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  • Innox-Still top handset components play

    What’s new: Slower earnings due to delay in shipment normalization 1Q14 sales grew 7% QoQ to W46.3bn while OP grew 4% QoQ to W8.8bn. Results were weaker than our expectations (sales W52.7bn, OP W...

    2014-04-23 17:28
  • Hyundai Motor ix25 launch in China to sustain solid growth

    ▶ On April 20, Hyundai Motor (Hyundai) unveiled the ix25 compact SUV at the Beijing Motor Show. This will be Hyundai’s second model exclusively developed for China, and it will launch locally in Oc...

    2014-04-21 14:10
  • Wonik IPS 1Q14 preview: Growing into global semiconductor equipment maker

    ▶ Recent order trends confirm the growth of the memory business and the easing dependence on Samsung Electronics, which we consider especially favorable for Wonik IPS. As such, we raise our TP from...

    2014-04-21 14:08
  • LG Chem 1Q14 review: Results in line

    ▶ LG Chem posted 1Q14 sales of W5.7tn (-0.8% YoY, +0.6% QoQ) and OP of W362.1bn (-11.4% YoY, +14.5% QoQ), in line with our estimates. I&E materials were weaker than expectations, but results were s...

    2014-04-21 14:06
  • Week in review: Small and mid caps regained edge

    - Last week, the Kospi rebounded to the 2,000pt mark. Expectations for China’s economic stimulus were undermined as 1Q14 GDP growth reached 7.4%, but concerns over a sharp economic slowdown eased...

    2014-04-21 13:28
  • Construction materials-New valuation for new home improvement sector

    1Q14 preview: Slow season no more We expect construction materials companies to post solid 1Q14 earnings, especially in terms of YoY growth. KCC should post OP of W55bn (up 21.5% YoY) and LG Hau...

    2014-04-21 13:23
  • Food, Beverage & Tobacco-13/14 stock/use ratios down marginally:lower FX rates to offset higher grain prices

    2013/14 world stocks/use ratios: wheat up, corn and soybean down On April 9 (local), the US Department of Agriculture (USDA) released the monthly World Agricultural Supply and Demand Estimates (W...

    2014-04-14 08:57
  • Shipping/Land transportation-Busan port crisis due to P3 Network?

    The P3 Network, the alliance of the world’s three largest shipping lines  Maersk (Denmark), MSC (Switzerland) and CMA-CGM (France)  should begin operation from mid-2014. The three shipping lines ...

    2014-04-14 08:55
  • Steel-Favorable trends in China during peak season

    Favorable trends continue in China: Stable output, low inventories and wide spreads Cina’s average daily crude steel output is near 2013 levels (2.072mn tonne) at 2.073mn tonnes as of end-March (F...

    2014-04-14 08:53
  • Small-cap school: Special lecture on poultry industry

    Rivalry between large players Why should we focus on the poultry industry? It is not simply because Cheon Song-yi, the main character of Korea’s hit drama My Love From the Stars, eats fried ch...

    2014-04-10 14:07
  • Handset-Overseas telcos continue to market aggressively

    Overseas telcos continue to market aggressively Concerns grow that overseas telcos will cut marketing costs Marketing costs at Korean telecom players should erode due to the recent business su...

    2014-04-10 14:02
  • Handset components-New trends in fingerprint scanning

    ▶ We expect fingerprint scanning in smartphones to expand gradually from 2H14, as: 1) SEC’s Galaxy S5  slated for global release on April 11  is equipped with fingerprint scanners following Apple...

    2014-04-09 17:17
  • Securities Industry-NCR Regulation eased: biggest change since 1997

    ▶ On April 8, the Financial Services Commission (FSC) disclosed plans to adjust the net operating capital ratio (NCR) system as part of its larger plans to revitalize the capital markets. Since the...

    2014-04-09 17:16
  • Construction 1Q14 preview: Acceptable but earnings to diverge from 2Q

    ▶ We forecast 1Q14 sales at major seven builders would fall 1.3%YoY but OP to return to black (Figure 1). Major builders seem to have recovered from the earnings shocks at GS E&C and Samsung Engine...

    2014-04-09 17:14