The author is an analyst of NH Investment & Securities. She can be reached at mj27@nhqv.com. -- Ed. AmorePacific is projected to sustain strong growth thanks to labor restructuring at both home and abroad, its high-margin DFS & e-commerce businesses, and luxury brand Sulwhasoo. In 2022, with the sal
The authors are analysts of Shinhan Investment Corp. They can be reached at eoyeon.hwang@shinhan.com and younghoon.song@shinhan.com, respectively. – Ed. 3Q21 OP meets consensus at KRW105.4bn (+13.9% YoY)CJ Logistics posted operating profit of KRW105.4bn (+13.9% YoY) on sales of KRW2.8tr (+2.6% YoY)
CJ Group chairman Lee Jae-hyun has unveiled a plan to invest 10 trillion won in four major growth engine areas by 2023 to drive innovation and future growth. It is the first time in 11 years that Lee has come to the forefront and presented his vision.Lee appeared in an in-house broadcast program to
Klim Ventures, a startup accelerator based in South Korea, announced on Nov. 2 that it appointed Kim Sang-hun, former CEO of NAVER, as a member of the board of directors and the chair of the ESG Advisory Committee.Klim Ventures focuses on early-stage technology companies that have a positive influen
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY; raise target price to KRW240,000 We maintain BUY and raise our TP to KRW240,000 for CJ ENM. Derived using DCF model (8.54% WACC, 1.0% TGR), our TP equates to 25.0x implied P/E. We raise our 2021E-22E
Korea Exchange announced on Oct. 24 that the aggregate value of KOSPI and KOSDAQ was 2,603.6465 trillion won on Oct. 21, up 72.8 percent as compared with the end of 2016.In that period, KOSPI rose from approximately 2,000 points to 3,000 points or so and KOSDAQ rose about 60 percent to 1,000 points
Naver is planning to establish an artificial intelligence (AI) company in partnership with Softbank of Japan. Naver is likely to provide AI technology and human resources, while Softbank is highly likely to provide capital and global networks.Naver and Softbank have started negotiations to create an
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Maintain BUY; Lower target price by 8% to KRW240,000 We maintain BUY on E-mart but lower our TP by 8% to KRW240,000 as we reflect revisions to 2021E/2022E OP (-10%/-3%). We believe shares are undervalued at
The Inclusive Framework held an online general meeting on Oct. 8 and finalized the Pillar 1 and 2 agreements and action plans on the digital tax. As a result, multinational IT companies doing business in South Korea such as Amazon, Google, Facebook and Netflix are likely to have to pay more taxes in
Domestic consumer goods companies that have received investment from MBK Partners are drawing attention by making an impressive performance improvement. Analysts say that MBK Partners chairman Kim Byung-ju’s omnichannel strategy, which calls for strengthening online channels, is gradually paying off
The Korea Fair Trade Commission, the Financial Services Commission and politicians are increasingly regulating big tech companies and this has led to sharp stock prices declines on the part of Naver and Kakao. It is Kakao that has been hit harder.From Sept. 7 to 16, the market cap of Naver dropped 1
The author is an analyst of NH Investment & Securities. He can be reached at jooyh@nhqv.com. -- Ed. Initiate coverage on retail sector with Positive ratingInitiating coverage on the domestic retail sector, we present a Positive view towards the industry. By sub-industry, we propose a Positive view t
The author is an analyst of Shinhan Investment Corp. He can be reached at mj1224@shinhan.com. -- Ed. Relatively immune to regulatory concernsNAVER shares have declined sharply since the Financial Services Commission suggested moves to strengthen regulations on fintech platforms. We believe the corre
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. - Shares of NAVER and Kakao have fallen sharply in the wake of the Financial Supervisory Service (FSS)’s announcement of its online financial platform service case review results on Sep 7, and a
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. Adhering to a Buy rating, we raise our TP on HYBE to W370,000 in consideration of the firm’s leading position in the fandom platform arena, backed by the securing of global artists for its Weverse
The author is an analyst of KB Securities. She can be reached at shinay.park@kbfg.com. -- Ed. Raise target price 8% to KRW260,000; maintain BUY with mid-/long-term investment horizon We maintain BUY on E-mart and raise our TP by 8% to KRW260,000. We recommend adopting a mid- to long-term investment
MBK Partners, the Northeast Asia’s biggest PEF based in Seoul, will sell Accodia Next Golf, the largest golf course chain in Japan.MBK Partners sent an investment manual (IM) to potential buyers to sell the golf course chain. Morgan Stanley, the lead manager of the sale process, will hold a prelimin
The Ministry of Employment and Labor announced on July 27 that it conducted a work environment inspection at Naver and found that its employee who committed suicide in May this year suffered from in-house bullying and the company did not pay 8.67 billion won to its former and current employees for t
The author is a strategist of NH Investment & Securities. He can be reached at lawrence.kim@nhqv.com. -- Ed. Having wanted US people to be grasshoppers by granting extra federal unemployment benefits, the US government now hopes that they will become ants as it is soon set to put an end to the benef
Naver Cloud announced on July 26 that it has acquired Multi-Tier Cloud Security (MTCS), a Singapore cloud security certificate, for the first time among Korean cloud operators.MTCS is indispensable for participation in public tenders in Singapore. It will help Naver Cloud enter the global public clo