DOCSLIB.ORG

Korea Morning Focus

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Korea Morning Focus January 30, 2020 Korea Morning Focus Company News & Analysis Major Indices Close Chg Chg (%) Samsung Electro-Mechanics (009150/Buy/TP: W160,000) Raise TP KOSPI 2,185.28 8.56 0.39 A mixed outlook KOSPI 200 293.98 1.21 0.41 KOSDAQ 670.18 5.48 0.82 LG Innotek (011070/Buy/TP: W201,000) Raise TP Positives abound Turnover ('000 shares, Wbn) Volume Value POSCO Chemical (003670/Trading Buy/TP: W70,000) Downgrade rating, KOSPI 681,558 6,590 but raise TP KOSPI 200 84,850 4,457 KOSDAQ 1,040,290 5,574 Expectations of growth driving shares higher Market Cap (Wbn) LG H&H (051900/Buy/TP: W1,640,000) Value China growth on track KOSPI 1,472,172 KOSDAQ 242,426 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,649 1,548 101 Institutional 1,534 2,032 -498 Retail 3,355 2,982 373 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 561 599 -38 Institutional 197 206 -9 Retail 4,792 4,713 79 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,445 1,467 -21 KOSDAQ 505 571 -66 Advances & Declines Advances Declines Unchanged KOSPI 516 305 88 KOSDAQ 779 450 115 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 59,100 300 965 Hynix 97,900 1,600 269 KODEX Leverage 14,355 40 268 KODEX Kosdaq150 8,220 170 208 Leverage KODEX 200 Futures 6,095 -35 174 Inverse 2X KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Boditech 16,900 0 229 OKONG Corp. 7,690 520 212 Paru 4,655 5 199 Sugentech 8,430 690 164 DongKoo Bio & Pharma 20,000 2,550 125 Note: As of January 29, 2020 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. Samsung Electro-Mechanics (009150 KS) A mixed outlook Technology 4Q19 review: Decent OP of W138.6bn (-55.2% YoY, -26.7% QoQ) Results Comment For 4Q19, Samsung Electro-Mechanics (SEMCO) announced revenue of W1.85tr (-5.3% January 30, 2020 YoY, -16.7% QoQ) and operating profit of W138.6bn (-55.2% YoY, -26.7% QoQ), which were 6.5% (vs. W1.97tr) and 1.1% (vs. W140.2bn) below our estimates, respectively. The market was looking for revenue of W1.99tr and operating profit of W122.6bn. We believe the latest results were solid overall. At the module solutions unit, revenue (Maintain) Buy disappointed due to the waning effects of Samsung Electronics’ (SEC) Galaxy Note 10 sales, but margins were decent, which we attribute to favorable currency effects. The Target Price (12M, W) ▲ 160,000 4Q19 average US$/W rate was 1,176, higher than our expectation. We estimate a gain of 10 in the US$/W rate leads to a W1.5bn increase in operating profit. Share Price (01/29/20, W) 132,500 At the component solutions unit, multi-layer ceramic capacitor (MLCC) OP margin rose for the first time in five quarters. We estimate the unit’s 4Q19 OP margin improved Expected Return 21% 3.2%p QoQ to 13.8%. Utilization also rose from 75% in 3Q19 to 80% in 4Q19. That said, ASP still declined. OP (19F, Wbn) 706 Of note, the company recognized W254.2bn in losses from discontinued operations, Consensus OP (19F, Wbn) 683 following the substrate solutions unit’s (RF-PCB, BGA, etc.) exit from the HDI business. Given that the HDI business previously recorded quarterly losses of around W20-30bn, EPS Growth (19F, %) -21.6 its discontinuation should have a positive impact on 2020 earnings. Market EPS Growth (19F, %) -34.6 P/E (19F, x) 18.9 Substrates and camera modules stabilizing; Pace of improvement in MLCCs Market P/E (19F, x) 15.2 to be key KOSPI 2,185.28 Looking to 1Q20, we anticipate revenue of W2.07tr (+0.3% YoY, +12.0% QoQ) and Market Cap (Wbn) 9,897 operating profit of W161.2bn (-33.5% YoY, +16.3% QoQ). The upcoming launch of the Shares Outstanding (mn) 78 Galaxy S20 should provide a boost to module solutions