The author is an analyst for Shinhan Securities. He can be reached at snowKH@shinhan.com -- Ed.2Q23 earnings surprise with OP of KRW52.7bn (+83% YoY)Hyundai Autoever registered operating profit of KRW52.7bn (+83% YoY) on sales of KRW753.9bn (+20% YoY) in 2Q23, an earnings surprise that beats our est
The rise of Poland as a prominent hub for Eastern European electric vehicle battery and defense industries has positioned it as a strategic focal point for domestic and international corporations. The recent collaboration with Ukraine’s reconstruction efforts has also attracted attention from domest
The author is an analyst for Shinhan Securities. He can be reached at heeyeon.lim@shinhan.com -- Ed.2Q operating loss of KRW12.6bn in line with expectationsKakaopay posted decent 2Q23 preliminary results with consolidated operating loss of KRW12.6bn (continued loss QoQ) on sales of KRW148.9bn (+5.2%
The author is an analyst for Shinhan Securities. He can be reached at yjjung86@shinhan.com -- Ed.After-sales parts division entering the home stretch to recoveryThe key variable determining auto sector earnings has been shifting from ASP levels (inflation) in 2022 to the normalization of supply chai
The author is an analyst for Shinhan Securities. He can be reached at yjjung86@shinhan.com -- Ed.2Q OP meets expectations at KRW16.7bn (+14% YoY, +4% QoQ)W-Scope Chungju Plant (WCP) posted operating profit of KRW16.7bn (+14% YoY, +4% QoQ) on sales of KRW76bn (+21% YoY, +1% QoQ) for 2Q23, coming in l
The author is an analyst for Shinhan Securities. She can be reached at hpark@shinhan.com -- Ed.Solid performance reported at home and in ChinaF&F registered consolidated operating profit of KRW110.1bn (+16% YoY) on sales of KRW405.5bn (+9% YoY) in 2Q23, largely coming in line with market expectation
The author is an analyst for Shinhan Securities. He can be reached at ldh@sinhan.com -- Ed.2Q23 review: Earnings surpriseDoosan Bobcat reported sales of USD2.03bn (+15% YoY) and operating profit of USD360mn (+44% YoY) for 2Q23, an earnings surprise that exceeds market estimates by 3.2% and 28.3%, re
The author is an analyst for Shinhan Securities. He can be reached at krpark@shinhan.com -- Ed.2Q23 OP meets market expectations at KRW1.33tr (+88.1% QoQ)POSCO Holdings registered consolidated sales of KRW20.1tr (+3.8% QoQ) and operating profit of KRW1.33tr (+88.1% QoQ) in 2Q23, meeting market expec
The author is an analyst for Shinhan Securities. He can be reached at yjjung86@shinhan.com -- Ed.2Q23 OP falls short at KRW52.1bn (-6% YoY, +157% QoQ)POSCO Future M posted preliminary operating profit of KRW52.1bn (-6% YoY, +157% QoQ) on sales of KRW1.2tr (+49% YoY, +5% QoQ) for 2Q23, missing market
The author is an analyst for Shinhan Securities. He can be reached at snowKH@shinhan.com -- Ed.Disappointing 1H, gradual rebound expected in 2HChunbo is expected to have registered operating profit of KRW2bn (-83% YoY) in 2Q23, revised down from our previous estimate of KRW6.8bn. Operating profit ca
The author is an analyst for Shinhan Securities. He can be reached at jaewonjeong@shinhan.com -- Ed.2Q23 preview: Earnings to come in line with market expectationsWe now expect GC Biopharma to post consolidated sales of KRW437.1bn (+3.3% YoY) and operating profit of KRW20.3bn (+55.2% YoY, operating
The author is an analyst for Shinhan Securities. He can be reached at jaewonjeong@shinhan.com -- Ed.2Q23 OP to fall short due to high YoY base in MSD vaccine sales We now expect HK inno.N to post sales of KRW207.1bn (-17.8% YoY) and operating profit of KRW11.5bn (-35.0% YoY, operating margin of 5.5%
The author is an analyst for NH Investment & Securities. She can be reached at eunsang.lee@nhqv.com -- Ed.Shinhan Alpha REIT is expected to pay out special dividends following the sale of Yongsan The Prime Tower. Amid tight office supply-demand, the company is actively hiking rents. However, rising
The investigation into allegations of stock price manipulation during Kakao’s acquisition of shares in SM Entertainment is gaining momentum.Financial Supervisory Service (FSS) Chairman Lee Bok-hyun met with reporters at a Shinhan Card event held at Shinhan Card's headquarters in the Jung distric
The author is an analyst for Shinhan Securities. He can be reached at sanghoonpure.cho@shinhan.com -- Ed.Defensive plays lack luster in unfavorable external conditionsOver the past two years, key investment points for the food/beverage sector have been price hikes, grain price declines, and the subs
The author is an analyst for Shinhan Securities. He can be reached at jk.ahn@shinhan.com -- Ed.July MPB meeting confirms BOK is in a bind, unable to raise or cut ratesThe Bank of Korea (BOK) unanimously decided to keep the base rate unchanged at 3.50% at the July Monetary Policy Board (MPB) meeting.
The author is an analyst at Shinhan Securities. He can be reached at sokang@shinhan.com -- Ed.2Q23 preview: Solid performance of Black Desert, cost increasesPearlAbyss is expected to have recorded sales of KRW85.2bn (-9.4% YoY, -0.6% QoQ) and operating loss of KRW11.5bn (continued loss YoY, negative
The author is an analyst for Shinhan Securities. She can be reached at inhae.ji@shinhan.com -- Ed.Leading indicator of media sector turnaroundWe note that the upturn in share prices of domestic media plays including production studios is closely linked to the recovery of ad market conditions at home
The author is an analyst for Shinhan Securities. He can be reached at ym.ko@shinhan.com -- Ed.Shares move sideways in July, but directionality remains intactThe faster-than-expected turnaround in semiconductor market conditions and share prices in 2Q23 was driven by a steep increase in demand for ne
The author is an analyst for Shinhan Securities. He can be reached at yjjung86@shinhan.com -- Ed.Good times for allAuto sales volume data have come in at strong levels as expected, pointing to record-high earnings for automakers in 2Q23. Global wholesale volume reached 1.06mn vehicles (+9% YoY, +4%