The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. Maintain BUY, raise target price to KRW75,000 We maintain BUY on SKT but raise our TP (derived using payout discount model) to KRW75,000 from KRW70,000 to reflect the spin-off. Our investment points incl
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed 4Q21P OP of KRW413.0bn (+58.7% YoY) exceeds market consensus — KOGAS reported 4Q21P consolidated revenue of KRW9.6tn (+78.3% YoY, +78.6% QoQ), OP of KRW413.0bn (+58.7% YoY, +5,191.6% QoQ) and NP (attributab
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Revise down TP by 10.7% to KRW25,000 We maintain BUY but lower our 12m TP by 10.7% from KRW28,000 to KRW25,000 for LG Display as we have revised down 2022E/2023E NP (attributable to controlling interests) by 11
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY, target price of KRW170,000; exit from solar panel business We maintain BUY and our TP of KRW170,000 on LG Electronics, as the company should benefit from its streamlined business structure followi
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. HK inno.N’s OP fell 50% y-y in 4Q21 on high-base burden. But, earnings at its cosmetics division are set to improve in earnest going forward on client portfolio diversification, domestic cosmetics bus
The author is an analyst of NH Investment & Securities. He can be reached at esshim@nhqv.com. -- Ed. H.PIO specializes in health functional food manufacturing and brand marketing. The firm is expanding the business scope for its premium brand, Denps, including adding vitamin offerings to the product
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Maintain BUY but lower target price to KRW230,000 We lower our TP for Celltrion from KRW280,000 to KRW230,000, as we revise down 2022E/2023E OP by 10.9%/9.7% to reflect changes to WACC (8.08%→8.11%), risk-free
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY, lower target price 7.6% to KRW120,000 We maintain BUY on Pearl Abyss but lower our TP by 7.6% to KRW120,000. Our DCF-based TP (7.81% WACC; 2.0% TGR) implies 33.3x 2022E P/E. We revise down 2022E OP b
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Revise down TP to KRW320,000 but maintain BUY We lower our 12m TP to KRW320,000 but maintain BUY for Hansol Chemical. We have revised down 2022E/2023E NP (to attributable to controlling interests) by 9%/15%, in
EOFlow Co., a wearable healthcare company, announced its provisional financial statements for the full year of 2021 on Feb. 14, 2022, after the close of the financial markets.EOFlow announced its provisional consolidated financial statements: full year 2021 revenue of 693.3 million won, an increase
The author is an analyst of NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com. -- Ed. We upwardly adjust our sales forecasts for EcoPro BM in light of an earlier-than expected start of operations at CAM6 in response to both accident (factory fire) effects and increased demand from
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. Pan Ocean logged strong 4Q21 results thanks to the securing of high-fare contracts in 3Q21. Concerns over profitability decline due to freight rate decrease in 1Q22 look to have been reflected in adv
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Maintain BUY, target price of KRW153,000 We maintain BUY on Kiwoom Securities and our TP of KRW153,000 given the following: (1) 4Q21 results confirmed that the company is positioned to maintain stable earnings
The author is an analyst of NH Investment & Securities. He can be reached at dongyang.kim@nhqv.com. -- Ed. With the equity swaps of major shareholders (the last step in the LG-LX separation) essentially wrapped up, overhang concerns related to LG Corp have faded. We expect LG Corp’s business portfol
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. Emart’s drive to increase its competitiveness in the online shopping arena is to intensify from this year. A share price rebound is anticipated, backed by online performance improvement and SSG.COM’s
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. Nongshim’s OP grew 21% y-y in 4Q21, satisfying consensus. Warranting favorable attention is the firm’s expanding shares of both the domestic ramen/snack market and the overseas ramen market. Domestic
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. Dongwon F&B’s 4Q21 OP shows a 20% y-y drop. Brisk earnings growth at subsidiary Dongwon Home Food stands out, but margins at the general food division were under pressure due to increased costs. Howev
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY but lower TP by 5.5% to KRW120,000 We maintain BUY on Studio Dragon but lower our TP by 5.5% to KRW120,000. Our TP was derived using the DCF model (7.74% COE; 7.74% WACC; 2.0% TGR) and represents 15.2
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY but lower target price to KRW195,000 We maintain BUY on CJ ENM but lower our TP by 18.8% to KRW195,000. Our TP was derived using the DCF model (9.96% WACC; 1.0% TGR) and represents 22.0x implied P/E.
The author is an analyst of KB Securities. She can be reached at leesunhwa@kbfg.com. -- Ed. Lower TP by 5.0% to KRW95,000; Maintain BUY We lower our TP by 5.0% from KRW100,000 to KRW95,000 and maintain BUY for KT&G. We have revised down 2022E/2023E OP by 15.6%/12.7% as we reflect a decrease in real