Before annual shareholder meetings early this year, securities companies expected more electronic voting in relation to the spread of COVID-19. However, it turned out that shareholders’ participation in electronic voting halved compared to last year.In the first quarter of this year, only 0.68 perce
POSCO will launch an integrated logistics affiliate, tentatively named POSCO Global Smart Platform (POSCO GSP) by the end of 2020, the steelmaker announced on May 20.The affiliate will integrate contracts and manage the operation of transport volume in POSCO and its group companies. It also plans to
POSCO has decided to make the first cut in production in 12 years since 2008. Even major steelmakers at home and abroad, such as ArcellorMittal and Hyundai Steel, pruned production volume, but POSCO did not. A decline in demand, however, due to the economic recession finally coerced the steelmaker t
Korea Exchange announced on May 7 that Hyundai Motors’ market cap ranking has fallen from third (26.6 trillion won) to ninth (19.7 trillion won) since Nov. 13 last year. This is atypical in that the company was third-largest in market cap in most cases from the early 2010s to mid-2019. Its stock pri
An increasing number of listed companies are conducting stock buyback in order to prop up their stock prices and regain investors’ trust after the outbreak of COVID-19.NH Investment & Securities announced on May 5 that a total of 561 public notices were made on stock buyback for the first four month
South Korea's Fair Trade Commission (FTC) has announced a new list of 64 large business groups subject to strict regulations.The commission designates conglomerates with assets exceeding five trillion won as large business groups every May in order to regulate their mutual equity investments and
POSCO has won the World Championship of the 14th steelChallenge which took place on April 21.steelChallenge is a simulated steelmaking competition organized by the World Steel Association (worldsteel). As of this year, POSCO has won the competition for two years in a row, taking the World Champion t
The author is an analyst of Shinhan Investment Corp. He can be reached at yjjung86@shinhan.com. -- Ed. Initiate coverage with BUY and target price of KRW60,000We initiate coverage of POSCO Chemical at BUY for a target price of KRW60,000. Our target price is based on the 12-month forward EPS estimate
The author is an analyst of NH Investment & Securities. He can be reached at will.byun@nhqv.com. -- Ed. POSCO’s 1Q20 OP exceeded consensus. We expect the impact of Covid-19 to be greatest in 2Q20, with demand to recover on the normalization of downstream industries from 2H20. The acquisition of trea
The author is an analyst of NH Investment & Securities. He can be reached at dongyang.kim@nhqv.com -- Ed. POSCO International posted consensus-satisfying earnings for 1Q20. But, concerns towards its earnings from 2Q20 are emerging on likely: 1) earnings decrease at the trading division amid the Covi
The author is an analyst of NH Investment & Securities. He can be reached at will.byun@nhqv.com. -- Ed. POSCO Chem’s 1Q20 earnings fell short of consensus. Going forward, the company’s investment attractiveness should increase amid a recovery in investor sentiment (which has been hurt by the Covid-1
S&P and Moody’s have become more pessimistic about the credit ratings of no less than 45 South Korean companies for the past three months that followed the outbreak of COVID-19. For reference, the number stood at 29 even after Lehman Brothers went under in 2008.According to investment banking source
Samsung Electronics and SK Group have thrown their hats into the ring for the acquisition of Doosan Solus.Samsung Electronics has recently received a teaser letter containing information on the sale of Doosan Solulus. SK Group and the POSCO Group are also moving to take over the Doosan Group affilia
The author is an analyst of NH Investment & Securities, He can be reached at will.byun@nhqv.com. -- Ed. Prior to the spread of Covid-19, reliance on the traditional P/B valuation indicator was widespread. Although steel sector share prices should recover once the virus fades, the extent of rebound i
The Financial Supervisory Service and Korea Exchange announced on April 6 that the top 20 South Korean companies in terms of dividend payment are scheduled to pay foreigners a total dividend of US$4.37 billion this month.In the case of Samsung Electronics, which pays quarterly dividends, the upcomin
The author is an analyst of NH Investment & Securities, He can be reached at will.byun@nhqv.com. -- Ed. We downwardly adjust our earnings forecasts for POSCO Chem in light of falling coal tar sales and the sluggish performance of PMC Tech. While the firm’s share price has declined on Covid-19-driven
Until March, Korean companies were concerned about production disruptions due to the spread of the novel coronavirus in China. As the virus has spread around the world, they are now faced with disruptions in global demand and supply. The global value chain has been paralyzed, impacting on major Kore
The aggregate market capitalization of the 100 listed companies of the top 10 business groups in Korea fell by 173 trillion won during the three months since the end of last year.The market value of these companies stood at 873.31 trillion won based on their closing stock prices on Dec. 30, 2019. Bu
The new coronavirus outbreak is now taking its toll on Korean steel manufacturers. Overseas factories of Korean companies such as POSCO and Hyundai Steel have suspended their operations. Amid a deepening recession in downstream industries such as shipbuilding and automobiles, their shutdowns are sta
Financial data provider FnGuide said that the total cash dividend of 100 listed subsidiaries of the top 10 business groups as of March 24 is 19,425.5 billion won. For reference, the amount hit an all-time high of 20,628.9 billion won in 2018 with the stewardship code introduced and the business grou