DOCSLIB.ORG

January 15, 2013

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
January 15, 2013 January 15, 2013 KOREA Company News & Analysis Major Indices Close Chg Chg (%) Kangwon Land (Buy/TP: W37,000) KOSPI 1,983.74 -23.30 -1.16 New capacity, new demand KOSPI 200 261.43 -3.37 -1.27 KOSDAQ 508.02 -5.42 -1.06 Sector News & Analysis Turnover ('000 shares, Wbn) Machinery (Neutral) Volume Value KOSPI 542,341 4,376 Excellent sales continue KOSPI 200 128,478 3,403 KOSDAQ 489,904 1,848 Market Cap (Wbn) Value KOSPI 1,146,701 KOSDAQ 111,459 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,088 1,318 -230 Institutional 988 939 49 Retail 2,279 2,095 184 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 75 79 -4 Institutional 64 84 -20 Retail 1,703 1,681 22 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 742 1,010 -268 KOSDAQ 17 18 -1 Advances & Declines Advances Declines Unchanged KOSPI 264 538 88 KOSDAQ 293 626 78 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value KODEX LEVERAGE 12,765 -285 377 Samsung Electronics 1,512,000 -40,000 325 Hynix 25,950 -1,000 176 KODEX INVERSE 7,440 85 174 Hyundai Motor 209,000 0 122 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value AHNLAB 51,100 6,300 101 Hicel 3,340 -460 49 SDN 1,670 80 35 Solco Biomedical 1,060 136 26 Interflex 45,350 -3,350 25 Note: As of January 15, 2013 This document is a summary of a report prepared by Daewoo Securities Co., Ltd. („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. 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. 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. Company January 15, 2013 Entertainment Kangwon Land (035250 KS) Daewoo Securities Co., Ltd. Chang-kwean Kim New capacity, new demand +822-768-4321 [email protected] Capacity expansion expected to drive strong earnings After our visit to Kangwon Land, we believe the companyÊs expanding casino capacity will generate stronger-than-expected earnings in 2013. 1) We expect Kangwon Land to open its new casino earlier than market forecasts (June-July); we project it will start operating table games in April, and slot machines in June. Thus, we believe the expansion will start to boost earnings one quarter Buy (Maintain) earlier than the market expects. Target Price (12M, W) 37,000 2) We believe the number of customers will jump sharper than market forecasts Share Price (01/14/13, W) 30,000 (10%-30%) after the new facility opens. We believe a number of gamers might have Expected Return (%) 23.3 stopped visiting Kangwon LandÊs facilities due to space limitations (confirmed after EPS Growth (13F, %) 23.3 Market EPS Growth (13F, %) 20.1 seeing how fully occupied the companyÊs casino tables were during our visit). P/E (13F, x) 16.3 3) We expect expansion costs to be minimal. We estimate expansion-related annual Market P/E (13F, x) 9.0 KOSPI 2,007.04 fixed costs at only W15-20bn (taking out personnel expenses). We estimate the Market Cap (Wbn) 6,418 companyÊs budgets for new facilities and slot machines at ~W150bn. Shares Outstanding (mn) 214 4) We do not expect higher taxes at this time. For now, Kangwon Land is subject to Avg Trading Volume (60D, '000) 500 Avg Trading Value (60D, Wbn) 14 three taxes besides corporate tax: ① taxes for a tourism promotions and Dividend Yield (13F, %) 3.2 development fund, ② taxes for a fund for abandoned mines, and ③ an excise tax. Free Float (%) 52.1 Rates for these taxes were decided in 2012. Beginning in 2013, an additional tax for 52-Week Low (W) 22,300 gambling-addiction prevention will go into effect (0.35% of casino revenues for 52-Week High (W) 31,900 Kangwon). This tax was enacted in November 2012. Beta (12M, Daily Rate of Return) 0.23 Price Return Volatility (12M Daily, %, SD) 1.9 5) We do not expect additional government