The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Slightly lower target price to KRW350,000 on WACC increase We slightly lower our TP (KRW380,000→KRW350,000) on Hanmi Pharm. While we revise up our earnings estimates to reflect 3Q22 results, we raise RFR to 3.
yundai Motor Group and KT have strengthened their alliance by exchanging 750 billion won worth of shares with each other. The move is intended to strengthen cooperation in the field of future mobility, such as 6G mobile communication autonomous driving technology and an advanced air mobility (AAM) c
Hyundai Motor Group has reformulated its strategy for the Chinese market. It is planning to produce electric vehicles (EVs) in China and introduce high-end models and brands such as the Genesis in the Chinese market to expand its presence.In China, Hyundai Motor Group has been caught between high-en
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Recommend BUY, target price of KRW380,000 We recommend BUY and TP of KRW380,000 on Hanmi Pharm. We highlight the 2Q22 earnings surprise, steady 2H22 growth forecasts for Korea/China, the release schedule of cl
The Korea International Trade Association announced on July 25 that South Korea’s exports to the United States are showing a solid growth, unlike its exports to China.According to the association, the former was approximately US$68.7 billion in 2017, up 3.2 percent year on year. The year-on-year inc
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Hanmi Pharm posted consolidated 2Q22 sales of W316.5bn and OP of W29.6bn, with OP coming in slightly below our estimate. Beijing Hanmi led consolidated OP growth, booking OP of W17.1bn. The strength
The Huawei ICT Competition 2021-2022 Global Final in Shenzhen drew to a close on June 25. This year marks the sixth Huawei ICT Competition, which included three competitions – Practice, Innovation and Industry – attracted 150,000 students from more than 2,000 universities in 85 countries and regions
British Ambassador to South Korea Colin Crooks revealed candid details of his life in North Korea while addressing students and parents at Dulwich College Seoul (DCSL) on June 9.Amb. Crooks spoke at the latest Dulwich Talk, a TED-style talk series, as he visited the pre-K-12 international school’s c
Reuters reported that the United States and Taiwan would launch a bilateral initiative on economic and trade cooperation and the first meeting of the initiative would take place in the United States late this month.The United States launched the Indo-Pacific Economic Framework (IPEF) on May 23. The
SK E&S announced on May 26 that it has signed a strategic cooperation agreement with Beijing Gas Group, the largest single city gas supplier in China's city gas industry. A signing ceremony was held at the World Gas Congress (WGC 2022) site in Daegu on tMay 25 with the attendance of SK E&S CEO Y
Korean Air faces difficulties in getting approval from the U.S. competition authorities for its acquisition of Asiana Airlines.“The U.S. Justice Department strongly believes that a marriage between Korean Air and Asiana Airlines will impose restrictions on fair competition, so the merger will face d
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. HDS’s department store earnings improved significantly in 1Q22, offsetting its disappointing DFS results. In 2Q22, its department store earnings should continue to strengthen, spearheaded by the fashi
South Korean enterprises are in pursuit of a number of M&A deals with global supply chain uncertainties increasing. However, an increasing number of governments are becoming increasingly nationalistic and hostile to such deals between foreign enterprises.According to the Korea Fair Trade Commission,
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Forecasting 2022 OP of W100.3bn (+44% y-y) and OPM of 27%, we raise our TP to W100,000. Despite heightened uncertainty over the lockdowns in China, Dentium is maintaining steady operations by targeti
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. F&F registered an earnings surprise for 1Q22. Domestic performance outperformed market expectations, and MLB China posted sales similar to the recent peak season (4Q21) number. Company-wide OPM rea
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Hanmi Pharm posted consolidated 1Q22 sales of W321.1bn and OP of W38.7bn, in line with our estimates, thanks to Beijing Hanmi and business normalization amid the easing of the Covid-19 pandemic. Glob
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. We lower our TP on Innocean by 6% to W75,000 on adjustments to our earnings estimates to reflect the impact of increased business expansion-related initial costs and SG&A expenses. Innocean’s 1Q22
South Korean President-elect Yoon Suk-yeol and U.S. President Joe Biden had their first phone conversation on March 10, at the latter's request five hours after the election result came out. Biden was the only head of state who had a phone conversation with Yoon on the election result day.This i
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Maintain HOLD; TP cut 5% to KRW1,000,000 We maintain HOLD on LG H&H, while cutting TP by 5% to KRW1,000,000 (2022E/2023E EPS revised down by 5%/3%). Our revised TP is based on 12m fwd P/E of 18x. We recomme
Pulmuone announced on April 3 that the company’s Chinese subsidiary has completed the construction of its second plant in Beijing.The state-of-the-art packed tofu production lines, located on the site of the company's existing plant in the Pinggu District in Beijing, will quadruple its annual to