earnings, while the substrate Free Float (%) 73.4 solutions unit should continue profitability thanks to its withdrawal from loss-making Foreign Ownership (%) 31.6 businesses. Beta (12M) 1.11 One area of concern is the component solutions unit, which includes MLCCs. While we 52-Week Low 84,600 see positive effects coming from automotive MLCCs and the proliferation of 5G in 52-Week High 137,000 2H20, meaningful earnings improvement looks unlikely in 1H20, especially given the (%) 1M 6M 12M high margins recorded in 1Q19. Absolute 5.6 46.7 16.7 Reiterate Buy and lift TP to W160,000 Relative 6.5 36.3 16.6 The substrate and camera module businesses are now normalizing. Substrate margins 150 Samsung Electro-Mechanics are likely to improve due to the exit from the PLP/HDI businesses, while camera KOSPI 130 module margins should stabilize on the application of the company’s folded technology. The Galaxy S20 should also have positive effects. The key question going 110 forward will be how quickly the MLCC business can improve. We reiterate our Buy 90 rating on SEMCO and lift our target price to W160,000 (from W151,000), applying a target P/B of 1.9x (45% premium to five-year average; vs. 1.83x previously). Our target 70 1.19 5.19 9.19 1.20 price implies upside potential of 20.8%. We think the stock may need to take a breather following its recent run. Mirae Asset Daewoo Co., Ltd. [ Telecom Equipment/Electronic FY (Dec.) 12/16 12/17 12/18 12/19F 12/20F 12/21F Components] Revenue (Wbn) 6,033 6,838 8,193 8,200 8,552 9,350 Wonjae Park OP (Wbn) 24 306 1,018 706 821 969 +822-3774-1426 OP margin (%) 0.4 4.5 12.4 8.6 9.6 10.4 [email protected] NP (Wbn) 15 162 656 514 620 737 EPS (W) 190 2,084 8,457 6,628 7,993 9,495 ROE (%) 0.3 3.8 14.5 9.7 10.2 11.0 P/E (x) 268.0 48.0 12.2 18.9 16.6 14.0 P/B (x) 0.9 1.8 1.6 1.6 1.6 1.4 Dividend yield (%) 1.0 0.8 1.0 0.9 0.9 1.0 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. LG Innotek (011070 KS) Positives abound Technology 4Q19 review: Surprise OP of W209.3bn (+102.0% YoY, +12.2% QoQ) Results Comment For 4Q19, LG Innotek reported revenue of W2.97tr (+22.0% YoY, +21.2% QoQ) and January 30, 2020 operating profit of W209.3bn (+102.0% YoY, +12.2% QoQ), exceeding our expectations (W2.74tr and W180.8bn, respectively). The market was looking for revenue of W2.7tr and operating profit of W158.8bn. The biggest drivers were the optical solutions unit (camera modules and 3D sensing (Maintain) Buy modules) and currency effects. Two of the three new iPhones adopted triple cameras. We estimate triple camera ASP is over US$50, vs. the low-US$30 level for dual camera Target Price (12M, W) ▲ 201,000 modules. iPhone sales remained robust through December (typically a weak month), supporting continued gains in ASP. Share Price (01/29/20, W) 158,000 Currency also had a positive impact on earnings. An increase of 10 in the US$/W rate adds an estimated W1.5bn to the firm’s monthly operating profit. In 4Q19, we believe Expected Return 27% the currency impact was amplified by an increase in dollar-based revenue due to the new iPhone effects. The 4Q19 average US$/W rate was 1,176, higher than the market forecast of 1,160. On the non-operating side, we believe the company booked W100bn OP (19F, Wbn) 403 in expenses, partly due to the discontinuation of the HDI business. In our view, such Consensus OP (19F, Wbn) 370 aggressive expense recognition bodes well for 2020 earnings. EPS Growth (19F, %) -37.3 Robust earnings to continue in 1H20; Seasonality to abate Market EPS Growth (19F, %) -34.6 P/E (19F, x) 32.4 Looking to 1Q20, we expect revenue of W1.8tr (+31.7% YoY, -39.2% QoQ) and operating Market P/E (19F, x) 15.2 profit of W35.9bn (turning to profit YoY, -82.8% QoQ).
