DOCSLIB.ORG

Korea Morning Focus

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Korea Morning Focus July 1, 2019 Korea Morning Focus Company News & Analysis Major Indices Close Chg Chg (%) Dongkuk Steel Mill (001230/Hold) KOSPI 2,130.62 -3.70 -0.17 Further debt reductions needed to increase shareholder value KOSPI 200 277.50 -0.25 -0.09 KOSDAQ 690.53 -7.68 -1.10 Turnover ('000 shares, Wbn) Volume Value KOSPI 529,504 4,282 KOSPI 200 66,427 2,827 KOSDAQ 766,070 4,241 Market Cap (Wbn) Value KOSPI 1,419,521 KOSDAQ 236,406 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,508 1,195 312 Institutional 859 969 -110 Retail 1,891 2,091 -199 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 414 426 -12 Institutional 193 201 -7 Retail 3,563 3,546 17 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,040 975 65 KOSDAQ 355 375 -20 Advances & Declines Advances Declines Unchanged KOSPI 269 533 92 KOSDAQ 428 765 96 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 47,000 500 574 Hynix 69,500 -700 216 KODEX Kosdaq150 8,930 -455 215 Leverage KODEX KOSDAQ150 8,140 185 200 INVERSE KODEX Leverage 12,695 -55 124 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Hyundai IT 17,750 -1,400 286 Energy Solutions 5,710 -2,440 135 Linkgenesis 9,200 1,450 126 SillaJen 49,400 -2,900 101 ViroMed 168,600 -24,600 94 Note: As of June 28, 2019 This document is a summary of a report prepared by Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) and published on our website. Please review the compliance notices contained in the original report. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information and opinions contained in this document. Mirae Asset Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed or published in whole or in part for any purpose. Dongkuk Steel Mill (001230 KS) Further debt reductions needed to increase shareholder value Steel 2Q19 preview: Lower sales mix of cheap rebars to drive earnings improvement Earnings Preview June 28, 2019 For 2Q19, we forecast Dongkuk Steel Mill to post non-consolidated revenue of W1.4tr (+1.3% YoY, +11.3% QoQ) and operating profit of W48bn (+117.9% YoY, +58.8% QoQ). We expect earnings to improve YoY and QoQ on the back of a seasonal increase in the sales volume of long products and a decline in the mix of low-priced rebars. Cold-rolled steel prices should also rise on higher prices of hot-rolled steel (raw material), further (Maintain) Hold supporting margins. That said, heavy plate margins are likely to remain under pressure, as 1H19 contract prices for shipbuilding steel were likely frozen despite Target Price (12M, W) - higher prices of slab (raw material). Share Price (06/27/19, W) 6,880 Monthly rebar price disclosure system taking hold Domestic rebar makers have stopped taking new orders and are currently only Expected Return - fulfilling existing contracts, after suspending quarterly price negotiations with the Korea Construction Procurement Part Association in January. Rebar makers are instead individually announcing monthly prices and demanding that changes in raw/secondary OP (19F, Wbn) 203 material prices are reflected in rebar prices so they can ensure a reasonable level of Consensus OP (19F, Wbn) 207 profitability. So far, the monthly price disclosure system appears to be taking hold. As a result, the sales mix of cheap rebars has been falling, contributing to rebar suppliers’ EPS Growth (19F, %) - margin improvements. That