The author is an analyst for NH Investment & Securities. He can be reached at youngryu@nhqv.com. -- Ed.Noise appearing here and there; market expectations being adjustedAfter ASML and TSMC announced weaker-than-expected 1Q24 results and negative market outlooks, tech firms have experienced overall s
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.HIFU equipment exports from Gangnam-gu, Seoul to Brazil rebounded in February. Gangnam-gu’s aesthetic consumables and RF equipment exports continue to level up. Aesthetic equipment exports from Yuseo
The author is an analyst for NH Investment & Securities. He can be reached at sw.kang@nhqv.com -- Ed.The Fed's rate cut playbook emphasizes cuts sooner rather than later and further tightening. With this in mind, we anticipate bullish steepening of yield curves starting from 2Q24. The US and EU are
The author is an analyst for NH Investment & Securities. He can be reached at dongyang.kim@nhqv.com -- Ed.At AGMs this year, the spread of shareholder proposals, which has been a global trend since 2023, is to continue. As Korea’s dividend system improvements roll out in earnest, more companies are
The author is an analyst for NH Investment & Securities. He can be reached at bk@nhqv.com -- Ed.Global stock markets have rallied of late, with the S&P500 surging for four months in a row. In February, the Kospi has outperformed other major markets. But, the fast market growth is likely to bolster p
The author is an analyst for NH Investment & Securities. He can be reached at junsup@nhqv.com -- Ed.From now forward, we believe that the key to determining the value of financial sector plays is to be the existence of specific shareholder return policies and the market's level of trust in them.Boos
The author is an analyst for NH Investment & Securities. He can be reached at youngryu@nhqv.com -- Ed.Micron begins mass production of HBM3EMicron has kicked off full-scale production of HBM3E (24GB 8-high) to be used for Nvidia’s H200, which is scheduled to be shipped from 2Q24. The company has als
The author is an analyst for NH Investment & Securities. He can be reached at junsup@nhqv.com -- Ed.At Hyundai M&F, 2024E P/B sits at only 0.39x, well below that for Samsung F&M (0.76x) and DB Insurance (0.59x). Although its shareholder return momentum is weak, Hyundai M&F offers limited valuation b
The author is an analyst for NH Investment & Securities. He can be reached at sw.kang@nhqv.com -- Ed.While Secretary Yellen's key goal in 2023 was to secure TGA cash despite a massive fiscal deficit, the one for 2024 is to be improving the fiscal balance by using the tax revenue surplus. This implie
The author is an analyst for NH Investment & Securities. He can be reached at bk@nhqv.com -- Ed.The two terms that defined last year’s stock market were ‘new cold war’ and ‘supply chain reshaping’. In 2024, decoupling between DMs and EMs is to become a new market-defining feature. Today, the US’s bu
The author is an analyst for NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com -- Ed.Mobile Device Distribution Improvement Act abolished 10 years after implementationOn Jan 22, the Korean government announced its decision to abolish three regulations closely related to public liv
The author is an analyst for NH Investment & Securities. He can be reached at soohong.cho@nhqv.com -- Ed.Sales growth to slow at HMG in 2024In 2024, an earnings growth slowdown is largely expected for HMG. The company has set a global wholesale target of 7.443mn units (+1.9% y-y) and domestic sales
Semiconductor stocks including those of Samsung Electronics and SK hynix fell altogether.On the KOSPI and KOSDAQ stock market on Jan. 3, stocks of semiconductor giants and even companies producing materials, components, and equipment for chipmakers fell due to an anti-China export control issue invo
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.Gene cell therapy approaches are gradually gaining renewed attention in response to recent CRISPR and CAR-T news. GCT received keen attention in 2H20 as a viral vector and mRNA-based coronavirus vacc
The author is an analyst for NH Investment & Securities. He can be reached at sw.kang@nhqv.com -- Ed.We attribute the strong yield drop of 4Q23 to a reversal of the sharp r* increase fears of 3Q23, rather than bets on economic downturn. Of note, the Fed’s actual r* estimate was halved in 4Q23. For t
The author is an analyst for NH Investment & Securities. He can be reached at bk@nhqv.com -- Ed.In 2023, an inflection point for the stock market was reached reflecting the differing stances taken by the Fed and market participants. Recently, the Fed has begun looking ahead toward lowering interest
The author is an analyst for NH Investment & Securities. He can be reached at kyuha.lee@nhqv.com -- Ed.In general, global IT companies expect improved earnings from 2H24 and a recovery of the Chinese market. China’s IT industry rebound is judged to be the most important point of 2024.IT industry con
The author is an analyst for Shinhan Securities. He can be reached at jk.ahn@shinhan.com -- Ed.The Bank of Korea (BOK) unanimously decided to leave the base rate unchanged at 3.50% for a tenth consecutive month at the November Monetary Policy Board (MPB) meeting. The number of MPB members open to th
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.When will global bio indices bottom out? Even if the rankings of the two largest pharmas have changed amid robust sales growth, the S&P500 Healthcare Index has continued to slide this year. We view t
The author is an analyst for NH Investment & Securities. He can be reached at bk@nhqv.com -- Ed.Although the Covid-19 pandemic has ended, it has impacted global policies and life patterns. Anti-globalization has accelerated, and the new Cold War has deepened, with regional wars erupting. While drama
