The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. 2Q20 OP likely below consensus estimate at KRW84.3bn (TB QoQ)We now expect Lotte Chemical to post operating profit of KRW84.3bn (positive swing, +KRW170.3bn QoQ) for 2Q20, missing the market
The author is an analyst of Shinhan Investment Corp. He can be reached at sejonghong@shinhan.com. -- Ed. Q20 consolidated OP forecast at KRW57.6bn (-17.1% YoY)We now expect Cheil Worldwide to post consolidated gross profit of KRW297.9bn (-3.2% YoY) and operating profit of KRW57.6bn (-17.1% YoY) for
KTB Investment said on July 6 that 48 listed companies are expected to make an interim dividend payment of 3.1 trillion won for the first half of this year. The size of the payment is estimated to fall for the first time in four years as the listed companies’ Q2 business performance deteriorated in
Samsung Electronics and LG Electronics are employing aggressive marketing strategies in the Indian market to take advantage of Indian consumers’ boycott of Chinese products.LG Electronics' smartphone sales in India increased tenfold over the past two months, according to local media outlets in I
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. We believe that Samsung Life remains more appealing than other life insurers, in light of its solid profit management capabilities and the value of its SEC stake. But, mid/long-term profit momentum a
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. Four life insurers under coverage to post combined 2Q20 NP W644.5bn (+51.3% y-y)We size combined NP at the four life insurance insurers under our coverage at W644.5bn (+51.3% y-y; Samsung Life on con
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. Domestic non-life insurers’ 2Q20 earnings releases should display q-q improvement, with annual profit growth momentum set to gain further steam in 2H20. We believe that life insurers also saw q-q ear
The author is an analyst of NH Investment & Securities. He can be reached at will.byun@nhqv.com. -- Ed. Due to economic downturn, it is difficult to forecast price growth for industrial metals at this time. However, Korea Zinc’s sales of industrial metals are expected to remain intact, alongside rel
The author is an analyst of NH Investment & Securities. He can be reached at sw.kang@nhqv.com. -- Ed. While the June jobs report showed another surprise, we believe that personal income fell paradoxically. The scale of fiscal stimulus measures announced in the second half of July will be important.
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. Despite the recent sharp rise in NCSOFT’s share price, we believe that plenty of additional upward momentum remains in play, considering expectations for new games, global growth, and platform ex
Operating profits of major KOSPI-listed companies are forecasted to shrink by more than 20 percent compared to 2019 in the aftermath of the COVID-19 spread.Financial information provider FnGuide said on July 5 that securities firms estimated the consolidated operating profits of 153 major KOSPI-list
Korea Exchange (KRX) gold market is growing rapidly as investors prefer safe assets amid the spread of the new coronavirus.The average daily trade value and volume In the first half of 2020 both jumped more than 100 percent from 2019. The annual trade value in 2020 is highly likely to cross one tril
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. SPC Samlip’s 2Q20 OP is to drop 25.7% y-y due to falling sales at its cash cow bakery business stemming from lingering Covid-19 effects and the delayed full opening of schools. In 2H20, the firm’s ear
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. We believe that expectations for Maeil’s 2Q20 earnings should be scaled back, given high-base effect and a thorny business environment stemming from Covid-19 and difficult weather conditions. But, in
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed.We size Dongwon F&B’s 2Q20 OP growth at 5.8% y-y. While earnings at its processed dairy product and restaurant arms have inevitably been dampened by Covid-19, overall earnings should arrive sound on bo
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. We believe that 2Q20 earnings at Lotte Chilsung’s beverage and liquor domains were sapped by both high-base effects and an unfavorable business environment. But, helped by cost efficiency improvement
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. We expect CJCJ’s 2Q20 OP to jump 77.8% y-y, with earnings improvement being led by increased domestic food demand, high overseas sales growth, and margin strengthening (helped by rising ASPs at the bi
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. Despite tobacco exports recovery, KT&G’s 2Q20 earnings improvement should be limited by weakened profitability at subsidiary KGC. In 2H20, share-price momentum should pick up strongly on: 1) tobacco e
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. I. 2015 is here againValuation re-rating factors reappearingWe believe the factors that sparked sector valuation premiums in 2014~2015 are reemerging this year. Over 2014~2015, investment sentiment to
The stock price of YG Entertainment rose 10.81 percent to close at 39,450 won on July 2. The price rose 21.38 percent for the past five trading days.Its rally is because BLACKPINK’s new song "How You Like That" is gaining popularity. The group’s album sales volume is showing a rapid increase in mult