SsangYong Motor announced on Oct. 27 that foreign government agencies have recently selected its vehicles as official cars in recognition of their excellence.The company signed a contract with the Fire Safety and Civil Protection Directorate General of Bulgaria on Sept. 25 to supply command vehicles
The author is an analyst of NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com. -- Ed. Achieves healthy earnings on MLCC industry improvementSEMCO announced healthy 3Q20 results, exceeding both our estimates and consensus on an improving MLCC industry environment. We expect the firm
Japanese news outlets are reporting that Japanese Prime Minister Yoshihide Suga will not attend the summit of South Korea, China and Japan scheduled to be held within this year unless the wartime forced labor compensation issue is resolved. The Tokyo Shimbun, in the meantime, called for the prime mi
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. TP maintained at KRW17,500; IT panel margins to sustain profitabilityWe maintain HOLD and our TP of KRW17,500 for LGD. Earnings swung into positive territory in 3Q20, and we expect it to stay there in 4Q20: (1)
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. -- Ed. 3Q20 OP beats market consensusLG Chem reported 3Q20 revenue of KRW7.51tn (+2.2% YoY) and OP of KRW902.1bn (+137.2% YoY), which is 27.0% higher than the KRW710.4bn market consensus (FnGuide, Sep 21). Earnings imp
A total of 20 global investment firms sent an official letter to Korea Electric Power Corp. (KEPCO) and Samsung C&T on Oct. 21 in order to object to their coal-fired power plant construction in Vietnam.The 18 firms include the Church of Finland, Denmark’s MP Pension and Sweden’s Nordea Life & Pensio
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY and raise target price to KRW27,000 We maintain BUY and raise our TP by 5.9% to KRW27,000 (12m fwd EPS x historical avg. 18.7x P/E) for Cheil Worldwide. 2020E/2021E OP were revised up 7.4%/5.2% to ref
Doosan Heavy Industries & Construction announced on Oct. 20 that it has signed a 901.8 billion won contract with Vietnam's VAPCO to build Vung Ang 2 coal power plant.The contract period is from March 1, 2021 to Feb. 28, 2025. The company will build and install boilers, environmental facilities,
SK Engineering & Construction (SK E&C) announced on Oct. 20 that it has completed a fuel cell production plant in Gumi, North Gyeongsang Province.The Bloom SK Fuel Cell Plant is a joint venture between SK E&C and Bloom Energy of the U.S., a global fuel cell maker. SK E&C established the joint ventur
SK Telecom announced on Oct. 20 that it has expanded and relocated Jump Studio, Asia’s first Mixed Reality Capture Studio using Microsoft’s volumetric video capture technology, to its headquarters (SKT-Tower), and unveiled plans to promote 5G content business in full-scale. Jump Studio was initially
The author is an analyst of NH Investment & Securities. He can be reached at j.ko@nhqv.com. -- Ed. LGD’s 2H20 earnings are expected to evidence a rapid turnaround, helped by both effects from short-term LCD market improvement and earnings growth stemming from normalization at the firm’s large-sized
Automobile production, domestic sales and exports were all brisk in September.A report on the domestic automobile industry released by the Ministry of Trade, Industry and Energy (MOTIE) on Oct. 19 shows that auto production, domestic sales and exports grew 23.2 percent, 22.2 percent and 14.8 percent
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com. -- Ed. HMM’s earnings fundamentals have improved thanks to its aggressive fleet expansion (supported by the government). In addition, the firm’s decision to join The Alliance has helped to ease its cost bu
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com. -- Ed. Thanks to sound air cargo market conditions, KAL remains able to generate operating cash flow. We expect the firm to enjoy M/S expansion on the back of business downsizing at domestic and overseas p
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com. -- Ed. Helped by a recovery in global shipping volume for finished cars and rising utilization rates at affiliates’ auto production plants, Glovis looks to have entered an earnings recovery phase. We raise
Following a series of Hyundai Motor's Kona electric vehicle (EV) battery fires, sales of EVs and plug-in hybrid electric vehicle (PHEVs) from GM of the U.S. and BMW of Germany have been suspended due to fire risks. Secondary batteries produced by Korean companies are blamed for the fires in thes
Daewoo Engineering & Construction (E&C) announced on Oct. 14 that it has signed a contract to apply its independently developed “Building Movement Control (BMC)” technology to the construction of 2 Murray Road, a multi-purpose skyscraper to be built in the heart of Hong Kong's central business d
The author is an analyst of NH Investment & Securities. He can be reached at william.ku@nhqv.com. -- Ed. Structural earnings growth should be on the way thanks to both increased domestic flu vaccine sales and the planned 1H21 launch of Hunterase in China. Similar to 11 years ago in the wake of the 2
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Stock to struggle; earnings momentum to be monitored We maintain BUY and our TP of KRW66,000 because of offsetting factors: (1) We revised down 2019-26 CAGR OP to 6.30% from 7.40% (2) WACC was lowered to 6.
The author is an analyst of KB Securities. He can be reached at yc.baek@kbfg.com. Preliminary results reveal earnings surpriseOn Oct 12, LG Chem announced its 3Q20 preliminary earnings results. 3Q20 revenue/OP came in at KRW7.51tn (+2.2% YoY/+14.6% QoQ)/KRW902.1bn (+137.2% YoY/+66.8% QoQ), exceeding