The stock price of Samsung Electronics fell on July 7 despite the company’s announcement of an earnings surprise. Stock market analysts say Samsung Electronics’ stock price has been stagnant for the past six months, which is an excessively long period, but the stagnation may continue as uncertaintie
The authors are analysts of Shinhan Investment Corp. They can be reached at johnsoh@shinhan.com and chank@shinhan.com, respectively. -- Ed. Earnings surprise expected for 2Q21LG Display is expected to deliver an earnings surprise for 2Q21, with operating profit to come in above the consensus estimat
The author is an analyst of NH Investment & Securities. He can be reached at hyundong.lee@nhqv.com. -- Ed. With the completion of its fifth plant, Worldex stands poised to: 1) log 2H21 earnings growth; and 2) benefit from the parts localization efforts of a domestic client. Through media reports, th
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. Thanks to strong memory semiconductor shipments, SEC booked expectations-beating earnings for 2Q21. We forecast that robust earnings trend at the semiconductor division will sustain into 3Q21. That sa
The author is an analyst of NH Investment & Securities. He can be reached at sw.kang@nhqv.com. -- Ed. Although US TBs should continue trading within the current range in July, yields should rise sharply in 4Q21 on accelerating improvement in August~September employment indicators. However, taking in
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY and target price of KRW240,000 We maintain BUY on LGE and our 12m TP of KRW240,000. Our outlook remains positive because we expect quarterly OP to jump to over KRW1tn on: (1) anticipated improvemen
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. Initiate coverage with BUY for a target price of KRW1,200,000We initiate our coverage of Hyosung TNC with BUY for a target price of KRW1,200,000, based on the 2021-2022F BPS average and a tar
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. We expect 2Q21 OP to grow 19% y-y. The cosmetics division’s earnings growth, both in China and DFS channels, is to outpace the overall market. Despite concerns, the household goods and beverage divisi
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY and target price of KRW280,000 We maintain BUY and our 12m TP of KRW280,000 on LG Innotek. While 1H is usually the off-peak season, we expect solid 1H21 results. Furthermore, earnings should improv
While Samsung Electronics is set to build a US$17 billion foundry plant in the United States, top executives of U.S. semiconductor companies gathered at Samsung’s Austin plant on June 28 (local time) to discuss rebuilding the U.S. semiconductor industry. Samsung said at the meeting it has not finali
The global LCD panel demand is forecast to peak soon and oversupply is forecast to recur in the second half of this year.The prices of LCD panels have continued to increase since the second half of last year. According to market research firm Omdia, the 55-inch UHD LCD panel price reached US$223 las
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY and target price of KRW105,000 We maintain BUY on SEC and our 12m TP of KRW105,000. We remain confident that Semiconductor and DP will fuel earnings growth in 2H21. In addition, we consider concern
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. Cement in short supply owing to peak season demand and investment in alternative fuel-based facilitiesOver the past decade, clinker output has failed to surpass 50mn tons pa, with the kiln utiliz
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. SEC’s 2Q21 OP is expected to improve to W11.4tn (+21% q-q) on the back of higher semiconductor prices and one-off gains at the display division. In 2Q21, DRAM ASP is estimated to have risen 13% q-q. F
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Concerns over 2Q21 earnings missing market consensus— On Jun 23, Amorepacific stock lost 5.5%, underperforming the KOSPI by 5.83pp. We attribute the poor performance to growing concern over 2Q21 results mis
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Raise target price 12% to KRW37,000; OLED division to turn profitable for first time in eight years We maintain BUY on LGD and raise our TP by 12.1% to KRW37,000 (0.99x 12m fwd P/B). We believe the OLED divisio
The author is an analyst of Shinhan Investment Corp. He can be reached at doyeon@shinhan.com. -- Ed. Earnings to remain strong amid 8-inch foundry boomAccording to foreign media reports, 8-inch foundry prices are forecast to increase beyond previous expectations in 3Q. Clients are preemptively stock
Rising international oil prices are adversely affecting South Korean industries, including oil refining and petrochemical as well as aviation and marine transport.This year, the prices of WTI, Brent and Dubai crude peaked on June 16. Specifically, the WTI price reached US$72.15 per barrel (highest s
LG Energy Solution is stepping up its efforts to accelerate its penetration of the U.S. market. This is because it successfully has supplied batteries for Energy Storage Systems (ESSs) to the market, following batteries for electric vehicles.LG Energy Solution announced on June 17that it recently su
The Bank of Korea announced on June 16 that the U.S. demand for South Korean products led South Korea’s export recovery in the second half of last year and China’s contribution substantially increased in the first quarter of this year.“The contribution of the United States as a final export destinat