using traditional energy sour
Finance
Lee Min-jae, YS Jung & Midas Sohn
2020.09.24 22:32
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The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. Capital to be streamlined with 10:1 capital reduction and preferred share buyback/retirementOn Sep 1, Ssangyong Cement announced a 10:1 capital reduction (common shares) and preferred share buyback/retire
Finance
Chang Moon-joon
2020.09.02 12:14
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The author is an analyst of NH Investment & Securities. He can be reached at dongkil.noh@nhqv.com. -- Ed. Seegene and Alteogen will likely be added to the MSCI Korea Index. We estimate the probability of SK Biopharm’s inclusion in the MSCI Korea as being less than 50%, as it slightly fails to satisf
Finance
Noh Dong-kil
2020.08.03 20:18
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The authors are analysts of NH Investment & Securities. They can be reached at jy.lee@nhqv.com. -- Ed. Greater shift towards non-face-to-face commerce could give birth to online retail giantThe Korean New Deal also seeks to foster non-face-to-face businesses, which is to affect retail, platform, and
Finance
JY Lee et al.
2020.07.15 21:34
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The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. With 5G service effects to start in earnest, the telecom service industry should enter into a full-fledged OP growth cycle from 2H20. Anticipating strong share price rebounds for Korea’s three te
Economics
Ahn Jae-min
2020.06.17 12:03
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The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed.In the wake of the global Covid-19 pandemic, consumption patterns have changed drastically towards non-face-to-face platforms. And, with people having become more familiar with online life using I
Economics
Ahn Jae-min
2020.06.17 10:03
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The author is an analyst of NH Investment & Securities. He can be reached at sw.kang@nhqv.com. -- Ed. It looks highly likely that the BOK will both lower its growth forecast to the low 0%-range and cut the benchmark rate. In addition, noting the significant expansion of the third supplementary budge
Finance
Kang Seung-won
2020.05.25 22:44