Load more

Recommended publications
  • Cj Enm(035760
    August 9, 2018 Result Comment CJ ENM (035760 KS) Decent performance 2Q consolidated operating profit in line at W79.2bn BUY (re-initiate) 3Q consolidated operating profit estimated at W86bn; earnings to stay solid Price (Aug. 8) W236,200 Target Price W270,000 Re-initiate coverage on CJ ENM with a BUY rating and a target price of % variance 14.3% W270,000 HeeJin Park ☎ (82-2) 3772-1562 2Q consolidated operating profit in line at W79.2bn [email protected] CJ ENM posted its first results after the merger on July 1. Consolidated operating profit came in at W79.2bn in 2Q, meeting our forecast of W79.3bn. SeJong Hong ☎ (82-2) 3772-1584 The E&M division delivered solid earnings with sales up 9.2% YoY and operating [email protected] profit up 25% YoY. Broadcasting exceeded expectations with operating profit increasing 22% YoY to W29.2bn. Ad sales growth of 10.2 YoY also turned out better than expected. Music and cinema showed mixed results. The music division KOSPI 2,301.45p posted sales of W66.5bn (+41.1% YoY) and operating profit of W4.2bn (+114% KOSDAQ 783.81p YoY) on strengthening IP (intellectual property) business. By contrast, the Market Cap. W5,179.0bn/ US4,543.0mn cinema/performance division remained in the red with an operating loss of Par Value W5,000 W3.9bn due to stagnant growth of moviegoers and weak line-up. The commerce division (CJ O shopping) registered standalone operating profit of W40.3bn and Outstanding Shares 21.9mn consolidated W33.9bn.
    [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]
  • 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]
  • Hassle-Free EV Charging Solutions
    A Lotte Invested Company AI and Computer Vision Smart EV Charging System Hassle-free EV Charging Solutions Classified Document. © 2019 oneCHARGE Solutions Limited. All rights reserved. ABOUT oneCHARGE Established 2017 From Hong Kong and now in Korea Expanding rapidly in Asia Hong Kong, Macau and Korea and some Asia location Strong reference Invested and co-operating with Lotte Group World’s first Computer Vision + AI Huge analytics data + customer engaging solutions Bridge between properties & client Transform the demand of EV charging into revenue & important analytics data WHAT WE DO EV Charging Application Open management Systems with payment solution with analytics INNOVATION Auto. Charging Experience Computer Vision & AI Based Load-balancing Automation - PATENTED Customer Analytics System Technology Load balancing maximizes number of EV chargers intelligently. Successful Case Significantly reduce the wait time Expansion in progress Satisfy charging demand Huge amount of analytics Providing tones of information for management and customers marketing No-longer endless promotion Payment system and management system ready for real-operation Residential Installation No more waiting or queue Sharing to other users Income in vacant time Trackable usage record Everything is trackable Perfect scenario of EV driving Case Study PROBLEMS After meetings with Lotte Management, they are facing Long waiting and Expensive Can only serve 1 Very Complicated Charging time to deploy car per charger Operation PROBLEMS Lack of chargers Takes up huge Requires
    [Show full text]
  • Good Morning Vietnam
    February 25, 2021 Good Morning Vietnam To subscribe to our report, please contact us at [email protected] Market performance VIETNAM STOCK MARKET Last trade 1D (%) 1M (%) 1Y (%) VN-INDEX 1,162.01 -1.33 -0.35 27.74 Sharp drop with foreign continued outflow HNX 237.89 -0.37 2.61 123.03 Vietnam stock market saw a sudden drop amid foreign investors continued their net selling UPCOM 76.22 -0.32 -1.55 37.27 on the 3rd consecutive day. VN-Index maintained a slight gain during the morning with MSCI EM 1,376.76 -1.53 -2.37 30.31 sideways trend and steady trading volume. After lunch break, the index suddenly fell while NIKKEI 30,190.71 1.75 4.75 33.56 the volume jumped. Despite seeing somewhat recovery, VN-Index still recorded a HANG SENG 29,718.24 -2.99 -1.46 10.50 significant loss of 15.63 points (-1.33% DoD) to closed at 1,162.01 points. The trading KOSPI 3,053.73 1.96 -4.84 45.17 volume and value maintained high at 603mn shares (flat DoD) and VND15,017bn (-2.62% FTSE 6,658.97 0.50 0.30 -5.11 DoD). S&P 500 3,925.43 1.14 2.19 21.69 Banks and Real Estates stocks was the main cause of market decrease as VHM (-2.37%), NASDAQ 13,597.97 0.99 0.41 47.46 VCB (-1.90%), VIC (-1.64%), GVR (-3.68%), BID (-2.16%) plunged. Valuation Overseas investors recorded a net-selling worth of VND684.62bn on HOSE.
