The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. We expect Cheil Worldwide to report record-high quarterly consolidated OP of W89.5bn for 3Q22, noting that the firm has secured an efficient cost structure and is showing even sales growth across a
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. Kakao’s share price correction is being prolonged by a variety of factors, including economic slowdown, stock market volatility, and share price decline at listed subsidiaries. We expect earnings
Hyundai Motor Group has decided to spend about 5 trillion won to provide comprehensive support to parts suppliers, which are facing difficulties under the so-called “three highs” –- a high won/dollar exchange rate, a high interest rate and high inflation. The group will announce the large-scale supp
The possibility of South Korea’s credit crisis is rising, with interest rates going up and its economy slowing down. Its default risk indicators are surging, along with both household and corporate debts and interest burdens. Bloomberg recently reported that the Japanese and Chinese currencies are d
The author is an analyst of NH Securities and Investment. He can be reached at yk.choi@nhqv.com. -- Ed. Although downwardly adjusting our annual OP forecasts for LG Chem in light of sluggish earnings at its petrochemical domain, we boost our earnings projections for its battery-related businesses (w
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. Affected by reduced data center investment and lackluster demand for IT sets, SEC logged preliminary 3Q22 OP of W10.8tn (-23% q-q). The firm’s 4Q22 OP is projected at W9.5tn (-12% q-q). We expect the
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. The US government has announced additional restrictions on the Chinese semicon industry, prohibiting the export of production equipment related to 18nm DRAM and 128-layer or higher 3D NAND. As their f
The author is an analyst of NH Securities and Investment. He can be reached at yk.choi@nhqv.com. -- Ed. Refining margins have plummeted as of late on concerns over China’s expansions of export quotas, but we view the degree of refining margin adjustment as being excessive. The fact that lube base oi
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. Umamusume’s ranking has fallen since September due to operational issues. However, with several new titles (including Eversoul and Ares) on the way, we anticipate accompanying share price momentu
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. Despite peak seasonality, Krafton’s 3Q22 OP was inevitably restrained by both the suspension of services in India and slowing sales in China. But, new game momentum for Callisto Protocol (to be r
The author is an analyst of NH Investment & Securities. He can be reached at dongyang.kim@nhqv.com. -- Ed. Solid fundamentals reinforced by its role as a ‘professional value investor’ are expected to sustain at SK Inc throughout 2022 on both the reinforcement of new growth portfolios centered on fou
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY, target price of KRW120,000 We maintain BUY and TP of KRW120,000 on LGE. VS is highly likely to sustain solid profit through 2H22 (2Q22 marked first profit in nine years), allowing profit structure
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY, target price of KRW75,000 Despite SEC’s 3Q22P earnings shortcomings, we maintain BUY and 12m TP of KRW75,000. We expect standout profit margins on business diversification (i.e., DP, foundry) and
People Power Party lawmaker Yu Eui-dong remarked on Oct. 6 that a total of 127 cases of illegal short selling have been detected since the implementation of the Financial Investment Services and Capital Markets Act, including 119 caused by foreign investors.“According to current laws, domestic secur
The author is an analyst of NH Investment & Securities. He can be reached at hwdoh@nhqv.com. -- Ed. Despite controversy in the market, we believe that TSMC will eventually succeed in raising its 2023 wafer ASP for Apple (major customer) and other clients. While an economic downturn is ongoing, there
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. We expect Studio Dragon’s consolidated 3Q22 OP to meet consensus. In addition to the sustaining of strong quarterly earnings thanks to the airing of episodes on captive channels, from October, glob
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. F&F’s consolidated 3Q22 OPM likely reached 30%, helped by brisk domestic casual/sports sales and the recognition of sales in advance for F/W exports to China. In 4Q22, earnings momentum remains val
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. We lower our TP on HYBE by 19% to W250,000 in reflection of slowed growth at the platform division, despite solid earnings at the entertainment arm. In spite of significant share price decline due
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. We expect SK Biopharm to deliver consolidated 3Q22 sales of W79.2bn and an operating loss of W18.7bn, coming in slightly below consensus. The firm’s operating loss should narrow, as upfront fees are
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. We trim our earnings estimates and TP for Pan Ocean in line with the decline in freight rates. Trade volume concerns appear to already be reflected in the share price. Thanks to an expansion of its b