The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. - On Aug 2, Netmarble announced that it had acquired Leonardo Interactive Holdings, which owns 100% of SpinX Games, for W2.51tn.- We favorably view the buyout, as it should allow Netmarble to: 1)
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 2Q21 earnings miss market consensus— Hanwha Solutions turned in 2Q21 revenue of KRW2.78tn (+42.0% YoY, +15.5% QoQ) and OP of KRW221.1bn (+72.1% YoY, -13.2% QoQ), falling far short of the market consensus (OP of
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. Maintain BUY and TP of KRW260,000 We maintain BUY on Samsung SDS and our TP of KRW260,000. Our investment points are as follows:(1) IT investments and logistics revenue are expanding on higher CAPEX and
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 2Q21 OP beats market consensus by large margin— S-Oil turned in 2Q21 revenue of KRW6.71tn (+94.4% YoY, +25.6% QoQ) and OP of KRW571.0bn (turn to profit YoY, -9.3% QoQ); OP beat the market consensus (KRW488.5bn;
Despite brisk order intake in the first half of this year, Korean shipbuilders are not happy because a poor report card is expected ahead of the second quarter earnings announcement.The three major Korean shipbuilders -- Korea Shipbuilding & Offshore Engineering (KSOE), Daewoo Shipbuilding & Marine
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Raise target price to KRW364,000 We maintain BUY on Kumho Petrochemical and raise our TP by 7.1% to KRW365,000 to reflect our improved earnings outlook. Specifically, we revised up 2021E/2022E NP (attributable t
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Revise down TP to KRW61,000 We maintain BUY on Hanwha Solutions, but trim our TP by 3.7% to KRW61,000 to reflect downward revisions to our earnings forecast. Specifically, we have cut 2021E and 2022E NP (attribu
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. 2Q21E earnings to come in line with market consensus We maintain BUY and our TP of KRW260,000 (derived using the DCF model; based on 6.52% WACC and 1% TGR) as we expect 2Q21E OP (KRW230.5bn) to satisfy t
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Lower TP to KRW450,000 We maintain BUY on Lotte Chemical, but lower our TP by 15.4% to KRW450,000. We have cut our 2021E and 2022E NP (attributable to controlling interests) forecasts by 9.6% and 11.4%, respecti
The author is an analyst of Shinhan Investment Corp. He can be reached at doyeon@shinhan.com. -- Ed. 2Q21 OP forecast at KRW11.3tr (+20.6% QoQ)We now expect Samsung Electronics to post operating profit of KRW11.3tr (+20.6% QoQ) on sales of KRW62.0tr (-5.1% QoQ) for 2Q21, topping the FnGuide consensu
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Raise target price to KRW143,000 We maintain BUY on S-Oil and raise our TP to KRW143,000 to accommodate upward revisions to earnings estimates; 2021E/2022E NP (attributable to controlling interests) were bumped
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY and target price of KRW400,000 We maintain BUY and our TP of KRW400,000 for SK innovation, our Refineries/Chemicals top pick. Our positive view is based on: (1) anticipation for rapid top-line growt
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY and revise up our target price to KRW400,000 We maintain BUY and revise up our TP by 6.7% to KRW400,000 for SK innovation to reflect increases in EV for Battery (from KRW10.9tn to KRW13.6tn) and Ref
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. 1Q21 earnings beat market consensus— LG Uplus reported preliminary earnings, with revenue at KRW3.42tn (+4% YoY, -2.9% QoQ), OP KRW275.6bn (+25.4% YoY, +57.1% QoQ) and NP attributable to controlling inte
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. 1Q21 earnings beat consensus — SKT reported 1Q21 preliminary revenue of KRW4.78tn (+7.4% YoY, -1.2% QoQ), OP of KRW388.8bn (+29% YoY, +17.4% QoQ) and NP (attributable to controlling interests) of KRW558.
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Target price raised to KRW532,000 We reiterate BUY on Lotte Chemical and raise our TP 5.6% to KRW532,000 because 2021E/2022E NP (attributable to controlling interests) was revised up 19.3%/1.7% to accommodate up
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 1Q21 earnings beat market consensus by significant margin— Kumho Petrochemical posted 1Q21 revenue of KRW1.85tn (+51.3% YoY, 35.4% QoQ) and OP of KRW612.5bn (+360.1% YoY, 122.7% QoQ); OP beat the market consensu
The author is an analyst of Shinhan Investment Corp. He can be reached at doyeon@shinhan.com. -- Ed. 1Q21OP in line with consensus at KRW1.32trSK Hynix posted operating profit of KRW1.32tr (+37.1% QoQ) on sales of KRW8.49tr (+6.6% QoQ) for 1Q21, meeting the FnGuide consensus of KRW1.34tr. For DRAM,
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. Maintain BUY and revise up target price to KRW125,000 We maintain BUY and raise our TP by 13.6% to KRW125,000. Our new TP is based on upward revisions to 2021E/2022E NP (attributable to controlling interests) of
The author is an analyst of KB Securities. He can be reached at joonsop.analyst@kbfg.com. -- Ed. Maintain BUY and TP of KRW260,000 We maintain BUY and our target price of KRW260,000 for Samsung SDS. Key investment points include the following: (1) Revenue for IT Services and Logistics BPO has been o