Samsung Electronics is focusing on investing in state-of-the-art foundry facilities even as it is going through a tough time due to the deteriorating semiconductor market. On the other hand, TSMC, the world’s No. 1 foundry company and Samsung Electronics’ rival, has chosen to lower its annual facili
The author is an analyst for NH Ivestment & Securities. He can be reached at ys.jung@nhqv.com -- Ed.Excluding AMPC subsidy effects, CS Wind’s 1Q23 results arrived short of expectations due to sales decline stemming from production disruptions at the US subsidiary. However, utilization rate is contin
The author is an analyst for NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com -- Ed.SkyLife continues to deliver stable telecom services sales based on its traditional pay TV business and SkyTPS (broadcasting + high-speed Internet + mobile) domains. However, despite increased con
The author is an analyst for Shinhan Securities. He can be reached at yjjung86@shinhan.com -- Ed.1Q23 OP falls short at KRW40.4bn (-24% YoY, -24% QoQ)L&F posted operating profit of KRW40.4bn (-24% YoY, -24% QoQ) on sales of KRW1.4tr (+146% YoY, +11% QoQ) for 1Q23, missing market expectations (KRW68.
As the focus of the semiconductor industry has moved from mobile devices to high-performance computing (HPC) systems, HPC is emerging as a hot spot in the foundry industry. HPC computers refer to computers that process complex calculations in parallel and at high speed on multiple servers.With the r
The U.S. government, which has restricted the export of advanced semiconductor production equipment to China, is reportedly considering applying relaxed standards only to South Korean companies running factories in China.The U.S. Department of Commerce is in talks with the South Korean government to
S-OIL said that the company appointed Anwar A. Al-Hejazi, former president of Aramco Asia as its new CEO in an extraordinary general meeting of shareholders and the board of directors on May 9.“Al-Hejazi is an expert in the energy industry, having served as an executive at Aramco, an oil company run
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.We raise our TP on Celltrion to 240,000, as we hike our GPM forecast. Excluding compensation costs of W60bn for US Covid-19 test kits, 1Q23 GPM came to 54%, beating consensus. GPM normalization and F
The author is an analyst for NH Investment & Securities. He can be reached at minwoo.ju@nhqv.com -- Ed.Dongwha Enterprise’s timber product business earnings are sluggish at present, but we positively view the anticipated starts in earnest of both pilot mass production volume at the firm’s electrolyt
The author is an analyst for NH Investment & Securities. He can be reached at hwdoh@nhqv.com -- Ed.Dongjin’s 1Q23 results exceeded our estimates on the only partial reflection of customer production cuts and an increased sales portion of high-margin products. However, a quarterly earnings downtrend
The author is an analyst for Shinhan Securities. He can be reached at ldh@shinhan.com -- Ed.1Q23 review: Fixed cost burden from project delaysKorea Aerospace Industries posted sales of KRW568.7bn (-11% YoY) and operating profit of KRW19.4bn (-51% YoY) for 1Q23, falling far short of the consensus est
The author is an analyst for Shinhan Securities. He can be reached at mk.kwon@shinhan.com -- Ed.Cover glass, connector supplier with all-round growth momentumJNTC manufactures tempered glass (cover glass) and connectors for use in tech devices and automotive displays. As the world’s first developer
Tesla vehicles powered by batteries from China’s CATL, the world’s No. 1 battery maker, have recently been added to the list of U.S. subsidized vehicles, allowing CATL to indirectly benefit from the U.S. Inflation Reduction Act (IRA).Earlier this month, the Tesla Model 3 Long Range AWD was added to
The three major Korean battery companies accounted for 49.0 percent of the global electric vehicle battery market, excluding China, in the first quarter. The total usage of their batteries amounted to about 64.2 GWh, a year-on-year growth of 45.3 percent.The three Korean battery makers ranked high i
SK bioscience announced on May 8 that it has signed a new production agreement for a next-generation Ebola vaccine candidate with global healthcare company MSD.The signing ceremony in Seoul was attended by government officials including Park Min-soo, vice minister of Health and Welfare; Sanat Chatto
The author is an analyst for NH Investment & Securities. She can be reached at hzl.lee@nhqv.com -- Ed.CJ ENM reported an earnings shock, affected by widening losses at new businesses (OTT, US production) and impacts of economic slowdown at the main business, excluding entertainment. A sharp recovery
The author is an analyst for NH Investment & Securities. She can be reached at hzl.lee@nhqv.com -- Ed.Uncertainties over airing on a captive channel have already been fully reflected in Studio Dragon’s share price. It is time to focus on mid/long-term growth potential through diversification of sale
The author is an analyst for Shinhan Securities. He can be reached at jinmyung.lee93@shinhan.com -- Ed.1Q OP beats consensus at KRW375bn (positive swing QoQ)SK Innovation swung to black from the previous quarter in 1Q23 with anoperating profit of KRW375bn, beating the market consensus of KRW236bn. T
The author is an analyst for NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.Reflecting anticipated AMPC-related gains, we raise our TP on SK Innovation by 13% from W230,000 to W260,000. Specifically, earnings improvement at the battery business stemming from the AMPC should
This year has seen a rush of huge investments by Chinese battery materials makers partnering with Korean companies. In just four months, about five trillion won worth of joint ventures have been announced, led by major companies such as SK On and LG Chem. This is the exact opposite of a previous sit