restrictions on the number of casino Foreign Ownership (%) 32.7 tables for now. Revisions to related laws will take time, and will have to be justified. Major Shareholder(s) Mine Reclamation Corp et al. (36.27%) In conclusion, we believe Kangwon Land is expanding capacity faster than expected. Gangwondo Development Corp. (6.35%) We expect this expansion will lead to strong top-line growth and limited expenses. Treasury Stock (5.04%) Of note, long-term regulatory risks are the nature of the gambling industry. We Price Performance expect Kangwon LandÊs shares will soon gain stronger-than-expected momentum (%) 1M 6M 12M from capacity expansion. Absolute 1.4 23.2 13.4 Relative 0.8 12.5 6.4 Share price FY Revenues OP OP Margin NP EPS EBITDA FCF ROE P/E P/B EV/EBITDA 120 KOSPI (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (X) (X) (X) 110 12/10 1,313 564 43.0 434 2,031 631 219 21.7 13.8 2.7 7.9 100 12/11 1,264 501 39.7 393 1,839 566 237 17.9 14.8 2.4 8.4 90 12/12F 1,300 416 32.0 319 1,493 477 209 13.6 19.6 2.4 11.6 80 12/13F 1,522 501 32.9 394 1,840 570 314 15.6 16.3 2.3 9.7 70 12/14F 1,675 553 33.0 441 2,063 628 339 16.0 14.6 2.1 8.6 1/12 5/12 9/12 1/13 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates This document is a summary of a report prepared by Daewoo Securities Co., Ltd. („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. 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. 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. Industry January 15, 2013 Neutral Machinery Daewoo Securities Co., Ltd. Ki-jong Sung Excellent sales continue +822-768-3263 [email protected] 4Q preview: Disappointing earnings, but solid fundamentals Ryan Kang +822-768-3065 We expect 4Q earnings at both TK Corp. and SungKwang Bend to slightly miss [email protected] market expectations due to won appreciation against the US dollar, and delays in shipments. For both companies, more than 50% of revenues come from exports, while raw materials imports account for 40% of total raw materials purchased, which represents 40% of revenues. We thus estimate each companyÊs net F/X exposure (in US dollars) at around 35% (50% - 40% x 40%) of revenues. We expect a decrease in the W/US$ rate (-4.2% QoQ) will hurt the earnings of fittings companies. Additionally, heavy snow in Busan delayed SungKwang BendÊs shipments of completed products; however, we do not anticipate this will hurt the companyÊs fundamentals, as we expect the delayed shipments will be recognized in 1Q13 earnings. Catalysts: Excellent sales continue TK Corp.Ês and SungKwang BendÊs share prices dropped recently due to concerns over tepid 4Q earnings. These corrections provide an excellent buying opportunity, however, as we believe each companyÊs fundamentals remain solid. TK Corp. and SungKwang Bend are taking steady, robust new orders and have secured order backlogs of greater than six months. We expect significant earnings in 2013, as raw material prices are falling, and both companies have improved their product mixes. Also, TK Corp. and SungKwang Bend have improved their brand awareness, and their major competitors in Southern Europe are faring poorly. We project both companies to post rapid M/S growth, thanks to increased investments, and more diversified client bases. Both companies are successfully adapting to changes in the international business environment for industrial plants (including power, gas, and offshore plants). We project both companies to show an excellent combination of earnings and growth despite depressed petrochemical demand, thanks to increasing demand for power generation, gas, and offshore plants. Valuation: Strong potential for growth, attractive valuation We maintain our Buy recommendation and target price of W30,000 on SungKwang Bend.
