The author is an analyst for Shinhan Securities. He can be reached at chee@shinhan.com -- Ed.Reasons behind decoupling between USD/KRW rate and US Dollar IndexThe USD/KRW exchange rate has moved higher recently to approach KRW1,350 after remaining range bound in the KRW1,300 levels since March. This
The Korean government will launch a major support program to support the Korean shipbuilding industry. It will provide 180 billion won (US$135 million) in support for the development of core technologies for future ships in 2023 alone and will also expand refund guarantees (RGs) to help Korean shipb
The author is an analyst for Shinhan Securities. He can be reached at jk.ahn@shinhan.com -- Ed.BOK to maintain tightening stance despite weak economic growth, but also less likely to push ahead on further rate increasesAfter advancing 0.3% QoQ in 1Q23, the Korean economy now needs to expand 1.0% QoQ
The Korean government has ambitiously promoted a project to put Korea into the Morgan Stanley Capital International (MSCI) Developed Markets Indexes for the purpose of resolving the so-called Korea Discount. But the project will hardly produce desired results this year.According to sources in the Ko
Ahead of the start of a mandatory environmental, social, and governance (ESG) disclosure system in Korea, the Korean business community has called for a slowdown in the pace of the introduction of the system. They argue that if the mandatory ESG disclosure system scheduled for 2025 is pushed forward
The author is an analyst for NH Investment & Securities. She can be reached at yd.yoon@nhqv.com -- Ed.Thanks to a stock market rebound, Kiwoom posted a 1Q23 earnings surprise, with OP exceeding pre-Covid-19 levels. Noting that financial product issues are less serious than real estate PF risk, we ma
S-OIL said that the company appointed Anwar A. Al-Hejazi, former president of Aramco Asia as its new CEO in an extraordinary general meeting of shareholders and the board of directors on May 9.“Al-Hejazi is an expert in the energy industry, having served as an executive at Aramco, an oil company run
Shinhan Bank announced on May 8 that it has signed a strategic business agreement on promoting digital finance with Khan Bank, the largest bank in Mongolia.Founded in 1991, Khan Bank runs more than 540 branches in all regions of Mongolia. The lender is the largest commercial bank in the country, ser
The author is an analyst for NH Investment & Securities. He can be reached at sw.kang@nhqv.com -- Ed.Unlike February, bank credit contraction is now partially replacing the role of the Fed. Despite an upside surprise in non-farm payrolls, a reacceleration in Fed tightening appears unlikely. Given th
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
Individual investors poured tens of billions of won into exchange traded funds (ETFs) on Korean semiconductor companies that are expected to hit lows and rebound in the second quarter while selling off U.S. semiconductor ETFs to realize profits.According to fund evaluator FnGuide on May 7, individua
The author is an analyst for NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com -- Ed.Formalizes entry into rechargeable battery materials marketVia a recent company briefing, Innox AMC has formalized its entry into the lithium hydroxide (LiOH) market. Related key points include: 1)
Hana Financial Group announced on May 2 that it will officially sponsor and operate an exhibition pavilion at the 56th Annual Meeting of the Asian Development Bank (ADB) in Songdo, Incheon, to strengthen cooperation among global financial institutions.Through the ADB meeting, Hana Financial Group pl
Korean Minister of Economy and Finance Chu Kyung-ho held a bilateral meeting with Japanese Finance Minister Shunichi Suzuki following a meeting of finance ministers and central bank governors from Korea, China, and Japan. This was the first bilateral meeting between the finance ministers of Korea an
Shinhan Bank announced on May 1 that it will participate in the 56th Annual Meeting of the Asian Development Bank (ADB) in Songdo, Incheon in various ways as a sponsor bank.The ADB Annual Meeting is ADB’s largest event, where member country governors decide on the administrative, financial, and oper
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com -- Ed.Capital strength, a long re-pricing cycle, and IFRS17 effects were all highlighted in KBFG’s 1Q23 results.Maintain as top pick despite cut to TPWe believe that three of KBFG’s key strengths were clearl
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com -- Ed.IBK’s 1Q23 NP (excluding minority interest) missed consensus on large-scale provisioning and a drop in NIM. While NIM should rebound from 2Q23, provisioning burden is to linger for now.Lower TP to W13,
The world has a plastic problem. This was the clear realization that drove Konrad Becker and his three co-founders in 2021 to establish Would You Love (WYL), a Seoul-based startup with a mission to make the world more sustainable. Motivated by reports that Korea was responsible for some of the world
Korea Trade Insurance Corporation (K-SURE) announced today (Nov. 26) that it signed a memorandum of understanding with the World Bank’s Multilateral Investment Guarantee Agency (MIGA) in Washington, D.C., for financial support cooperation.The agreement is part of the Korea-US High-Tech Industry Clea
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.