The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. TP raised to KRW90,000; Earnings growth to trigger rally We reiterate BUY on AmoreG. We revise up our TP by 36% to KRW90,000 as we reflect: (1) an adjustment to WACC (6.31%→7.60%) triggered by an increase i
As LCD panel prices continue to soar, Samsung Display and LG Display have put their LCD exit strategies on hold.The price of 55-inch LCD panels stood at US$181 in January and is expected to rise to US$188 in March, said market research company Omdia on Feb. 4. Compared to January 2020, the price nea
The U.S. International Trade Commission (ITC) has launched an investigation into a complaint for patent infringement filed by Swedish telecommunication equipment giant Ericsson against Samsung Electronics.The investigation was launched after Ericsson filed a complaint with the ITC on Jan. 4, claimin
The author is an analyst of NH Investment & Securities. She can be reached at jy.lee@nhqv.com. -- Ed. Lotte Himart’s 4Q20 results came in below consensus on both a widened portion of low-margin online sales and the booking of one-off labor costs. While current demand for home appliances is sound, th
The author is an analyst of NH Investment & Securities. She can be reached at jy.lee@nhqv.com. -- Ed. HDS’s 4Q20 results missed consensus on both a re-proliferation of Covid-19 and a higher discount rate for DFSs. However, we expect 2021 to usher in a significant earnings turnaround on: 1) the impen
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. In 4Q20, AmorePacific turned to the red due to one-off restructuring costs. However, signs of a mid/long-term performance improvement have been observed, amid a slowing decline in duty-free channel ea
The author is an analyst of NH Investment & Securities. They can be reached at jaemin.ahn@nhqv.com. -- Ed. With the possibility of an SKT spin-off increasing, we note that such event should be positive in helping to bring about proper value recognition for subsidiaries which have received strong inv
The author is an analyst of NH Investment & Securities. They can be reached at jaemin.ahn@nhqv.com. -- Ed. With its subscriber number on the decline due to the limitations of satellite broadcasting, concerns over SkyLife’s growth potential continue. However, if its HCN takeover plan is approved, the
The author is an analyst of NH Investment & Securities. They can be reached at jaemin.ahn@nhqv.com. -- Ed. LG U+’s earnings growth is likely to slow slightly this year relative to the level seen in 2020, when wireless sales expansion and the incorporation of LG HelloVision results produced robust ea
The Ministry of Trade, Industry and Energy made a public announcement on Feb. 4 with regard to its project for domestically producing magnesium-based ceramic raw materials to replace imports from China and Japan.The project is to invest 22.9 billion won from this year to 2025 in order to assist in R
The Korea Trade-Investment Promotion Agency announced on Feb. 4 that a total of 228 import regulations targeting South Korea were in effect in 26 countries at the end of last year.The number of such regulations, including anti-dumping and countervailing duties and safeguard measures, increased from
The South Korean government decided to lift its short selling ban on KOSPI 200 and KOSDAQ 150 stocks on May 3. It is pointed out that the partial lifting of the ban is in fact an overall lifting given that the stocks with larger market caps and trading volumes constitute almost 100 percent of short
Samsung Heavy Industries announced on Feb. 4 that it has won an order for two 13,000-TEU container ships worth 230 billion won from a client in Oceania. The vessels will be delivered sequentially starting in the first quarter of 2023.The new ships are eco-friendly vessels featuring a selective catal
Samsung SDS has secured a spot in the list of the global top 10 IT services companies in terms of brand value. It is the only Korean company included in the list.Brand Finance, a British-based brand consulting firm, estimated Samsung SDS’s brand value at US$3.69 billion and placed it 10th in its “IT
Hyosung Group promoted president Cho Hyun-sang to vice chairman on Feb. 4.The promotion came about four years after Cho was promoted to president in January 2017.Having worked as a consultant at the Japanese subsidiary of Bain & Company, Cho took part in a restructuring of Hyosung Group when Korea w
Dulwich College is one of the U.K.'s oldest independent schools, founded in South London as a boys’ school in 1619. Dulwich College International (DCI) was established to bring the Dulwich education to students around the world and is now one of the fastest growing UK independent school networks
The authors are analysts of Shinhan Investment Corp. They can be reached at johnsoh@shinhan.com and chank@shinhan.com, respectively. -- Ed. 4Q20 earnings surpriseDuk San Neolux delivered an earnings surprise for 4Q20 with sales reported at KRW43.5bn (+7.1% QoQ, +57.0% YoY) and operating profit at KR
The authors are analysts of Shinhan Investment Corp. They can be reached at yjjung86@shinhan.com and ik.jung@shinhan.com, respectively. -- Ed. 4Q20 OP of KRW80.4bn (+25.1% YoY) misses consensus by 14%Mando reported operating profit of KRW80.4bn (+25.1% YoY) on sales of KRW1.7tr (+6.3% YoY) for 4Q20,
The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. Showing a 13.8% y-y drop, Orion’s 4Q20 OP came in below consensus. However, we expect its earnings growth trend to sustain in 2021, backed by a strengthening product lineup and preemptive efforts to o
The author is an analyst of NH Investment & Securities. He can be reached at hyundong.lee@nhqv.com. -- Ed. In December, Ezwel was purchased by the HDS Group. In 2021, we expect the firm to grow based on synergies (including supply and distribution benefits) with group members. Ezwel is undervalued a