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  • Kia Motors-China no. 3 plant starts shipments

    ▶ We maintain BUY and a 12MF TP of W78,000 at 8x 12MF PE, a 10% discount to the sector average. With the China no. 3 plant starting shipments this month, Kia Motors’ (Kia) terrific China momentum...

    2014-02-10 18:00
  • Cosmax 4Q13 review: Synergies between competitiveness and structural growth momentum

    ▶ Sales growth was high (27.5% YoY), as expected, and OP (W8.1bn, 97.5% YoY) substantially beat our estimate and the consensus. OP expectations were conservative due to potential yearend one-off ex...

    2014-02-10 17:58
  • Wonik Materials4Q13 review: Solid margins continue despite lower downstream utilization

    ▶ Wonik Materials (Wonik) posted 4Q13 sales of W38.4bn, OP of W8.4bn (OPM 22%) and NP of W6.5bn (NPM 17%). Both sales and OP are in line with our estimates and overall results were solid, despite l...

    2014-02-10 17:57
  • Strategy-Expectations lowered for Kospi; Consumer goods are favored

    Emerging market risks unlikely to spread wide After beginning the month with a plunge by Samsung Electronics and autos, the stock market rallied for a short while at mid-January. But it weakened ...

    2014-02-10 07:35
  • Construction-Balance sheet-centered investment strategy

    4Q13 worse than expected at builders As 4Q13 earnings releases wind down, major construction companies showed that the ill effects of PF projects left unstarted for a lengthy period and the Middl...

    2014-02-10 07:31
  • Chinese players rank third and fourth in 4Q13 global smartphone market

    Chinese players rank third and fourth in 4Q13 global smartphone market Global smartphone shipments still strong in 4Q13 While most smartphone players, excluding Samsung Electronics and Nokia, ha...

    2014-01-27 15:33
  • Are healthcare shares halfway up or already at the summit?

    Re-rated healthcare share prices The domestic healthcare/medical devices sector currently trades at 20x 2014F PE compared to the global peers’ 19.5x. The domestic sector’s valuation discount to ...

    2014-01-27 15:30
  • Hyundai Motor Aims to Sell 25,000 Units of Genesis in the U.S. This Year

    DaveZuchowski, president of Hyundai Motor America,said in a press talk on January14, "We aim to sell 25,000 units of New Genesis in the U.S. market thisyear and 30,000 next year." HyundaiMotor ...

    2014-01-15 08:41
  • Toyota goes ahead with ES plant in the US

    Construction begins for first US-made Lexus Toyota announced on January 8 that it started building a dedicated assembly line for first USmade Lexus. At a news event on April 18, 2013, Toyota CEO A...

    2014-01-14 13:28
  • Chemicals/Oil refining-Weekly Movers

    News of the week: MEG maintenance capacity exceeds new capacity This week, MEG CFR Korea price slipped USD40 to USD988 per tonne. Recent MEG weakness is mainly due to increasing inventories in Ch...

    2014-01-14 13:24
  • Shipbuilding 4Q13 preview: Concerns excessive

    More orders and higher OPM expected in 2014 Korea’s major shipyards have beaten 2013 new order targets backed by a recovery in commercial ships and robust offshore/LNG carrier orders. And, we ex...

    2014-01-13 19:09
  • Tourism-On the way to recovery, worst is over

    4Q13 earnings slowdown in line with expectations 4Q13 earnings at both Korean tour service companies should be sluggish, but in line with our earlier expectations. We attribute the weak earnings ...

    2014-01-13 18:52
  • Preferred stocks-Use January effect as a buying opportunity

    Recent relative price trends of preferred stocks During the past year, the top 20 preferred stocks by market cap generated a 39.6%p excess return compared to the underlying common stock. As such,...

    2014-01-10 17:18
  • Handset components-Stocks to weather the storm

    Selective approach to handset components In 2014, we recommend a selective approach to handset components, given: 1) increasing smartphone commoditization, and 2) growing pricing pressure as cos...

    2014-01-10 17:16