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  • • January portfolio strategy: Overweight on autos, retailers (discount stores) and banks

    In December 2013, the KIS model portfolio returned -2.00%, in line with the Kospi200’s -1.98%. Of the sectors recommended as overweight, banks gained whereas autos and shipbuilding performed poorly...

    2014-01-07 16:10
  • Tech Strategy-Uncertain 4Q13 earnings weigh on

    Surprisingly aggressive inventory adjustments by set/parts makers in December We initially projected 4Q13 demand growth (QoQ) at 27% for LCD TV, 3% for PC and 8% for smartphones. But it appear...

    2014-01-06 11:28
  • Autos-A fifth year beating target likely in 2014

    Four years of beating target growth with 7.55mn sold Hyundai Motor (Hyundai) and Kia Motors (Kia) sold 7.55mn vehicles in 2013 for a 6% gain from 2012’s 7.12mn (+7.9% YoY). While their gain slowe...

    2014-01-06 11:21
  • Non-life insurance-November results satisfactory considering higher auto loss ratios

    November results satisfactory considering higher auto loss ratios, but momentum fading Combined November NP at the five non-life insurers in the KIS universe reached W152.8bn, down 7% MoM but up ...

    2014-01-06 11:15
  • December exports: Bigger growth but mounting worries for the future

    December export growth went up to 7.1% YoY but fell to the 4% range if stripping out ships Ships, semiconductors and autos were major contributors, US and China-bound exports were favorable wh...

    2014-01-04 08:58
  • Weak JPY and implications for Korea’s exports

    Onset of J-curve effect for Japan One year after Shinzo Abe took office as Japan's prime minister, there are signs that the nation’s exports are starting to pick up. USD-denominated exports have...

    2014-01-04 08:48
  • Hanjin group announces extensive financial restructuring plan

    On December 19,Korean Air (KAL) and Hanjin Shipping (Hanjin) held a joint management briefing.During the session, both companies announced financial restructuring plans, andKAL included a plan t...

    2013-12-23 13:05
  • SEMCO  4Q13 preview: Wait until Galaxy S5 next spring

    We downgradeSEMCO to Hold as we revised down 4Q13 and 2014 earnings marginally. 1)Handset-related component orders should be weaker than previously expected onSamsung Electronics’ aggressive compon...

    2013-12-23 13:04
  • SK Hynix-No new DRAM capacity despite Icheon fab construction

    On December 20, SK Hynix announced it would build a newfab in Icheon. Management emphasized capacity would not increase, rather itwould relocate the existing M10 DRAM line. We believe the new fab ...

    2013-12-23 13:00
  • Oil Refining-No real heating demand

    ▶ Gasoline price, which comprises 26.6% of the complex margin, has fallen YoY. Specifically, the December gasoline-Dubai crude spread fell 27% YoY, and 4Q13 YTD spread is down 31.1% YoY. In contras...

    2013-12-09 22:31
  • FILA Korea 3Q13 review: Two surprises

    ▶ 3Q13 consolidated sales jumped 24% YoY to W179.3bn, and OP surged 42% YoY to W22.9bn. Of note, OP beat the consensus by 15%, and OPM improved 1.6%p YoY to 12.7%. Overseas divisions fueled growth,...

    2013-11-18 14:13
  • Nong Shim-3Q13 review: Bad scenario played out

    ▶ In 3Q13, consolidated sales shed 8.8% YoY and OP 41.5%. The latter missed our forecast by 10.1% and the consensus by 29.0%. With ramen market share eroded by a rival’ promotions, the product cate...

    2013-11-18 14:11
  • SK Holdings-3Q13 review: Focus on positive outlook rather than slump

    *Source: Korea Investment & Securities Co.

    2013-11-18 12:58
  • KCC-3Q13 review: Clear direction confirmed in 3Q13 earnings

    *Source: Korea Investment & Securities Co.

    2013-11-18 12:55