The authors are analysts of NH Investment & Securities. They can be reached at mj27@nhqv.com, jack.baek@nhqv.com and kyeongkeun.kang@nhqv.com, respectively. – Ed. 1. Demographic changes: Population is aging; workforce is shrinkingOngoing population aging is to lead to major changes in the ways in wh
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. Chinese memory maker YMTC has started selling SSDs, the first products it has sold since being established in 2016. However, the burden on NAND supply is likely to be limited as production volume rema
SK Telecom and Microsoft launched on Sept. 16 "SKT 5GX Cloud Game" powered by Xbox Game Pass Ultimate in Korea, making the country the first Asian market to offer Xbox’s cloud gaming service.‘SKT 5GX Cloud Game’ powered by Xbox Game Pass Ultimate, is a subscription service that allows users to play
The authors are analysts of Shinhan Investment Corp. They can be reached at doyeon@shinhan.com and sungjun.na@shinhan.com, respectively. -- Ed. Another big cycle for memory expected in 2021In the memory market, supply is forecast to tighten further at inflection points in process technology, such as
The author is an analyst of Shinhan Investment Corp. He can be reached at sejonghong@shinhan.com. -- Ed. Video service is one of the must-do business areas for any company seeking to join the fourth industrial revolution. With competition in digital markets stiffening amid the COVID-19 pandemic, we
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Recently won Qualcomm order to increase foundry revenue by USD5.0bn in 2021 We maintain BUY and our 12m TP of KRW80,000. SEC recently won a Qualcomm deal to manufacture a full batch of Snapdragon 875 chipsets w
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Target price held at KRW105,000; stock has underperformed KOSPI We maintain BUY and our TP of KRW105,000 for SK hynix. We remain positive because SK hynix stock seems to already reflect DRAM price drops and neg
The authors are analysts of Shinhan Investment Corp. They can be reached at doyeon@shinhan.com and sungjun.na@shinhan.com, respectively. -- Ed. LOT Vacuum produces dry vacuum pumps, used to remove byproducts created in the semiconductor manufacturing process. As a key equipment directly linked to pr
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. Affected by slowed demand, domestic chipmakers have revised their capacity addition plans for 2H20, a development which in turn should affect earnings at front-end semicon equipment makers. That said,
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. While memory prices, particularly for server DRAM, are likely to slide in 2H20, memory market conditions should improve in 1Q21, a prediction which is backed up by the recent rebound in DRAM spot pric
The authors are analysts of NH Investment & Securities. They can be reached at kyuha.lee@nhqv.com, hwdoh@nhqv.com and j.ko@nhqv.com, respectively. – Ed. Entering 2H20, memory market supply/demand conditions have been weakening, with the slowdown being led by decreased server DRAM demand, including d
The authors are analysts of NH Investment & Securities. They can be reached at kyuha.lee@nhqv.com, hwdoh@nhqv.com and j.ko@nhqv.com, respectively. – Ed. Handset/IT Parts: PositiveFacing tougher US sanctions, Huawei will be hard-pressed to procure smartphone parts—starting to appear are worst case sc
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. The listing of Kakao Games and a recent hike in Netmarble’s share price are to highlight NCSOFT’s valuation merit. Expectations are rising towards the approaching launch of B&S2 in Dec 2020. NCSO
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Raise target price to KRW80,000 We raise our TP for SEC by 6.7% to KRW80,000 (12m fwd BVPS x 1.89x target P/B) to reflect an increase in ROE (9.3%→9.6%) stemming from upward revisions to 2020E/2021E NP (attribu
Hyundai Motor Co. launched "Hydrogen to You (H2U)" campaign on Sept. 10 to raise awareness of its leadership in hydrogen fuel cell technology and its vital role in the emerging ecosystem of sustainable mobility, infrastructures and lifestyles.H2U shines a spotlight on NEXO, Hyundai’s flagship hydrog
Samsung Electronics and SK Hynix have recently sent official letters to the U.S. Department of Commerce so that they can continue to sell their memory chips to Huawei even after the U.S. government’s new restrictions on the Chinese tech company.The restrictions are scheduled to take effect on Sept.
The authors are analysts of Shinhan Investment Corp. They can be reached at doyeon@shinhan.com and sungjun.na@shinhan.com, respectively. -- Ed. 3Q20 OP forecast revised up to KRW9.73tr (+19.4% QoQ)We now expect Samsung Electronics to post operating profit of KRW9.73tr (+19.4% QoQ) on sales of KRW63.
Samsung Electronics and SK Hynix will stop supplying semiconductors to Huawei starting Sept. 15 in compliance with U.S. sanctions against the Chinese tech giant. As Huawei is a major customer of the two Korean chipmakers, the chip supply suspension is expected to kindle far-reaching repercussions.Th
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain target price of KRW105,000; SK hynix stock leads industry conditions by six months Over the past decade, SK hynix stock (based on 12m P/B-ROE) staged full-fledged rallies six months before upturns in D
The authors are analysts of Shinhan Investment Corp. They can be reached at johnsoh@shinhan.com and chank@shinhan.com, respectively. -- Ed. Earnings surprise in store for 3Q20SK Materials is expected to deliver an earnings surprise for 3Q20. Operating profit should come in at KRW66.1bn (+16.9% QoQ,