The author is an analyst of KB Securities. He can be reached at newday@kbfg.com. -- Ed.Maintain BUY, target price of KRW5,700 We maintain 12m TP of KRW5,700 (12m fwd BVPS x 1.34x target P/B) on SHI. Our revisions to earnings forecast, adjustment to 12m fwd period, yield changes to 1y MSB (RFR)/30y K
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed.Maintain target price of KRW130,000; top Technology pick We maintain BUY and TP of KRW130,000 on LGE. We present LGE as our top Technology pick, as HE/VS/H&A’s high sales contributions from Europe should make th
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed.Memory supply/demand to improve from June-July on actual production curtailment We maintain BUY and TP of KRW80,000 (1.5x 2023E P/B) on SEC. We believe the effects of actual production curtailment (resulting fro
Hyundai Engineering is nearing the completion of the Polimery Police propane dehydrogenation (PDH) and polypropylene (PP) project at Police, Poland.According to Polish petrochemical company Grupa Azoty, the progress in the construction of the Police PDH·PP plant has reached 98 percent. The plant is
POSCO International broke ground for the 2nd LNG Terminal in Gwangyang on the nation's southern coast on Jan. 31. The project involves the construction of two additional 200,000-kiloliter LNG tanks with the investment of a total of 930 billion won. It will be completed in 2025.Through the facili
Shinhan Financial Group announced on Jan. 31 that it was included in the 2023 Bloomberg Gender Equality Index, becoming the first Korean financial group to be included in the index for five consecutive years.The Bloomberg Gender-Equality Index (BGEI) covers companies listed on the U.S. Stock Exchang
Korea Electric Power Corp. (KEPCO) has submitted to the Turkish government a preliminary proposal for the construction of a large-scale nuclear power plant in Turkey.KEPCO president Cheong Seung-il visited Turkey on Jan. 30 and discussed its participation in the Turkish nuclear power plant project w
The IMF updated its world economic outlook on Jan. 31. According to it, the global economy is expected to grow 2.9 percent this year, 0.2 percentage point higher than the previous estimate in October.The IMF changed its U.S. growth forecast from 1 percent to 1.4 percent, eurozone from 0.5 percent to
Foreign investors net-sold 3.22 trillion won of won-denominated bonds in January this year, which is the first net selling in the market since January 2019. Their bond holdings in the market totaled approximately 222 trillion won at the end of last month, decreasing more than 6.5 trillion won in one
The South Korean government announced on Jan. 31 that it would build an investment cooperation platform with the UAE so that its US$30 billion investment South Korea recently attracted can be carried out effectively.The platform will consist of a regular contact channel between the two countries and
The operating profit of the semiconductor division of Samsung Electronics dropped 96.95 percent year on year in the fourth quarter of 2022. Despite the worst performance in 13 years, Samsung Electronics said that there would be no artificial production cut and this year’s capex would be close to las
GM Korea aims to turn a profit in 2023 through the overseas launch of new models produced in Korea and the launch of electric vehicles produced overseas in the Korean market.At a press conference held at the Conrad Hotel in Yeouido, Seoul on Jan. 30, GM Korea president Roberto Lempel announced this
Hyundai Motor Co.’s production subsidiary in St. Petersburg, Russia, will implement a layoff program for its employees from Jan. 16 to Feb. 27.The company's plant in St. Petersburg, which used to produce 200,000 vehicles a year, has been suspended since March 2022 due to the outbreak of the war
POSCO Chemical announced on Jan. 30 that it has signed a contract with Samsung SDI to supply high-nickel NCA cathode materials for electric vehicle (EV) batteries for 10 years from 2023 to 2032. This contract is worth 40 trillion won. It went down in the history of POSCO Chemical as the largest and
A consortium led by Ingine, an eco-friendly wave power generation social venture supported by SK Innovation, and Ingine Wave Energy Systems (IWES), Ingine’s subsidiary in the United Kingdom, has been selected for Energy Catalyst Round 9 (ECR9), a corporate technology innovation support program by th
KT&G has signed a new 15-year contract with Philip Morris International (PMI) to expand global sales of its next-generation e-cigarette Lil.The contract was inked at the KT&G-PMI Global Collaboration Event held at the Conrad Hotel in Yeouido, Seoul on Jan. 30.This contract will run for 15 years from
The Bank of Korea said in its report on Jan. 30 that the productivity of the South Korean economy, which was less than 60 percent of that of the U.S. economy before the outbreak of COVID-19, is increasing even more slowly these days.“The labor productivity increased 5.4 percent 20 years ago but edge
Last year, car exports from South Korea exceeded US$50 billion, achieving the highest ever export performance. Despite the Russia-Ukraine war and global automotive chip shortage, exports of eco-friendly vehicles such as electric and hybrid cars increased significantly and drove growth.The Ministry o
SPC Paris Baguette announced on Jan. 30 that it has opened its 100th franchised store in the United States.Paris Baguette has opened the Red Bank store in Monmouth County in the U.S. state of New Jersey. It is planning to sign 160 additional franchise deals this year and aims to open 1,000 stores ac
On Dec. 13, 2022, Apple CEO Tim Cook posted on Twitter a photo showing him at an elementary school in Kumamoto, Japan, along with the message, “Sony is Apple’s partner and has made the world’s best camera sensors.”Kumamoto is the region where Taiwan’s TSMC and Japan’s Sony will build a joint venture