said, with the price dispute yet to be resolved, we believe Market EPS Growth (19F, %) -21.6 future developments need to be closely monitored. There are worries about sluggish P/E (19F, x) 10.5 demand in 2H19, but given the YoY growth in construction orders since March, we Market P/E (19F, x) 12.3 think increasing social overhead capital (SOC) spending could lead to stronger demand KOSPI 2,134.32 in the civil construction sector. Market Cap (Wbn) 657 Further debt reductions needed to increase shareholder value Shares Outstanding (mn) 95 Free Float (%) 72.7 While long steel margins are improving as a result of the industry’s new rebar pricing Foreign Ownership (%) 28.4 policy, flat steel margins remain constrained by the company’s limitation as a pure Beta (12M) 1.95 rolling mill. And while the company has reduced its leverage over the past five years 52-Week Low 6,350 through restructuring, its debt level is still high, with net debt of W2.3tr and a debt 52-Week High 9,680 ratio of 180% at end-1Q19. With the company’s recent announcement that it will inject US$150mn into its Brazilian affiliate CSP (in which it owns 30%) over the next three (%) 1M 6M 12M years (US$45mn in 2019, US$79.5mn in 2020, and US$25.5mn in 2021), the pace of Absolute 6.0 -2.7 -19.6 deleveraging is likely to slow. Applying an EV/EBITDA of 6x to EBITDA of roughly Relative 1.5 -7.5 -11.8 W400bn expected over the next 12 months, we come to a valuation of W2.4tr, which implies shareholders’ equity of just W100bn when accounting for net debt. We believe 120 Dongkuk Steel Mill KOSPI further debt reductions are needed for shareholder value to increase. 110 100 90 80 70 60 6.18 10.18 2.19 6.19 Mirae Asset Daewoo Co., Ltd. [ Advanced Materials/Metals] FY (Dec.) 12/16 12/17 12/18 12/19F 12/20F 12/21F Revenue (Wbn) 5,007 6,049 5,965 5,827 6,218 6,455 Jaekwang Rhee +822-3774-6022 OP (Wbn) 257 241 145 203 206 213 [email protected] OP margin (%) 5.1 4.0 2.4 3.5 3.3 3.3 NP (Wbn) 61 5 -298 62 78 83 EPS (W) 643 47 -3,121 654 815 871 ROE (%) 2.9 0.2 -14.3 3.2 3.8 3.9 P/E (x) 17.2 231.7 - 10.5 8.4 7.9 P/B (x) 0.5 0.5 0.4 0.3 0.3 0.3 Dividend yield (%) 1.4 0.9 0.0 0.0 0.0 0.0 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. June 28, 2019 Dongkuk Steel Mill Table 1. Quarterly and annual earnings (Wbn, %) 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19F 3Q19F 4Q19F 2018 2019F 2020F Revenue 1,401 1,512 1,501 1,550 1,375 1,496 1,460 1,496 5,965 5,827 6,218 Dongkuk Steel Mill (parent) 1,264 1,353 1,346 1,401 1,232 1,371 1,335 1,371 5,365 5,308 5,710 Subsidiaries 137 159 155 149 143 125 125 125 600 518 508 Operating profit 21 32 53 39 48 56 49 50 145 203 206 Dongkuk Steel Mill (parent) 11 22 46 35 30 48 40 41 114 159 171 Subsidiaries 10 10 7 5 18 9 9 9 31 44 34 OP margin 1.5 2.1 3.5 2.5 3.5 3.8 3.3 3.3 2.4 3.5 3.3 Dongkuk Steel Mill (parent) 0.8 1.6 3.4 2.5 2.5 3.5 3.0 3.0 2.1 3.0 3.0 Subsidiaries 7.2 6.5 4.2 3.2 12.6 6.8 6.8 6.8 5.2 8.4 6.7 Pretax profit (37) (193) (11) (86) 3 31 23 24 (327) 80 102 Net profit (38) (193) (7) (59) 4 23 17 18 (298) 62 78 (controlling interests) Source: Mirae Asset Daewoo Research estimates Mirae Asset Daewoo Research Mirae Asset Daewoo Research Key Universe Valuations July 1, 2019 ※All data as of close June 27, 2019, unless otherwise noted. 