The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com -- Ed.We lower our TP on KT&G to W110,000 to reflect adjustments to our earnings estimates. However, considering the chances of expanded shareholder return policy, we view KT&G as an attractive defensive play
The author is an analysts of NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.At Celltrion Healthcare, 1Q23 OP should arrive in line with consensus at W63.6bn. Significant sales growth was confirmed for all major items in US prescription data for March. Although one-off cost i
The author is an analyst of NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com -- Ed.Having secured a number of new contracts, EcoPro BM is on track to reach its 2027 cathode material capacity target of 710,000 tons ahead of schedule.2027 capacity target to be achieved earlyAdhering
The Korea Institute for Industrial Economics and Trade said in its report on March 27 that the global defense and arms procurement budgets are estimated to increase by US$2 trillion and US$600 billion from 2023 to 2032, respectively.“Another arms race is ongoing across the world after the outbreak o
Experts say that China will continue to curb steel production again this year as it did last year. Accordingly, attention is focusing on whether Korean steel makers’ price negotiation power will increase as the amount of low-priced Chinese steel products will be reduced.According to foreign media ou
Samsung Electronics is paying keen attention to the impact of phone-based payment service Apple Pay on the simple payment market following its launch in Korea. This is because the Apple iPhone’s share may grow in the Korean smartphone market as Apple Pay will compete with Samsung Pay, which has appe
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Shares trading at P/E of 7x, lowest since 2003We maintain BUY on Coway but cut our TP by 11% to KRW80,000. Despite steady earnings and a diverse business portfolio, the stock has been struggling due to the
The authors are analysts of Shinhan Securities. They can be reached at jhwon@shinhan.com and snowKH@shinhan.com, respectively. -- Ed.4Q22 review: Earnings in line with market consensusJeisys Medical posted consolidated operating profit of KRW9.1bn (+35.9% YoY, operating margin of 28.6%) on sales of
The author is an analyst of KB Securities. He can be reached at yonghyun.choi@kbfg.com. -- Ed.Maintain BUY and TP of KRW31,000 We maintain BUY and TP of KRW31,000 for Cheil Worldwide. Derived using the P/B-ROE model, our TP remains unchanged despite an 8.9% cut to 2023E OP on lower ad spending by cl
Hyundai Motor Co. is revving up its efforts to penetrate the Association of Southeast Asian Nations (ASEAN) market based on its Indonesian plant, which started operating last year.Hyundai Motor Manufacturing Indonesia (HMMI) rolled out 82,416 units in 2022, according to the Indonesian Automobile Man
The author is an analyst of KB Securities. He can be reached at yonghyun.choi@kbfg.com. -- Ed. Maintain BUY; lower target price to KRW31,000 We maintain BUY on Cheil Worldwide but lower our TP by 6% to KRW31,000 (14.7x 2023 implied P/E; derived via P/B-ROE model) to accommodate an 8% downward revisi
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. KT is attractive as a defensive play amid stock market uncertainties. After the year-end ex-dividend date, it is time for a share price rebound. We favorably view that KT’s B2B and non-telecom bu
Korean cosmetics companies have started localization work in Europe and North America, the home of cosmetics. So far, Korean cosmetics companies have sought to penetrate the Asian cosmetics market. But now, they are beginning to target the global cosmetics market. Analysts say Korean cosmetics compa
Samsung Electronics and Xiaomi are competing fiercely for a bigger pie in the huge Indian market. The two companies rank first and second in the smartphone and smart TV markets, with a narrow gap in market shares.India has a population of 1.4 billion, but the smartphone penetration rate is only 60 p
The authors are analysts of Shinhan Securities. They can be reached at sanghoonpure.cho@shinhan.com and yk.cho@shinhan.com, respectively. -- Ed. Investor focus: Zero sugar products, beer recovery & interest burdenInvestor focus at Lotte Chilsung Beverage's NDR centered on four topics: sales of z
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. This year, telecom stocks have fared relatively well within a challenging stock market. While they have lost momentum as high-dividend plays amid interest rate hikes in 2H22, we maintain a Positi
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. In 2023, we expect to see notable differentiations in terms of growth potential and valuations among domestic apparel/textile players. In 2022, the domestic textile/apparel sector has been resettin
The author is an analyst of NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com. -- Ed. In 2023, global xEV sales are to expand 40% y-y to 14.98mn units. Considering subsidies, economic conditions, and penetration rate, the US market is to drive global xEV market growth. New orders a
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. SK Biopharm posted consolidated 3Q22 sales of W88.8bn and an operating loss of W9.2bn, beating consensus. The firm’s operating loss narrowed on the booking of W19.6bn in licensing out fees for Cenoba
The author is an analyst of NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com. -- Ed. Moving ahead, LGES’s competitive edge in the fastest-growing market region (NA) thanks to preemptive capacity expansion is to stand out.NA market: Clear-cut growth engineMaintaining a Buy rating,