Hyosung TNC, Hyosung Advanced Materials, and Hyosung Chemical are flying high in the materials sector. The three Hyosung Group affiliates showed record-high performances in 2021, and are expected to continue to make strong profits in 2022. Analysts say that the group's preemptive investment stra
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Cut target price to KRW280,000 We cut our TP by 17.7% to KRW280,000 to reflect downward revisions to 2022E/2023E NP attributable to controlling interests of 6.0%/6.8% due to declines in NB-latex and BPA prices a
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Cut target price to KRW327,000 We maintain BUY on Lotte Chemical but cut our TP by 13.9% to KRW327,000 to reflect downward revisions to 2022E/2023E NP (attributable to controlling interests) by 9.2%/4.3% given d
Daewoong Pharmaceutical's operating profit in 2021 is estimated to have soared five times from the previous year. The profit growth was driven by increased exports of Nabota and a licensing-out deal for a treatment for gastroesophageal reflux disease.Securities companies estimate Daewoong Pharma
Samsung Electronics is expected to surpass Intel to become the world’s No. 1 semiconductor company in terms of sales in 2021.The Korean semiconductor giant surpassed Intel for two years from 2017 thanks to a semiconductor super cycle. However, as demand for memories shrank, it gave Intel the No. 1 s
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. 3Q21 earnings in line with market consensus on brisk media/wireless telecom business— SK telecom reported preliminary 3Q21 consolidated revenue of KRW4.97tn (+5.0% YoY), OP of KRW400.0bn (+11.7% YoY) and
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. 3Q21 earnings beat market consensus on strong AI/DX business— KT reported 3Q21 preliminary earnings with consolidated revenue of KRW6.22tn (+3.6% YoY), OP of KRW382.4bn (+30.0% YoY) and NP (to control. i
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY, target price of KRW420,000 We maintain BUY and our TP of KRW420,000 for SK innovation. Earnings improved QoQ in 3Q21 on robust refining margins and higher lube base oil profitability. We believe th
Market research firm FnGuide said on Oct. 13 that a total of 36 South Korean manufacturers are estimated to post an operating profit of at least one trillion won each this year. For reference, the number was 20 last year.Samsung Electronics’ operating profit for this year is estimated at 52.64 trill
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Raise target price to KRW420,000 We maintain BUY on SK innovation and raise our TP by 5.0% to KRW420,000 to reflect upward revisions to 2021E/2022E NP (attributable to controlling interests) of 0.6%/12.6% based
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Raise TP to KRW150,000 We maintain BUY on S-Oil and lift our TP by 4.9% to KRW150,000. We have revised up 2021E-2022E NP (attributable to controlling interests) by 9.4% and 4.4%, respectively, to reflect higher
Financial data provider FnGuide announced on Sept. 22 that 62 listed companies paid 4,391.3 billion won in interim dividends in June this year.This year, the amount exceeded four trillion won for the first time. The previous high, 3,350.2 billion won, was recorded in 2019. The amount was 2,629.7 bil
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY; Lower target price to KRW57,000 We maintain BUY and lower our TP by 6.6% to KRW57,000 for Hanwha Solutions to reflect downward revisions to 2021E/2022E NP (attributable to controlling interests) of
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Cut target price to KRW380,000 We maintain BUY on Lotte Chemical but cut our TP by 15.6% to KRW380,000 to reflect our revised earnings forecast. 2022E NP (attributable to controlling interests) was lowered 10.9%
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Lower target price 6.6% to KRW340,000 We maintain BUY on Kumho Petrochemical but lower our TP by 6.6% to KRW340,000. We adjusted down 2022E NP (attributable to controlling interests) by 6.0% to reflect higher fe
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. 2Q21 earnings in line with consensus— SK telecom posted 2Q21 consolidated revenue of KRW4.82tn (+4.7% YoY), OP of KRW396.6bn (+10.8% YoY) and NP (attributable to controlling interests) of KRW765.8bn (+79
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. 2Q21 earnings in line with market consensus — LG Uplus (LGU) announced preliminary 2Q21 earnings with revenue at KRW3.35tn (+2.2% YoY), OP at KRW268.4bn (+12.0% YoY), and NP (attributable to controlling
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 2Q21P results meet market consensus— Kumho Petrochemical reported 2Q21 revenue of KRW2.20tn (+114.3% YoY, +18.6% QoQ) and OP of KRW753.7bn (+527% YoY, +23.0% QoQ). Earnings improved sharply YoY/QoQ and met the m
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 2Q21P results meet market consensus— Lotte Chemical reported 2Q21P revenue of KRW4.35tn (+62.3% YoY, +4.4% QoQ) and OP of KRW594.0bn (+1,705% YoY, -4.8% QoQ), which was in line with the market consensus of KRW62
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 2Q21 earnings in line with raised market consensus— SK innovation posted 2Q21 revenue of KRW11.12tn (+54.4% YoY, +20.3% QoQ) and OP of KRW506.5bn (+12.4% YoY, +2.45 QoQ), which met the raised market consensus (O