19F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 19F 20F 19F 20F 19F 20F 19F 20F 19F 20F 005930 Samsung Electronics 280,580 47,000 3.0 -56.7 31.8 -49.5 27.8 15.5 12.1 1.2 1.2 8.3 10.0 000660 SK Hynix 50,596 69,500 2.2 -85.3 94.0 -85.4 87.6 22.3 11.9 1.0 0.9 4.8 8.5 005380 Hyundai Motor 29,914 140,000 2.9 61.8 9.5 143.0 11.5 10.8 9.7 0.5 0.5 5.2 5.6 068270 Celltrion 26,372 205,500 - - - - 0.0 0.0 051910 LG Chem 25,025 354,500 1.7 -21.5 56.7 -24.3 68.0 24.9 14.8 1.5 1.4 6.4 10.1 012330 Hyundai Mobis 22,445 235,500 1.5 9.1 10.2 27.0 7.4 9.6 8.9 0.7 0.6 7.5 7.6 005490 POSCO 21,317 244,500 4.1 -14.6 2.8 71.9 3.0 7.3 7.1 0.5 0.4 6.6 6.4 055550 Shinhan Financial Group 21,292 44,900 12.5 3.1 10.5 0.7 6.1 6.1 0.5 0.5 9.4 8.8 017670 SK Telecom 20,913 259,000 3.9 7.2 4.4 -51.8 65.3 13.9 8.4 0.8 0.8 6.6 10.3 051900 LG H&H 20,507 1,313,000 12.8 9.7 15.7 10.6 26.0 23.5 5.6 4.8 20.0 18.9 105560 KB Financial Group 19,170 45,850 9.7 3.8 10.8 4.0 5.7 5.4 0.5 0.5 9.3 9.0 035420 NAVER 18,789 114,000 0.3 -15.1 26.3 -31.4 68.6 42.2 25.0 2.7 2.5 8.2 12.5 028260 Samsung C&T 18,153 95,700 2.1 5.4 20.1 -4.2 20.7 14.4 11.9 0.7 0.6 5.2 5.9 000270 Kia Motors 17,836 44,000 1.8 20.5 19.7 54.5 16.7 10.0 8.6 0.6 0.6 6.3 7.0 032830 Samsung Life 16,720 83,600 - - - - 0.0 0.0 018260 Samsung SDS 16,636 215,000 1.3 11.6 16.5 12.7 15.4 23.4 20.3 2.5 2.3 11.3 12.0 015760 KEPCO 16,402 25,550 - - - - - - 0.2 0.2 - - 034730 SK Holdings 16,324 232,000 2.0 13.3 12.9 -32.3 20.1 10.8 9.0 0.9 0.8 8.9 9.8 006400 Samsung SDI 16,263 236,500 0.4 17.7 37.7 12.6 27.1 21.1 16.6 1.3 1.2 6.4 7.5 096770 SK Innovation 14,702 159,000 5.0 -46.5 75.4 -56.1 94.1 20.6 10.6 0.8 0.7 4.0 7.6 033780 KT&G 13,523 98,500 4.3 12.8 5.6 17.5 5.1 12.8 12.1 1.5 1.4 12.7 12.6 003550 LG Corp.
Load more

Recommended publications
  • Shinsegae Buy (004170 KS) (Maintain)
    [Korea] Retail Shinsegae Buy (004170 KS) (Maintain) Additional negatives to be limited TP: W290,000 ▼ Upside: 31.5% Mirae Asset Daewoo Co., Ltd. Myoungjoo Kim [email protected] Minjeong Kyeong [email protected] 2Q20 review Operating loss due to COVID-19 For 2Q20, Shinsegae reported consolidated revenue of W1.01tr (-32.6% YoY) and an operating loss of W43.1bn (turning to loss YoY). For department stores (non-consolidated), operating profit plunged 56.3% YoY to W14.3bn. The duty-free division posted an operating loss of W37bn (turning to loss YoY). The results missed our estimates and the consensus, hurt by: 1) sluggish department store earnings due to sales mix deterioration; and 2) continued weakness at the duty-free division. In the department store division, the apparel/accessories segments have been slow to recover due to the rapid shift to online shopping amid the lingering impact of COVID-19. Additional negatives to be 2Q20 marked a bottom limited The pandemic weighed on all of Shinsegae’s businesses in 1H20, not just the department store and duty-free divisions. That said, we believe additional negatives are limited. Monthly same-store sales growth at department stores has recovered swiftly (to approximately 9% currently). Considering additional rent cuts for the Terminal 1 airport location (i.e., the temporary introduction of variable rent payments linked to sales), we expect the duty-free division to improve meaningfully in line with the recovery of revenue. Valuation and recommendation Lower TP to W290,000 (from W360,000) We revised down our 2021 EPS estimate by 5.1%, reflecting the decline in the value of Shinsegae’s stakes in subsidiaries (e.g., Shinsegae International [031430 KS/CP: W158,000]).
