The author is an analyst of NH Securities and Investment. He can be reached at yk.choi@nhqv.com. -- Ed. Amid the arising of supply issues, oil refining/chemical industry trends this year have been differing by region. Northeast Asia has been experiencing oversupply due to both large-scale expansion
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY, target price of KRW75,000 We maintain BUY and 12m TP of KRW75,000 on SEC. Despite downward revisions to our earnings forecast, we maintain BUY given the following:(1) SEC is expected to demonstrat
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. We expect Cheil Worldwide to report record-high quarterly consolidated OP of W89.5bn for 3Q22, noting that the firm has secured an efficient cost structure and is showing even sales growth across a
Hanwha Solutions announced on Oct. 13 that it will start commercial production of TOPCon cells, which are more energy efficient than existing PERC cells, from April 2023 and begin mass-production of perovskite-based tandem cells from June 2026.According to the company, PERC cells, which currently ac
The Bank of Korea raised its benchmark rate by 0.5 percentage point on Oct. 12. Governor Lee Chang-yong remarked that the measure was taken because the current won-dollar exchange rate is emerging as the biggest risk in the South Korean economy.The interest rate gap between the United States and Sou
Democratic Party of Korea lawmaker Hong Sung-kook said on Sept. 26 that non-residents’ net purchase of non-deliverable forward (NDF) hit this year’s high of US$6.08 billion last month and this shows foreign speculative demand pushing up the won-dollar exchange rate.According to the lawmaker, NDF tra
The author is an analyst of NH Investment & Securities. He can be reached at dongyang.kim@nhqv.com. -- Ed. Doosan Corp’s liquidity issues have been successfully addressed. Moving ahead, growth potential should strengthen for the firm on stable in-house business (led by electronics), recognition of T
The author is an analyst of NH Investment & Securities. He can be reached at sw.kang@nhqv.com. -- Ed. We expect a 75bp hike at the upcoming September FOMC and another 50bp hike in November. The BOE will also enact a 50bp hike. Global central banks’ common message is a willingness to trade inflation
The author is an analyst of NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com. -- Ed. Chinese smartphone shipments plummeted in July. Local Chinese players are making inventory adjustments in the wake of disappointing 618 Festival (June shopping season) sales. The reduced shipments
The authors are economists at Shinhan Investment Corp. They can be reached at chee@shinhan.com. – Ed. Cases of dollar liquidity crunch in the pastThe USD/KRW exchange rate has been on a steep increase and recently topped the KRW1,380 mark, nearing or exceeding the levels seen during the dollar liqui
The author is an analyst of NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com. -- Ed. The new iPhone 14 series is to come equipped with a new display, a new cutout feature (Dynamic Island) that can display notifications, an upgraded main camera, a crash detection feature, and direc
The author is a global equity strategist of Shinhan Investment Corp. He can be reached at park.sj@shinhan.com. – Ed. Looking for the market bottomInvestor focus is now on finding the market bottom and setting up investment strategies for the start of a recession. Historically, stock market downturns
The author is an analyst of NH Investment & Securities. He can be reached at neul.ha@nhqv.com. -- Ed. With global demand for rechargeable batteries sustaining strong, Tapex’s sales of battery tape are on the rise. With the firm enjoying its best-ever quarterly sales and OPM in 2Q22, we can confirm i
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. HDS enjoyed solid department store earnings in 2Q22, offsetting its disappointing DFS results. Currently trading at a 2022E P/E of only 6.4x, HDS shares look easy to approach.Earnings still solidWe ma
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. We raise our TP on Dentium to W120,000. Dentium posted a consolidated 2Q22 OP of W35.2bn, topping consensus. We project its 2022 OP at W136.1bn (OPM of 35.1%). While the company’s OPM hovers at a sim
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. Defying concerns of an earnings peak-out, Lotte Rental’s reset its quarterly record even higher in 2Q22. Positive share price momentum is expected from the upcoming launch of an online used car B2C pl
The author is an analyst of KB Securities. He can be reached at jk.lim@kbfg.com. -- Ed. Recommendation: Sell 3y KTBs; buy 10y KTBs, roll over to 1y KTBs or shorterConcerns over a global economic slowdown have pushed bond yields down. The U.S, economy contracted 0.9% QoQ (annualized) amid nosediving
The author is an analyst of NH Investment & Securities. He can be reached at dongyang.kim@nhqv.com. -- Ed. Hanwha Corp’s in-house businesses are to be reorganized into three domains: construction, global (materials), and momentum (machinery). The firm’s growth potential is rising on the expansions o
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. We raise our TP on Daewoong Pharm to W260,000. On a parent basis, it booked 2Q22 sales of W293.8bn and consensus-topping OP of W33.6bn. We boost our 2022 sales assumption for Nabota to W141.3bn, and
The author is an analyst of NH Investment & Securities. He can be reached at kyeongkeun.kang@nhqv.com. -- Ed. Copus’s drama production capabilities should strengthen in line with its planned takeover of Kim Jong-Hak Production. We expect Copus’s annual number of drama productions to expand to 6~9 dr