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  • CJ CheilJedang 1Q14 review: Moving in the right direction

    ▶ 1Q14 OP fell only 6.3% YoY, beating our estimate by 46.1% and the consensus by 43.3%. After restructuring, the food division posted solid profitability gains despite a sustained decline in lysine...

    2014-05-12 08:39
  • Tech Strategy-Memory and LCD supply/demand conditions to keep improving

    2Q14F QoQ growth: DRAM bit 6%, LCD capacity less than 2% We forecast DRAM bit growth to stay low at 6% QoQ in 2Q14 given the conversion of Micron’s Singapore Fab 7 to NAND capacity and SK Hynix’s...

    2014-05-08 13:55
  • Consumer sector-Wallets remain closed

    Cosmetics the most attractive option The consumer spending slump continues. Although macroeconomic conditions raise the possibility of greater retail sales, there has been no sign of monthly imp...

    2014-05-08 13:50
  • Telecom services-Handset distribution bill to cut marketing cost systematically over long term

    Handset distribution bill to be approved May 2 After a 12-month delay, the handset distribution bill that was originally proposed in May 2013 was passed by the Science, ICT, Future Planning, Broa...

    2014-05-07 08:43
  • Telecom services-New law and circuit breaker enhance attractiveness

    Handset distribution law and circuit breaker: systemic efforts to reduce marketing costs We expect the new handset distribution law to take effect in October after being passed by the National A...

    2014-05-07 08:41
  • Autos-Stocks to rebound on record-breaking sales

    Once the forex rate stops falling . . . Both Hyundai Motor (Hyundai) and Kia Motors (Kia) posted record sales in April for a second straight month, led by solid exports and sustained strength at o...

    2014-05-07 08:39
  • Samsung F&M-Distinguished solitary leading platform amid sluggish industry growth

    ▶ Samsung F&M posted the most remarkable 1Q14 earnings in the KIS non-life insurer universe. Direct premiums written (DPW) growth remained at 2.2% YoY, similar to the industry average. However, NP ...

    2014-05-02 13:59
  • Seoul Semiconductor 2Q14 earnings to beat guidance

    ▶ We revised down our TP by 12% to W53,000 as we lowered our 2014 OP forecast by 13%. However, we maintain BUY on Seoul Semiconductor (SSC), as: 1) 1Q14 results met guidance, despite earnings conce...

    2014-05-02 13:45
  • SK Broadband 1Q14 review: Earnings below estimates, valuations a burden

    ▶ 1Q14 earnings missed both our estimates and the market consensus. Sales missed our estimate by 2.5% on weak IDC/solution sales. As such, OP and NP fell short of our estimates by 40.1% and 89.0...

    2014-05-02 13:43
  • KT 1Q14 review: Profitability to improve and mobile competitiveness to recover

    ▶ 1Q14 operating results missed our estimates and the market consensus. Sales missed our estimate by 5.4% on less handset sales, and service sales (excluding handset sales) fell short by 3.0% on ...

    2014-05-02 13:40
  • SK Hynix-DRAM shortage continues in 2Q14 despite more supply

    Samsung guides higher 2Q14 DRAM bit growth to bolster margins On April 29, Samsung Electronics (Samsung) disclosed 2Q14 DRAM bit growth guidance at the mid-10% range during the earnings conference...

    2014-04-30 09:27
  • Samsung Electronics-Memory and OLED to drive 2Q14 earnings

    What’s new: Smartphone and memory improve, one-off gains booked Samsung Electronics (Samsung) posted 1Q14 sales of W53.7tn, OP of W8.3tn and NP of W7.2tn. Despite weak seasonality, results were s...

    2014-04-30 09:21
  • Meritz F&M Expect 15% ROE despite unfavorable conditions

    What’s new: Lower NP outlook by 6% on sluggish 1QFY14 earnings Meritz F&M’s 1QFY14 earnings were sluggish, at W30.4bn. Losses from underwriting operation widened, as loss ratios soared, while inve...

    2014-04-30 09:10
  • S-Mac-Earning momentum from 2H14

    What’s new: Operating loss on lack of new smartphone model wins and lower tablet yields 1Q14 sales fell 40% QoQ to W76.9bn while OP turned to a loss of W1.9bn. Results were below market consensu...

    2014-04-30 09:08