    [Show full text]
  • FTSE Korea 30/18 Capped
    2 FTSE Russell Publications 19 August 2021 FTSE Korea 30/18 Capped Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) Alteogen 0.19 KOREA Hyundai Engineering & Construction 0.35 KOREA NH Investment & Securities 0.14 KOREA AmoreG 0.15 KOREA Hyundai Glovis 0.32 KOREA NHN 0.07 KOREA Amorepacific Corp 0.65 KOREA Hyundai Heavy Industries 0.29 KOREA Nong Shim 0.08 KOREA Amorepacific Pfd. 0.08 KOREA Hyundai Marine & Fire Insurance 0.13 KOREA OCI 0.17 KOREA BGF Retail 0.09 KOREA Hyundai Merchant Marine 1.02 KOREA Orion 0.21 KOREA BNK Financial Group 0.18 KOREA Hyundai Mipo Dockyard 0.15 KOREA Ottogi 0.06 KOREA Celltrion Healthcare 0.68 KOREA Hyundai Mobis 1.53 KOREA Paradise 0.07 KOREA Celltrion Inc 2.29 KOREA Hyundai Motor 2.74 KOREA Posco 1.85 KOREA Celltrion Pharm 0.24 KOREA Hyundai Motor 2nd Pfd. 0.33 KOREA Posco Chemical 0.32 KOREA Cheil Worldwide 0.14 KOREA Hyundai Motor Pfd. 0.21 KOREA Posco International 0.09 KOREA CJ Cheiljedang 0.3 KOREA Hyundai Steel 0.33 KOREA S1 Corporation 0.13 KOREA CJ CheilJedang Pfd. 0.02 KOREA Hyundai Wia 0.13 KOREA Samsung Biologics 0.92 KOREA CJ Corp 0.11 KOREA Industrial Bank of Korea 0.22 KOREA Samsung C&T 0.94 KOREA CJ ENM 0.15 KOREA Kakao 3.65 KOREA Samsung Card 0.08 KOREA CJ Logistics 0.12 KOREA Kangwon Land 0.23 KOREA Samsung Electro-Mechanics 0.81 KOREA Coway 0.36 KOREA KB Financial Group 1.78 KOREA Samsung Electronics 25.36 KOREA Daewoo Engineering & Construction 0.12 KOREA KCC Corp 0.12 KOREA Samsung Electronics Pfd.
    [Show full text]
  • 2021 Virtual Buyer Meetings: Korea
    VIRTUAL TRADE EVENT 2021 VIRTUAL BUYER MEETINGS: KOREA Tuesday, Jun 8 - Wednesday, Jun 9, 2021 Registration: Thursday, Apr 8 - Friday, Apr 30, 2021 | 12:00 PM Virtual Meetings | Korea, Republic of | East Asia https://www.wusata.org/e/JW6OHLO EVENT DETAILS The Western United States Agricultural Trade Association (WUSATA®) and the PRODUCT DESCRIPTION 13 Western State Departments of Agriculture, announce participation and registration in the following activity, brought to you by the USDA's Foreign Agricultural Service: Frozen fruit, canned vegetables, beverage mixes, coffee, tea, wine, cereals, wheat & grain products, oatmeal, 2021 Virtual Buyer Meetings: Korea ~ June 8-9, 2021 confectioneries, bakery products, oils, condiments, Introduce your unique consumer-oriented products to buyers remotely! maple syrup, sauces, spices & seasonings, organic Seven companies from South Korea are seeking products to import for their foods, healthy & natural products, snacks, chocolates, customers. These companies have experience importing food and beverage protein snacks, ice cream, frozen meals, vegan meat, products into the Korean market. They distribute to retail, online and foodservice peanut butter, nuts (hazelnuts, almonds, walnuts, businesses across the country. This is a great opportunity for companies seeking a pistachios & pecans), pet food and animal feed. distribution partner in Korea. INDUSTRY FOCUS Please review the list of products each company is seeking to see if your Consumer Oriented products fit. If you are interested in meeting with buyers from any of these companies, please sign up quickly. Meeting times are limited. Here is more information about each of the Korean companies: 1. GED Corporation (www.gedfood.co.kr) - Importer and distributor based in Seoul, which sells into the retail, online and foodservice channels.
