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  • Leenos Reports 80% Growth in Operating Profit

    Leenos announced on May 29 that it posted an operating profit of 2.17 billion won for the first quarter of this year, up 80.2 percent from a year ago. For the January-March period of this year,...

    2014-05-30 07:44
  • Medical Service -Auxiliary businesses to spur medical service industry growth

    Medical services (US$55bn, up 3.8% y-y) take up 72.4% (up 0.8%p y-y) of domestic healthcare market (US$76bn, up 2.7% y-y) - In 2012, the global healthcare market was estimated to be worthUS$7.3tn...

    2014-05-26 14:17
  • Pharmaceutical Industry-Three new policies to transform game rules

    Three new policies to transform game rules Under a proposed new policy, subsidies would be provided to hospitals that reduce their drug expenditure. We believe that the new policy will lead hospi...

    2014-05-26 14:13
  • Silicon Works-Implications of LG Group’s acquisition

    May 23, LG Group bought Silicon Works, a local developer for logic chips, for W86.5bn. We expect the synergy-effect driven by both LG and Silicon Works’ sensor business aiming automobile market. We...

    2014-05-26 14:05
  • Fixed Income Weekly-Investors need time to adapt themselves to the lowered yield level

    Given attractive supply-demand conditions and the tepid economic recovery (slower than expected), the yield downtrend should continue after the short breath taking. As such, we advise: 1) buying lo...

    2014-05-26 14:02
  • Naver-Operating leverage effects from LINE starting to emerge in 2014

    Thanks to the solid performance of LINE, NAVER’s operating leverage is becoming more visible. Accordingly, we stick to our Buy rating and target price of W1,000,000, maintaining the play as our sec...

    2014-05-19 15:26
  • Tovis-Growth to be led by sales of curved monitors for casino gaming machines

    With sales of the firm’s newly launched casino gaming machine monitors (rolled out in March) set to be fully reflected in 2Q14, we expect Tovis to post record-high quarterly sales and operating pro...

    2014-05-19 15:22
  • NHN-1Q14 results sluggish on web-board regulations

    Due to the introduction of web-board game regulations, NHN Entertainment recorded worse-than-expected 1Q14 results. Against this background, we expect investor sentiment towards the firm to weaken ...

    2014-05-19 15:20
  • Samsung Electronics-KRW appreciates and smartphone shipments fall

    Lower 2Q14 outlook on strong won and weak smartphone shipments We lower our 2Q14 earnings estimates to sales of W55.2tn (previously W56.6tn, down 2.4%), OP of W8.8tn (W9.3tn, down 5.2%) and NP of...

    2014-05-16 08:53
  • Youngone Holdings-1Q14 review: Bright outlook despite difficult conditions

    ▶ 1Q14 consolidated sales grew 22% YoY to W293.7bn and OP gained 35% YoY to W44.3bn. Youngone, a subsidiary (50.2% owned by Youngone Holdings) and an apparel OEM, generated OP of W25.5bn, up 18% Yo...

    2014-05-16 08:51
  • Telecom services-Competition concerns overblown

    Fear of excessive competition after business suspensions end Despite the handset distribution bill’s passage, telco stocks currently underperform the market. As all three telcos will be free from...

    2014-05-16 08:49
  • Toshiba’s NAND investment in line with expectation

    Japanese newspaper reports Toshiba capex of JPY700bn over 3 years On May 12, Japan’s Sankei News reported that Toshiba will invest JPY700bn (USD6.8bn) for NAND Flash over the coming three years. T...

    2014-05-16 08:47
  • Samsung SDS to list, Samsung C&T’s asset value to be highlighted

    ▶ On May 8, Samsung SDS held a board of directors’ meeting and voted to list in 2014 to raise funds to expand overseas business. According to press reports, a lead manager will be chosen in 2Q14, a...

    2014-05-12 08:45
  • Naver 1Q4 review: Robust LINE growth to differentiate NAVER

    ▶ 1Q14 sales surged 23.9% YoY to W638.0bn, in line with our estimate. However, OP came in at W189.9bn (18% above OP consensus of W160.7bn), beating our estimate by 8%. Marketing expenses dropped 49...

    2014-05-12 08:43