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  • Fixed Income Issue - Analysis of foreigners’ latest net selling of won-denominated bonds

    Over the past two weeks, foreigners have net sold W3.3tn worth of wondenominated bonds. Despite mounting concerns of capital outflows from the domestic bond market, we note that foreigners’ latest...

    2016-02-22 12:00
  • [Display Industry] Panel prices remain weak in second half of June

    Panel prices remain weak in second half of June Excluding several 40-inch panels, LCD panel prices fell for the second half of June. Believing that panel prices will continue to slide in 3Q15, we ...

    2015-06-23 17:36
  • [SKC] Earnings remain stable; growth momentum to strengthen

    Earnings remain stable; growth momentum to strengthen SKC’s share price has been correcting as of late on concerns towards the firm’s earnings and growth potential. However, we believe that SKC’s ...

    2015-06-23 17:33
  • Pharmaceutical industry- Rising exports to offset stagnant domestic market growth

    Rising exports to offset stagnant domestic market growth Domestic prescription drug sales growth (up 1.7% y-y) remained slow in 2014; however, the pharma industry registered strong export growth (...

    2015-02-23 08:45
  • Construction Industry-Focus on cost-to-sales ratios more than oil prices

    Focus on cost-to-sales ratios more than oil prices Due to the recent fluctuations in oil prices, share price volatility in the construction sector has mounted as of late. However, we believe that ...

    2015-02-23 08:43
  • [Lotte Chemical]Operating profit improving, but valuations remain burdensome

    While Lotte Chem’s 4Q14 operating profit met our estimate, its net income (down W17.3bn) fell short. Backed by a likely upswing in the olefin market, we forecast 2015 operating profit of W554.9bn (...

    2015-02-09 15:37
  • "Trend for PC DRAM Contract price decline to be stable from end of February"

    PC DRAM contract price in the second half of January decline to US$29.5, meeting our decline estimates of around 6% h-h. We forecast that 1Q15 PC DRAM contract price will likely continue to trend d...

    2015-02-02 12:05
  • Construction industry to enter upcycle

    Construction industry to enter upcycle -Thanks to the recent housing market recovery (current downcycle began in 2008), we expect the construction industry to enter an upcycle in 2015. Although ...

    2015-02-02 11:49
  • ECB bond-buying a big move, but not a game changer

    Korean economy not as healthy as it appearsAlthough monetary easing has continued around the globe, led by the Eurozone, Korea has remained cautious against further monetary expansion. The Bank of ...

    2015-01-26 16:46
  • [Banking] Do online-based banks represent a threat or an opportunity for traditional banking players?

    Do online-based banks represent a threat or an opportunity for traditional banking players? Led by government policy aimed towards fostering the domestic fintech industry and permitting the establ...

    2015-01-26 16:37
  • IT service companies moving into new domains

    IT service companies are entering new business domains in order to: 1) offset lackluster sales growth in the IT service market; 2) better deal with government regulations; and 3) better meet their ...

    2015-01-26 16:36
  • [Entertainment/Leisure Industry] Government’s 7th Investment Promotion Act to benefit sector in variety of ways

    Government’s 7th Investment Promotion Act to benefit sector in variety of ways We believe that the government’s 7th Investment Promotion Act (announced on Jan 18) will benefit the domestic casin...

    2015-01-19 17:47
  • [Macro Strategy] ECB’s QE likely to boost purchasing power

    Despite its low interest rate, the ECB’s bond purchases should bolster the European economy by stimulating sales of durable goods (the pent-up demand for which is high). Strategy Focus ■ Eur...

    2015-01-19 17:46
  • [Non-life Insurance]Margins to improve from 2015

    Margins to improve from 2015 Due to an increase in loss ratios, the combined net profit of the top-five non-life insurers declined q-q in 3Q14. We attribute the differences in share price perform...

    2014-11-06 13:27