    [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]
  • Changes and Continued Growth of Foreign Investment
    The Top 20 Korean Multinationals: Changes and Continued Growth of Foreign Investment Seoul and New York, March 5, 2015 Graduate School of International Studies at Seoul National University in Seoul, and the Columbia Center on Sustainable Investment (CCSI), a joint center of the Columbia Law School and the Earth Institute at Columbia University in New York, are releasing the results of their survey of Korean multinationals today. The survey, conducted during 2014, is part of a long-term study of the rapid global expansion of multinational enterprises (MNEs) from emerging markets.1 The research for this report was conducted in 2014 and covers the period from 2011 to 2013.2 Highlights In 2013, the top 20 Korean multinationals, ranked by their foreign assets (See Table 1), jointly held US$68.9 billion assets abroad.3 Most firms were subsidiaries of Korea’s eight leading business groups (or chaebols), including Samsung, POSCO, LG, Hyundai Heavy Industries, Hyundai-Kia Motors, SK, Lotte, and Hyosung Group. Five out of the 20 multinationals were also included in UNCTAD’s “Top 100 non-financial TNCs from developing and transition economies” in 2012.4 The average age of the top 20 firms is about 47 years, which is two times the average age of Korea’s top 1,000 firms (ranked in terms of total assets). There is a high concentration by the top players in the list in terms of foreign assets. Among the top 20 companies, Samsung Electronics, POSCO, and Hyundai Motor Company ranked in the top three in that order. There was a significant difference between first and second place, with the foreign assets of Samsung Electronics more than doubling that of POSCO.
    [Show full text]
  • Korea Morning Focus
    February 7, 2020 Korea Morning Focus Company News & Analysis Major Indices Close Chg Chg (%) KB Financial Group (105560/Buy/TP: W63,000) KOSPI 2,227.94 62.31 2.88 Doing the best to enhance shareholder value during challenging times KOSPI 200 300.65 8.63 2.96 KOSDAQ 672.69 11.37 1.72 Korean Air (003490/Trading Buy/TP: W30,000) Disappointing results, when adjusting for accounting changes Turnover ('000 shares, Wbn) Volume Value KT (030200/Buy/TP: W36,500) KOSPI 683,230 8,335 5G-driven recovery continues KOSPI 200 108,722 5,351 KOSDAQ 927,730 4,609 Lotte Data Communication (286940/Buy/TP: W63,000) Market Cap (Wbn) Earnings dented by project delays Value KOSPI 1,501,461 KOSDAQ 243,440 KOSPI Turnover (Wbn) Buy Sell Net Foreign 2,192 2,040 152 Institutional 2,039 1,523 517 Retail 4,040 4,728 -688 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 561 495 66 Institutional 200 241 -41 Retail 3,807 3,830 -23 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,795 1,495 301 KOSDAQ 523 478 44 Advances & Declines Advances Declines Unchanged KOSPI 733 130 43 KOSDAQ 996 263 87 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 61,100 1,600 886 KODEX Leverage 14,960 845 496 Shin Poong Pharm. 9,970 1,420 488 KODEX 200 Futures 5,800 -380 363 Inverse 2X KIC Ltd 2,975 480 314 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Celltrion Healthcare 58,900 3,000 164 LabGen 8,210 640 146 HLB 104,500 6,600 131 HDI21 5,310 1,220 125 Welcron 6,240 -500 122 Note: As of February 06, 2020 This document is a summary of a report prepared by Mirae Asset Daewoo Co., Ltd.
    [Show full text]
  • Table of Contents >
    < TABLE OF CONTENTS > 1. Greetings .................................................................................................................................................................................... 2 2. Company Profile ........................................................................................................................................................................ 3 A. Overview ........................................................................................................................................................................... 3 B. Status of Registration ........................................................................................................................................................ 6 3. Organization .............................................................................................................................................................................. 8 A. Organization chart ............................................................................................................................................................. 8 B. Analysis of Engineers ........................................................................................................................................................ 9 C. List of Professional Engineers......................................................................................................................................... 10 D. Professional Engineer in Civil Eng.(U.S.A) ..................................................................................................................
    [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]