The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Daewoong reported non-consolidated 1Q22 sales of W272.2bn and OP of W26.8bn, in line with consensus. We raise our TP on the back of higher-than-expected earnings at the Nabota division and an expandi
The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. 1Q22 earnings hit by slump in domestic revenue, deferred revenue— Hyundai E&C reported 1Q22 preliminary consolidated revenue of KRW4.15tn (-0.1% YoY, -20.0% QoQ), OP of KRW171.5bn (-14.6% YoY, -10.4% QoQ)
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Despite slow seasonality, exports of dental implants reached a record high in 1Q22. The chance of a slowdown in China due to Covid-19 is a risk. While sales of toxins and aesthetic devices are solid
Market research firm Omdia said on April 11 that OLED TVs accounted for 38.9 percent of LG Electronics’ total TV sales in the fourth quarter of 2021. This was an all-time high and nearly double the 20.4 percent in the fourth quarter of 2019.Strong OLED TV sales boosted LG Electronics' share of t
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY and TP of KRW170,000 We maintain BUY and 12m TP of KRW170,000 for LGE. Our outlook on LGE remains unchanged as 1Q22P earnings came in line with the market consensus thanks to solid H&A (consumer el
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Maintain BUY, target price of KRW60,000 We maintain BUY and TP of KRW60,000 on KakaoBank to reflect the following:(1) Despite moderate loan growth in 1Q22, potential easing of household loan regulations may rai
The Korea Exchange and the Korea Listed Companies Association announced on April 4 that the 2021 net profit of 595 non-financial KOSPI-listed companies with a December fiscal year-end is 156.5693 trillion won, up 160.56 percent from a year ago.Their sales increased 19.82 percent to 2,299.1181 trilli
The Federation of Korean Industries said on March 31 that China and Taiwan are outdoing South Korea and Japan in terms of export competitiveness.According to the federation, South Korea’s exports increased 16.1 percent to US$644.4 billion from 2011 to 2021, when those of Taiwan and China jumped 99.1
The author is an analyst of NH Investment & Securities. He can be reached at dongyang.kim@nhqv.com. -- Ed. LXI’s 1Q22 earnings are predicted to top consensus. Moving ahead, earnings momentum should sustain, thanks to its solid logistics and E&P businesses. Upcoming positives include new business exp
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. DB Insurance reported healthy 4Q21 results alongside expectations-meeting dividends. We expect the firm’s comparative advantage in terms of earnings and dividends to continue in 2022.In 2022, compara
Despite a contraction of the global TV market in 2021, Samsung Electronics and LG Electronics firmly maintained their first and second place thanks to strong premium TV sales. The two TV makers’ combined market share reached 48 percent.Samsung Electronics posted a 29.5 percent market share in terms
LG Electronics’ ultra-light large-screen laptop LG Gram is gaining popularity in the U.S. market. In a laptop performance evaluation by a U.S. consumer organization, it achieved more points than Apple’s MacBook.According to U.S. Consumer Reports on Feb. 16, the 2021 LG Gram 16 received 91 points in
The authors are analysts of Shinhan Investment Corp. They can be reached at chank@shinhan.com and hyungwou@shinhan.com, respectively. -- Ed. 4Q21 preview: Sales up 14% YoY to KRW49.5bnDuk San Neolux is expected to have posted 4Q21 operating profit of KRW13.8bn (-3.7% YoY) on sales of KRW49.5bn (+14.
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. SkyLife is securing stable earnings by making up for low combined products competitiveness of its satellite broadcasting and CATV through MVNO (Mobile Virtual Network Operator) and high-speed Int
The author is an analyst of NH Investment & Securities. He can be reached at dongyang.kim@nhqv.com. -- Ed. Backed by an accelerating digital transformation, the mid/long-term growth potential of Samsung SDS’s strategic IT service business continues to stand out. Moving ahead, we anticipate business
The author is an analyst of KB Securities. He can be reached at seongjin.kang@kbfg.com. -- Ed. Lower-than-expected OP attributable to warranty cost; focus on substantial dividend growth— 4Q21 OP fell short of the market consensus and our estimate because of warranty cost. We note that warranty cost
The author is an analyst of Shinhan Investment Corp. He can be reached at mingu.jeong@shinhan.com. -- Ed. Maintain BUY for a revised down target price of KRW60,300We retain our BUY rating on Value Added Technology, but lower our target price to KRW60,300. Our EPS forecast for 2020 has been raised fr
The author is an analyst of KB Securities. She can be reached at leesunhwa@kbfg.com. -- Ed. Maintain BUY; Lower target price by 11.3% from KRW620,000 to KRW550,000 We maintain BUY but lower our TP by 11.3% from KRW620,000 to KRW550,000 for CJ CheilJedang (CJCJ). We revise down 2021E-23E OP CAGR from
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Maintain BUY and TP of KRW11,200 We maintain BUY on Mirae Asset Securities and our TP of KRW11,200, given the following:(1) Earlier investments are bearing fruit (i.e., IPOs of invested companies, disposals of
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Maintain BUY; Lower TP by 7.8% to KRW95,000 We maintain BUY on Samsung Life, but lower our TP by 7.8% to KRW95,000. Our BUY recommendation is premised on the following:(1) Although the upside momentum of long-t