    [Show full text]
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Tested Websites
    1 Appendix: Lists of tested websites monetary non-monetary Name URL Name URL KDB www.kdb.co.kr e-Post www.epostbank.go.kr IBK www.ibk.co.kr Saemaeul www.kfcc.co.kr KB www.kbstar.com Shinhyup openbank.cu.co.kr KEB www.keb.co.kr Aju aju.banking.fsb.or.kr Hana www.hanabank.com Dongyang dy.banking.fsb.or.kr Shinhan www.shinhan.com Yeju www.yejubank.co.kr Suhyup www.suhyup-bank.com HS www.hsb.co.kr NH banking.nonghyup.com HK www.hansolbank.co.kr Woori www.wooribank.com SC www.scstandardmutualsavingsbank.co.kr SC (bank) www.standardchartered.co.kr Yenarae http://www.yenaraebank.co.kr Citi www.citibank.co.kr Shinan http://www.shinanbank.co.kr Daegu www.dgb.co.kr Moa www.moa-bank.co.kr Busan www.busanbank.co.kr TS www.samsungbank.co.kr Gwangju www.kjbank.com Hyundai www.hyundaisb.com Jeju www.e-jejubank.com Shinhan www.shinhansavings.com Jeonbuk www.jbbank.co.kr Hanwha hanwhas.banking.fsb.or.kr Kyoungnam www.knbank.co.kr EG egbank.banking.fsb.or.kr HSBC www.hsbc.co.kr Hankuk kibank.banking.fsb.or.kr Table 1. List of financial institution websites in Korea 2 Rank Name URL Rank Name URL 1 Naver www.naver.com 51 Hangame www.hangame.com 2 Daum www.daum.net 52 Twitter www.twitter.com 3 Nate www.nate.com 53 Tcloud www.tcloud.co.kr 4 Cyworld www.nate.com/cymain 54 Digital times www.dt.co.kr 5 11st www.11st.co.kr 55 Wownet www.wownet.co.kr 6 Gmarket www.gmarket.com 56 Tmap www.tmap.co.kr 7 Google www.google.com 57 Nexon www.nexon.com 8 Facebook www.facebook.com 58 Lotte i mall www.lotteimall.com 9 Auction www.auction.co.kr 59 CJ mall www.cjmall.com 10
    [Show full text]
  • Selectively Hedged Global Equity Portfolio-Institutional Class As of March 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
    Selectively Hedged Global Equity Portfolio-Institutional Class As of March 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. This fund operates as a fund-of-funds and generally allocates its assets among other mutual funds, but has the ability to invest in securities and derivatives directly. The holdings listed below contain both the investment holdings of the corresponding underlying funds as well as any direct investments of the fund.
    [Show full text]
  • Nitro Games Signs Agreement with Netmarble EMEA
    COMPANY RELEASE 29 July 2019 12:05 (EEST) Nitro Games signs Agreement with Netmarble EMEA Nitro Games & Netmarble EMEA have signed an Agreement to introduce Heroes of Warland to Arabic and Turkish speaking audiences. Nitro Games has signed a Game Distribution and Servicing Agreement with Netmarble EMEA, the regional office of Netmarble Games, a giant Korean games publisher and one of the fastest growing mobile gaming companies in the world today. The Agreement covers licensing of Nitro Games’ game ”Heroes of Warland” to Netmarble EMEA for publishing in Arabic and Turkish speaking countries. Terms overview: Period: 3 years from Commercial Launch Service Fees: 500.000,00 EUR, paid in installments to Nitro Games, tied to launch progression Royalties: Net 35% to Nitro Games Territories: Turkey, Middle-East, and Africa Target launch: H2 2019, starting with soft-launch Platforms: iOS and Android “Heroes of Warland has gone through a major overhaul during the first half of this year. We’re now proceeding to release this new version also with Netmarble EMEA, by introducing the game to Turkish and Arabic speaking audiences. The first step in the MEA region is a soft-launch that is starting soon.”, says Jussi Tähtinen, CEO & Co-Founder Nitro Games Plc. For more information: Jussi Tähtinen, CEO & Co-Founder Phone: +358 44 388 1071 Email: [email protected] Sverker Littorin, Board member, IR Advisor Phone: +46 70 875 53 09 Email: [email protected] This company announcement contains information that Nitro Games Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 29 July 2019 at 12:05 (EEST).
