The author is an analyst for NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed.Delivered strong 4Q23 results on early start to peak season and rising demand for Southeast Asian routesWe maintain a Buy rating and TP of W17,000 on Jin Air. Korea’s leading LCC posted 4Q23 sales of
The won-dollar exchange rate has been on the rise, leading to an influx of foreign selling. The KOSPI index experienced volatility as foreign investors unloaded their holdings, causing it to fall below the 2440 level from the previous day.On the morning of Jan. 18, the KOSPI is indicating a modest r
The author is an analyst for NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com -- Ed.In contrast to market concerns, KT should report healthy 2023 OP, as various expenses that occur each 4Q likely eased. We anticipate solid earnings at major subsidiaries and expect a highlighting
Due to a slowdown in global demand for electric vehicles, leading to an “oversupply,” the prices of battery materials have significantly fallen. Companies in this sector are noticeably tense. According to Taiwan’s market research firm TrendForce on Jan. 14, in December last year, the prices of lithi
The author is an analyst for NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com -- Ed.Near-term earnings are likely to remain tepid at LGES due to ASP decline and fixed cost burden resulting from low operating rates. As such earnings weakness has been foreseen from 2023, however, it
The author is an analyst for NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com -- Ed.Although sales of NCSOFT’s TL have arrived sluggish, initial payment for the title should be reflected alongside its global release. Moving ahead, we expect NCSOFT to display a change in strategy
The author is an analyst for NH Investment & Securities. He can be reached at jaekwang.rhee@nhqv.com -- Ed.Buoyed by increased sales volume and prices, Korea Zinc’s 4Q23 earnings should display q-q improvement. Over the mid/long term, we expect the copper and nickel smelting businesses to lead the f
The big three Korean shipbuilders -- HD Korea Shipbuilding & Offshore Engineering, Samsung Heavy Industries, and Hanwha Ocean -- are expected to lower their annual order targets for 2024 compared to last year. According to a recent industry report, HD Hyundai’s shipbuilding intermediate holding comp
Starting from the second half of this year, South Korean companies will have the option to settle export and import payments in Korean won when engaging in trade transactions with certain countries from the Association of Southeast Asian Nations (ASEAN). This move is expected to allow businesses to
In the fourth quarter of last year, the annual performance of South Korea’s largest container shipping company HMM and bulk carrier operator Pan Ocean plummeted due to a slump in the shipping industry.According to financial information firm FnGuide on Jan. 8, the estimated performance consensus for
LG Electronics continued its strong performance in 2023, setting new records in sales for the third consecutive year and achieving significant growth. Notably, in the fourth quarter of 2023, its operating profit surged by an impressive 350.9% compared to the same period last year, demonstrating soli
The author is an analyst for NH Investment & Securities. He can be reached at soohong.cho@nhqv.com -- Ed.Sales growth to slow at HMG in 2024In 2024, an earnings growth slowdown is largely expected for HMG. The company has set a global wholesale target of 7.443mn units (+1.9% y-y) and domestic sales
The author is an analyst for NH Investment & Securities. He can be reached at youngryu@nhqv.com -- Ed.Helped by limited supply from memory IDMs and inventory stockpiling at customers, ASPs have begun to rise in earnest for SEC. In 2024, SEC should narrow its technological gap with other companies in
The author is an analyst for NH Investment & Securities. He can be reached at youngryu@nhqv.com -- Ed.SK Hynix is expected to post stable results, aided by earnings for high-performance memory products such as DDR5 and HBM, thanks to its superior technological competitiveness. Demand for high-perfor
More than four out of 10 listed companies in Korea were unable to pay interest with money they made, according to a recent survey. High interest rates and stagflation worsened the business environment, raising red flags on their financial conditions.As of the third quarter of 2023, 710 of 1,674 list
The author is an analyst for Shinhan Securities. He can be reached at ldh@sinhan.com -- Ed.HD Hyundai Electric is expected to have earned sales of KRW844bn (+24% YoY) and operating profit of KRW100.9bn (+97% YoY) in 4Q23, beating consensus estimates by 6% and 14%, respectively. Operating margin like
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- ed.Samsung Biologics should post healthy 4Q23 earnings. We attribute the firm’s recent share price rise to an easing of valuation burden (based on 2025F EV/EBITDA) and the potential for antibody market
On Jan. 2, President Yoon Suk-yeol announced, “I will push for the abolition of the Financial Investment Income Tax.” This move is expected to spark controversy as it involves the cancellation of an agreement with the opposition party.On this day, President Yoon attended the “2024 Securities and Der
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.Gene cell therapy approaches are gradually gaining renewed attention in response to recent CRISPR and CAR-T news. GCT received keen attention in 2H20 as a viral vector and mRNA-based coronavirus vacc
Earnings at Samsung C&T have been leveling upwards on strong earnings at the construction division through captive clients and brisk growth at the bio division. Based on such, the firm has announced plans to: 1) expand investment to strengthen its business portfolio; and 2) retire all of its treasur