Polska Grupa Energetyczna (PGE) CEO Wojciech Dąbrowski attended this year’s International Congress on Advances in Nuclear Power Plants (ICAPP) in Gyeongju on April 24.There, he explained the current status of the project of Korea Hydro & Nuclear Power (KHNP) in Poland since the signing of the letter
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com -- Ed.The recent deterioration in the supplementary capital funding environment is unfavorable for insurers with relatively poor capital adequacy. However, in the long term, the post-IFRS17 landscape looks a
Korea Investment Corporation (KIC), a sovereign wealth fund established by the South Korean government, recently changed its rules and policies so that it can invest in South Korean companies’ foreign subsidiaries.This change is because South Korean companies’ cross-border M&As are increasing and th
Hanwha Life Insurance Indonesia announced on March 29 that it completed the acquisition of a 62.6 percent stake in Lippo General Insurance, a financial subsidiary of Lippo Group, the 6th largest in the Indonesian business world along with Hanwha General Insurance. Hanwha Life Insurance Indonesia acq
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com -- Ed.The major insurers under our coverage have disclosed their simplified financial statements under new 2022 IFRS17. CSM is expected to be the core of future insurance company valuations.IFRS17 summary fi
On March 22 (local time), Spectrum, a partner of Hanmi Pharmaceutical, explained market reactions to Rolvedon launched in the United States last year in a press release about the fourth quarter of 2022.Spectrum posted US$10.114 million in Rolvedon sales as of Dec. 31 last year. It plans to continue
PT Lotte Chemical Indonesia, an Indonesian subsidiary of Lotte Chemical, has completed external financing for the construction of a petrochemical complex in Banten Province, Indonesia.PT Lotte Chemical Indonesia announced that it signed a 12-year-long contract to borrow US$2.4 billion (approximately
The author is an analyst of KB Securities. He can be reached at seongjin.kang@kbfg.com. -- Ed.In the early hours of Mar 13, a fire at Hankook T&T’s Daejeon plant shut down production lines. For the time being, the company can sustain shipments by tapping into inventory. The impact of the fire will d
A total of 19 insurance companies, more than one-third of the total, asked the Financial Supervisory Service to postpone the implementation of the Korea Insurance Capital Standard (K-ICS). The ratio is over 50 percent when it comes to life insurance companies. The standard is for soundness assessmen
Insurance companies are supposed to submit their tenth preparedness assessment reports to the Financial Supervisory Service by this month regarding the Korea Insurance Capital Standard (K-ICS) based on IFRS 17 introduced this year.According to industry sources, major insurers are well prepared for t
Korean companies are working hard to help Turkey and Syria, which were hit hard by massive earthquakes. They are continuing to donate money and deliver relief goods for earthquake recovery and rescue work in Turkey.On Feb. 10, Samsung Electronics decided to provide a total of US$3 million in cash an
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Suggested mid-term shareholder return of 30-40%; 4Q22 earnings miss on large-scale costsㅡ 2022 consolidated NP (attributable to controlling interests) came in at KRW4.64tn (+15.5% YoY). — NII rose 17.9% YoY wit
Samsung Electronics filed a damage suit against FM Global in the United States regarding the cold wave and blackout in 2021 that affected its semiconductor plant in Austin, Texas.“The insurance company refused to fully cover the damage in order to reduce its insurance payment,” Samsung Electronics c
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed.4Q22P operating loss of KRW425.0bn (turn to red YoY) misses market consensusㅡ POSCO Holdings reported 4Q22P revenue of KRW19.2tn (-9.8% YoY, -9.0% QoQ), operating loss of KRW425.3bn (turn to red YoY/QoQ) an
The Korea Fair Trade Commission reported to President Yoon Suk-yeol that it would discuss how to improve rules and regulations applied to conglomerates.The discussion is likely to cover separation between industrial capital and financial capital. According to the current law, a general holding compa
The Korea Trade Insurance Corp. (K-SURE) recently decided to extend its guaranty regarding the Barossa gas field development project of Santos and SK E&S. The guaranty until Jan. 26 started in December 2021. At that time, five financial institutions approved a financing of about 440 billion won base
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. Hyundai M&F is expected to log continued robust ordinary earnings in 2023. Moving ahead, key factors are to be IFRS17 transition effects and the expansion of shareholder return.Normalized earnings to
Lotte E&C will set up a joint fund worth 1.5 trillion won with Meritz Securities in a bid to get out of its liquidity crunch, the company announced on Jan. 6.Lotte E&C will sign an agreement on fund establishment with Meritz Securities on Jan. 9. Lotte Group's major affiliates, including Lotte P
The Export-Import Bank of Korea (Korea Eximbank) has successfully issued foreign currency bonds worth US$3.5 billion, the largest amount it has ever raised.The bank raised US$1 billion by selling three-year bonds, US$1.5 billion with five-year bonds and US$1 billion with 10-year bonds.Korea Eximbank
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Maintain BUY; raise target price to KRW88,000; Insurance top pick We maintain BUY and raise our TP by 11.4% to KRW88,000 on Samsung Life. Following IFRS 17 implementation, we believe the company’s earnings stru