    [Show full text]
  • Holdings-Report.Pdf
    The Fund is a closed-end exchange traded management Investment company. This material is presented only to provide information and is not intended for trading purposes. Closed-end funds, unlike open-end funds are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. Changes to investment policies, current management fees, and other matters of interest to investors may be found in each closed-end fund's most recent report to shareholders. Holdings are subject to change daily. PORTFOLIO HOLDINGS FOR THE KOREA FUND as of July 31, 2021 *Note: Cash (including for these purposes cash equivalents) is not included. Security Description Shares/Par Value Base Market Value (USD) Percent of Base Market Value SAMSUNG ELECTRONICS CO 793,950 54,183,938.27 20.99 SK HYNIX INC COMMON 197,500 19,316,452.95 7.48 NAVER CORP COMMON STOCK 37,800 14,245,859.60 5.52 LG CHEM LTD COMMON STOCK 15,450 11,309,628.34 4.38 HANA FINANCIAL GROUP INC 225,900 8,533,236.25 3.31 SK INNOVATION CO LTD 38,200 8,402,173.44 3.26 KIA CORP COMMON STOCK 107,000 7,776,744.19 3.01 HYUNDAI MOBIS CO LTD 26,450 6,128,167.79 2.37 HYUNDAI MOTOR CO 66,700 6,030,688.98 2.34 NCSOFT CORP COMMON STOCK 8,100 5,802,564.66 2.25 SAMSUNG BIOLOGICS CO LTD 7,230 5,594,175.18 2.17 KB FINANCIAL GROUP INC 123,000 5,485,677.03 2.13 KAKAO CORP COMMON STOCK 42,700 5,456,987.61 2.11 HUGEL INC COMMON STOCK 24,900 5,169,415.34 2.00 SAMSUNG 29,900 4,990,915.02 1.93 SK TELECOM CO LTD COMMON 17,500 4,579,439.25 1.77 KOREA INVESTMENT 53,100 4,427,115.84
    [Show full text]
  • Interbrand-Best-Korean-Brands-2015
    Contents 02 Introduction 04 The future of business is personal 06 The Age of You: key questions answered 10 Best Korea Brands 2015 Top50 46 Best Korea Brands 2015 Analysis 54 Authors & Contributors 1 engage customers and generate genuine result, each of us will become our own 2015 will provide the insights you need value for the business. marketplace or “Mecosystem.” to drive your organization forward—and Introduction new inspiration to push creative thought The need to create brand experiences In our report, Jez Frampton, Global CEO Jihun Moon and innovation in these changing times. that are seamless and more holistic has of Interbrand, will elaborate on this new been precipitated by sector convergence era, which we at Interbrand refer to as Congratulations to all of Korea’s Best The origin of the term “branding” was and the rise of Big Data. Harnessing the the “Age of You”—the move from brand Global Brands—in particular those whose lit¬erally to burn one’s name onto prop- potential of Big Data isn’t just for tech as monologue, to brand as dialogue, leadership skills have earned them a erty as a crude mark of ownership. But companies anymore—it offers huge to brand as a communal experience, to place among the nation’s top brands. it’s only in our relatively recent history opportunities for all brands. By collecting brand as a truly personal and curated ex- that branding has become recognized as To your continued success, and analyzing customer data and honing perience created around each and every a business discipline.
