The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.Although SK Biopharm’s operating losses likely narrowed q-q in 2Q23, we believe that COGS-to-sales ratio returned to the previous high level, and SG&A expenses likely upped q-q on clinical costs. How
The author is an analyst for Shinhan Securities. He can be reached at sanghoonpure.cho@shinhan.com -- Ed.2Q23 earnings to miss consensus at operating loss of KRW26.6bnE-Mart is expected to have seen an operating loss of KRW26.6bn (widening loss YoY) on sales of KRW7.24tr (+1.3% YoY) in 2Q23, falling
The author is an analyst for NH Investment & Securities. He can be reached at jooyh@nhqv.com -- Ed.Major offline retailers' 2Q23 earnings are likely to arrive short of consensus due to sluggish consumer sentiment and increased costs. But, a meaningful rebound is expected from September amid reop
The sales volume of the top 10 foundries (semiconductor subcontract manufacturing) globally shrunk by 18.6% from the previous quarter. While the market share of Taiwan’s TSMC, the top player, exceeded 60%, Samsung Electronics’ share dropped to the 12% range.On June 12, market research firm TrendForc
The income gap between workers at large companies and small and medium-sized enterprises (SMEs) widens from 1.4 times when they are in their early 20s to 2.5 times when in their early 50s.According to job administrative statistics by the Korean Statistical Information Service (KOSIS) on June 11, the
Recently, the won-dollar exchange rate has fluctuated the most among major currency exchange rates. This sharp change in the value of the won has been blamed on Korea’s trade deficit.According to the Bank of Korea (BOK)’s June Monetary and Credit Policy Report, the rate of changes in the won’s excha
Taiwan’s TSMC, the world’s No. 1 foundry player, has begun developing a 2-nm process, widening its gap with its competitors. As competition for taking the lead in the ultra-fine process has been narrowed down to a three-runner race among TSMC, Samsung Electronics, and Intel, the three are expected t
The author is an analyst for NH Investment & Securities. She can be reached at jiyoony@nhqv.com -- Ed.Cosmax recorded solid 1Q23 sales for both Korea and SEA. Despite a heightened cost burden since 2Q22 amid intensifying inflation, leverage effects are anticipated from 2Q23 in response to sales expa
The author is an analyst for NH Investment & Securities. He can be reached at esshim@nhqv.com -- Ed.As a firm specializing in microneedle RF skin care medical devices, ViOL should enjoy robust earnings growth going forward on: 1) increasing sales of high-margin consumables amid rising demand for cos
Despite the interest rate gap between Korea and the United States widening to a record 1.5 percentage points in April, the Korean stock market enjoyed a net inflow of stock investment funds from foreign investors. Not only did stock investments increase due to expectations for an improvement in the
The author is an analyst for NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed.Following on from March, the gap in traffic performance between FSCs and LCCs continued to widen in April. However, in terms of share performance, competitive repositioning or market share expansion
The author is an analyst for NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com -- Ed.Dongwha Enterprise’s timber product business earnings are sluggish at present, but we positively view the anticipated starts in earnest of both pilot mass production volume at the firm’s electrolyt
The author is an analyst for NH Investment & Securities. She can be reached at hzl.lee@nhqv.com -- Ed.CJ ENM reported an earnings shock, affected by widening losses at new businesses (OTT, US production) and impacts of economic slowdown at the main business, excluding entertainment. A sharp recovery
The author is an analyst for NH Investment & Securities. She can be reached at jiyoony@nhqv.com -- Ed.AmorePacific’s 1Q23 results arrived below market expectations. Domestic profitability worsened on sluggish high-margin duty-free and sluggish e-commerce channel sales, while overseas sales recorded
The author is an analyst of NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.Even if industry volatility increases, Hanwha Solutions should continue generating stable profit on: 1) a widening US sales portion; 2) AMPC benefits thanks to capacity expansion in the US; and 3) dow
The author is an analyst of NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com -- Ed.View concerns towards MLCC as being overblownDespite a global demand slowdown for IT devices, SEMCO booked consensus-beating 1Q23 results. With parts inventory adjustments having wrapped up, global
The author is an analyst of NH Investment & Securities. He can be reached at soohong.cho@nhqv.com -- Ed.Despite macro concerns, we expect Kia to continue delivering tangible earnings growth thanks to solid backorders, tight inventory, and improved product and brand competitiveness. Favorable factors
The author is an analyst of NH Investment & Securities. He can be reached at soohong.cho@nhqv.com -- Ed.Although Hyundai Mobis’s margins recovery is unfolding slowly, it is worth noting that 2023 marks the first year in which HMG’s volume growth is progressing meaningfully since the Covid-19 crisis.
The author is an analyst of NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.The impacts of China’s economic reopening are unfolding slower than expected. But, with the direction of a gradual strengthening in demand remaining intact, we foresee a modest earnings recovery for L
The author is an analyst of NH Investment & Securities. He can be reached at esshim@nhqv.com -- Ed.As a company specializing in microneedle RF skin care medical devices, ViOL should enjoy robust earnings growth going forward on: 1) increasing sales of high-margin consumables amid rising demand for c