SsangYong Motor's external auditor has issued a disclaimer of opinion on its quarterly financial statements, the ailing automaker said on May 17.Samjung KPMG said in its audit report that it gave a disclaimer of opinion because it viewed SsangYong Motor's existence as questionable. However,
The disposal of Asiana Airlines is being delayed. On the face of it, the delay is because of the COVID-19 pandemic and a delayed approval of its business combination. However, some experts point out that HDC Hyundai Development Company is considering canceling the contract. They also point out that
Korea Electric Power Corp. (KEPCO) has completed a financing contract for a photovoltaic power generation project in Guam, the United States, which will cost US$200 million.KEPCO announced on May 13 that it has minimized financial burdens for the Guam Solar Project by securing funding through projec
SsangYong Motor is planning to launch a mid-sized sport utility vehicle (project name J100) and an electric vehicle (EV) in the first half of 2021.The ailing automaker is seeking another leap forward by completing its SUV lineup with the launch of the J100 and expanding into eco-friendly cars with a
Creditors of Doosan Heavy Industries & Construction will finalize a restructuring plan for the crisis-torn company in the middle of May. The company, a victim of the government’s ill-advised nuclear phase-out policy, has received 2.4 trillion won in liquidity support from state-run banks.Doosan Grou
HDC Hyundai Development has postponed its acquisition of Asiana Airlines indefinitely.The company announced on April 29 that it would delay the acquisition of Asiana Airlines shares. It was scheduled to acquire the shares on April 30. But it delayed the date to “10 days after the prerequisites for t
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. Daewoo E&C saw earnings improvement in 1Q20, helped y-y by the absence of one-off items booked in 1Q19. Earnings should trend upwards through 2H20 on greater sales at the housing division. The fi
SsangYong Motor announced on April 27 that it paid salaries 100 percent to all employees on April 24, even though it fell into a liquidity crisis due to Mahindra’s cancellation of a plan to pump 230 billion won into the automaker. Mahindra of India is the parent company of SsangYong Motor. Earlier t
Korean Air is to receive 1.2 trillion won in liquidity support from the South Korean government, but it is still in a financially precarious position.On April 24, Korea Development Bank (KDB) and the Export-Import Bank of Korea announced that they would provide Korean Air with 200 billion won in ope
LG Chem announced on April 23 that it has secured 550 million euros in a green loan from domestic financial institutions including Korea Development Bank (KDB).The green loan is part of the US$5 billion to be extended to LG Chem by KDB, the Export-Import Bank of Korea and NH Nonghyup Bank for five y
The Ministry of Oceans and Fisheries announced on April 23 that it will provide additional liquidity support of 1.25 trillion won to Korean shipping companies that are struggling due to the worldwide spread of the novel coronavirus.The Korean shipping industry is suffering from a decline in cargo vo
Korea Development Bank announced on April 23 that it has issued Swiss franc-denominated bonds worth about US$310 million to Swiss investors. The five-year bonds were issued with a fixed interest rate.These bonds are safe assets that can be repurchased at the Swiss Central Bank, and hence attracted S
As Asiana Airlines has agreed to the terms and conditions of additional support from creditors such as Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM), HDC Hyundai Development is expected to expedite its acquisition of the troubled airline.On April 22, Asiana Airlines decide
The South Korean government announced on April 22 that it would issue 40 trillion won of government-guaranteed bonds to assist the seven key industries of aviation, shipping, shipbuilding, automobile, general machinery, electric power and communications. Beneficiaries must come up with employment st
HMM has recently raised 720 billion won by issuing convertible bonds (CBs).The shipping company sold on April 17 unsecured CBs worth 720 billion won to Korea Development Bank (KDB) and Korea Ocean Business Corp., a state-run corporation set up to support shipbuilding and shipping companies.KDB and K
Korea Development Bank and the Export-Import Bank of Korea decided on April 21 to provide a 1.7 trillion won loan for Asiana Airlines.Creditors already provided 1.6 trillion won for the airline in April last year and the airline’s borrowings from the market that must be repaid within this year total
Kumho Engineering and Construction, which is the parent company of Asiana Airlines, is facing a crisis with the sale of the airline postponed and Kumho Buslines, the holding company of Kumho Group, having to repay 130 billion won to Korea Development Bank on April 25.The money was borrowed last year
SsangYong Motor's labor and management are calling for government support to stay afloat.The automaker announced on April 20 that it held a signing ceremony for wage and collective bargaining agreements for 2020 at its Pyeongtaek plant on April 17. The labor and management reached a dispute-free
Competition in the dollar insurance market is heating up as demand for the U.S. dollar as a safe asset is on the increase with interest rates remaining low. The Q1 sales of some dollar insurance products almost tripled from a year ago and insurers are coming up with more and more such products.Prude
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. Thanks to a large-scale apartment pre-sales made last year, Daewoo E&C’s housing business should see earnings growth in 2020. The firm is also expecting possible reversals of 2018~2019 losses fro