    [Show full text]
  • E-Commerce in South Korea: a Canadian Perspective
    E-COMMERCE IN SOUTH KOREA: A CANADIAN PERSPECTIVE REPORT PREPARED BY: Theresa Eriksson, Luleå University of Technology, Sweden Kristin Matheson, Luleå University of Technology, Sweden Dr. Leyland Pitt, Professor of Marketing, Beedie School of Business, Simon Fraser University Dr. Kirk Plangger, King’s College, London, UK Dr. Karen Robson, University of Windsor 1 2 TABLE OF CONTENTS EXECUTIVE SUMMARY 4 INTRODUCTION 5 SOUTH KOREA: THE COUNTRY, THE ECONOMY 7 METHODOLOGY 8 THE SOUTH-KOREAN E-COMMERCE CONTEXT 9 Customer Context 9 The E-commerce Shopping process 11 Products and Brands 15 Online Behaviour 16 Shopping Events and Timing 20 Main Stakeholders 24 Technology and Infrastructure Landscape 27 For Canadian Firms Contemplating E-commerce in South Korea: 32 Marketing Considerations FUTURE OUTLOOK 40 CONCLUSION 41 CASE STUDIES 42 Case Study I: Yogiyo 42 Case Study II: Pinkfong and Baby Shark 46 APPENDIX 53 Digital Technology in South Korea and Canada — A Comparison of Digital Device Ownership, Digital Media Consumption, and Digital Behaviour. ABOUT THE AUTHORS 68 3 EXECUTIVE SUMMARY This report focuses on e-commerce opportunities for Canadian firms in South Korea, one of the world’s most connected markets. Korea is not for the faint-hearted: consumers are very sophisticated and markets are very competitive. Nevertheless, for Canadian firms with excellent offerings and a willingness to provide excellent service, coupled with patience and an ability to build good relationships at all levels, Korea offers significant opportunities. The report proceeds as follows: First, it provides a broad overview of the nation of South Korea with particular focus on e-commerce and online connectivity in that country.
    [Show full text]
  • The Korean Financial Crisis of 1997: Onset, Turnaround, and Thereafter, Which I Originally Authored in Korean in 2006
    The Korean Financial Crisis of 1997 Onset, Turnaround, and Thereafter Public Disclosure Authorized Kyu-Sung LEE Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The Korean Financial Crisis of 1997 The Korean Financial Crisis of 1997 ONSET, TURNAROUND, AND THEREAFTER Kyu-Sung LEE © 2011 The International Bank for Reconstruction and Development / The World Bank and the Korea Development Institute 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org All rights reserved 1 2 3 4 14 13 12 11 The findings, interpretations, and conclusions herein are those of the author and do not reflect the views of the World Bank, its Board of Executive Directors or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorse- ment or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development / The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com.
    [Show full text]
  • Schedule of Investments (Unaudited) Blackrock Advantage Emerging Markets Fund January 31, 2021 (Percentages Shown Are Based on Net Assets)
    Schedule of Investments (unaudited) BlackRock Advantage Emerging Markets Fund January 31, 2021 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks China (continued) China Life Insurance Co. Ltd., Class H .................. 221,000 $ 469,352 Argentina — 0.0% China Longyuan Power Group Corp. Ltd., Class H ....... 52,000 76,119 (a) 313 $ 60,096 Globant SA .......................................... China Mengniu Dairy Co. Ltd.(a) ......................... 15,000 89,204 Brazil — 4.9% China Merchants Bank Co. Ltd., Class H ................ 36,000 275,683 Ambev SA ............................................. 236,473 653,052 China Overseas Land & Investment Ltd.................. 66,500 151,059 Ambev SA, ADR ....................................... 94,305 263,111 China Pacific Insurance Group Co. Ltd., Class H......... 22,000 90,613 B2W Cia Digital(a) ...................................... 20,949 315,188 China Railway Group Ltd., Class A ...................... 168,800 138,225 B3 SA - Brasil Bolsa Balcao............................. 33,643 367,703 China Resources Gas Group Ltd. ....................... 30,000 149,433 Banco do Brasil SA..................................... 15,200 94,066 China Resources Land Ltd. ............................. 34,000 134,543 BRF SA(a).............................................. 22,103 85,723 China Resources Pharmaceutical Group Ltd.(b) .......... 119,500 62,753 BRF SA, ADR(a) ........................................ 54,210 213,045 China Vanke Co. Ltd., Class A .......................... 67,300 289,157 Cia de Saneamento de Minas Gerais-COPASA .......... 52,947 150,091 China Vanke Co. Ltd., Class H .......................... 47,600 170,306 Duratex SA ............................................ 19,771 71,801 CITIC Ltd............................................... 239,000 186,055 Embraer SA(a).......................................... 56,573 90,887 Contemporary Amperex Technology Co. Ltd., Class A .... 1,700 92,204 Gerdau SA, ADR ......................................
    [Show full text]