The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. 2Q22 review: OP at KRW248.4bn (-7.5% YoY)— LG Uplus posted 2Q22 consolidated OP of KRW248.4bn (standalone at KRW244.5bn), in line with the market consensus of KRW256.5bn (FnGuide, last three months). OP
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY, raise target price 10% to KRW165,000 We maintain BUY on OCI and raise our TP by 10% to KRW165,000 on OCI. We revise up 2022E-23E NP (attributable to controlling interests) by 18.7%/8.0% to reflect
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY, target price of KRW580,000 We maintain BUY and TP of KRW580,000 for LGES. Despite continual capacity expansion, 1H22 battery shipment volume seems to have declined more than expected because of Chi
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY; Raise target price to KRW150,000 We maintain BUY and raise our TP by 11.9% to KRW150,000 for S-Oil. We have revised up 2022E/2023E NP (to control. int.) by 50.1%/33.6% in light of adjustments to 20
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 1Q22 earnings beat market consensus — Kumho Petrochemical reported 1Q22 revenue of KRW2.2tn (+18.6% YoY, +1.2% QoQ) and OP of KRW449.1bn (-26.7% YoY, +8.1% QoQ), which beat the market consensus of KRW408.2bn (Ap
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 1Q22 earnings beat consensus by wide margin— SK innovation posted 1Q22 revenue of KRW16.26tn (+76.0% YoY, +18.5% QoQ) and OP of KRW1.65tn (+228.2% YoY, TTB QoQ), beating consensus (KRW1.00tn OP, Mar 21, FnGuide)
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 1Q22 results beat consensus— Hanwha Solutions posted 1Q22 revenue of KRW2.97tn (+23.5% YoY, +0.2% QoQ) and OP of KRW157.9bn (-38.0% YoY, +87.4% QoQ), beating consensus (KRW123.8bn OP; FnGuide, Apr 26).— Despite
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY but cut target price to KRW760,000 We maintain BUY on LG Chem but cut our TP by 18.9% to KRW760,000. We lower 2022E OP by 12.6%, reflecting weaker Petrochemicals earnings due to rising production co
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 1Q22 review: Record-high earnings above market expectations — S-Oil recorded 1Q22 revenue/OP of KRW9.29tn (+73.8% YoY, +12.0% QoQ)/KRW1.33tn (+111.7% YoY, +240.4% QoQ), with record-high OP beating the market con
South Korean chemical companies’ business performances are likely to deteriorate this year due to the war in Ukraine.According to FnGuide, Lotte Chemical’s operating profit for the first quarter of this year is estimated at 116.3 billion won, down 81 percent from a year ago. In addition, LG Chem’s i
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. Maintain BUY, raise target price to KRW44,000 We maintain BUY on KT and raise our TP by 10% to KRW44,000. We derived our TP based on the dividend discount model. Our investment points include promising g
Samsung Electronics and SK Hynix are expected to post record-high sales in the first quarter of this year, despite various internal and external negative factors.On March 28, FnGuide, a financial information company, estimated Samsung Electronics’ sales and operating profit in the first quarter at 7
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY, target price of KRW134,000 We maintain BUY and our TP of KRW134,000 on S-Oil, as we foresee (1) structural improvements in refining margins backed by limited capacity expansion and (2) increasing d
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY but lower target price to KRW300,000 We revise down our TP to KRW300,000 on SK innovation to reflect a total KRW1.5tn reduction in EVs for SK on and SK ie technology (i.e., lower 2022 earnings forec
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY, target price of KRW245,000 Despite limited earnings momentum in 1Q22, we maintain BUY and TP of KRW245,000 on Kumho Petrochemical based on (1) high commodity rubber (e.g., BR, SBR) margins amid lim
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY but lower target price to KRW50,000 We lower our TP by 12.3% to KRW50,000 to reflect our reduced earnings forecast. We lower 2022E/2023E NP (attributable to controlling interests) by 17.1%/1.3% base
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Revise down TP to KRW245,000 We maintain BUY on Kumho Petrochemical, but lower our TP by 12.5% (to KRW245,000) to accommodate downward revisions to our earnings estimates. We have revised down 2022E/2023E NP (at
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. Earnings surprise in 4Q21 fueled by strong performance of KT Estate and other subsidiaries— KT posted 4Q21P consolidated revenue of KRW6.62tn (+6.7% YoY), OP of KRW369.4bn (+128.4% YoY) and NP (attributa
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY, lower target price 6.7% to KRW305,000 We maintain BUY on Lotte Chemical but lower our TP by 6.7% to KRW305,000. Our revised TP, which represents 2022E P/E of 8.6x, P/B of 0.69x, reflects:(1) an inc
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Revise down TP by 10.7% to KRW134,000 We maintain BUY for S-Oil but lower our TP 10.7%% to KRW134,000 to reflect downward revisions to our earnings forecast. We have revised down 2022E and 2023E NP attributable