Load more

Recommended publications
  • 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]
  • November 11, 2015
    November 11, 2015 KOREA Company News & Analysis Major Indices Close Chg Chg (%) Wonik IPS (030530/Buy/TP: W16,000) KOSPI 1,997.27 0.68 0.03 Implications of the spin-off KOSPI 200 245.86 0.00 0.00 KOSDAQ 667.21 10.51 1.60 CJ E&M (130960/Buy/TP: W110,000) Ready for the next big leap Turnover ('000 shares, Wbn) Volume Value Interpark (108790/Buy/TP: W30,000) KOSPI 282,596 3,796 Mobile and tour growth story remains intact KOSPI 200 63,222 2,712 KOSDAQ 628,336 3,430 Kangwon Land (035250/Buy/TP: W54,000) Market Cap (Wbn) 3Q report reaffirms golden goose status Value KOSPI 1,266,258 Korea Gas (036460/Hold) Downgrade rating KOSDAQ 190,795 Wait until uncertainties are cleared KOSPI Turnover (Wbn) Buy Sell Net Sector News & Analysis Foreign 904 1,128 -224 Institutional 726 720 6 Healthcare (Overweight) Retail 2,067 1,931 136 Healthcare Weekly Briefing KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 218 171 48 Institutional 115 144 -30 Retail 3,090 3,114 -24 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 729 841 -112 KOSDAQ 56 44 12 Advances & Declines Advances Declines Unchanged KOSPI 511 296 68 KOSDAQ 746 297 64 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Hanmi Pharm 818,000 34,000 303 Samsung Electronics 1,333,000 12,000 187 KODEX LEVERAGE 10,095 -20 170 Hanmi Science 164,000 -4,000 158 KODEX INVERSE 8,185 5 124 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Celltrion 79,900 4,100 155 New Pride 15,800 -200 119 NATURECELL 7,680 -320 117 Digital-Tech 2,400 280 97 Kolon Life Science 210,600 11,100 87 Note: As of November 11, 2015 This document is a summary of a report prepared by Daewoo Securities Co., Ltd.
    [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]
  • Schedule of Investments (Unaudited) Ishares MSCI Total International Index Fund (Percentages Shown Are Based on Net Assets) September 30, 2020
    Schedule of Investments (unaudited) iShares MSCI Total International Index Fund (Percentages shown are based on Net Assets) September 30, 2020 Mutual Fund Value Total International ex U.S. Index Master Portfolio of Master Investment Portfolio $ 1,034,086,323 Total Investments — 100.4% (Cost: $929,170,670) 1,034,086,323 Liabilities in Excess of Other Assets — (0.4)% (3,643,126) Net Assets — 100.0% $ 1,030,443,197 iShares MSCI Total International Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in International Tilts Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2020, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $1,034,086,323 and 99.9%, respectively. The Fund records its investment in the Master Portfolio at fair value. The Fund’s investment in the Master Portfolio is valued pursuant to the pricing policies approved by the Board of Directors of the Master Portfolio. Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: • Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access • Level 2 – Other observable inputs (including, but not limited to, quoted prices
    [Show full text]
  • Voting Disclosure
    Notices: LGPS Central Limited is committed to disclosing its voting record on a vote-by-vote basis, including where practicable the provision of a rationale for votes cast against management. The data presented here relate to voting decisions for securities held in portfolios held within the company’s Authorised Contractual Scheme (ACS). Meeting Company Name Meeting Type Voting Action Agenda Item Numbers Voting Explanation 20/01/2021 Guotai Junan International Holdings Limited Special All For 04/02/2021 Lenovo Group Limited Special All For 04/03/2021 MMG Ltd. Special Against 1 Apparent failure to link pay and appropriate performance 05/03/2021 CSPC Pharmaceutical Group Ltd. Special Against 11.1 Concerns related to board gender diversity 12 Concerns related to shareholder rights 29/03/2021 China Resources Beer (Holdings) Co. Ltd. Special Against 2 Concerns related to board gender diversity 28/01/2021 Kobe Bussan Co., Ltd. Annual All For 28/01/2021 Park24 Co., Ltd. Annual Against 1.6,1.7 Concerns about overall board structure 19/02/2021 Kansai Mirai Financial Group, Inc. Special All For 20/02/2021 OSG Corp. (6136) Annual Against 2.1 Concerns related to approach to board diversity 25/02/2021 Kewpie Corp. Annual All For 26/02/2021 Hitachi Capital Corp. Special Against 1 Concerns to protect shareholder value 26/02/2021 Mitsubishi HC Capital, Inc. Special All For 09/03/2021 Nippon Building Fund, Inc. Special All For 18/03/2021 Toshiba Corp. Special Against 1 SH: For shareholder resolution, against management recommendation / Shareholder proposal promotes transparency 19/03/2021 Kubota Corp.
    [Show full text]
  • Korea Morning Focus
    July 11, 2019 Korea Morning Focus Company News & Analysis Major Indices Close Chg Chg (%) Jin Air (272450/Trading Buy/TP: W21,000) KOSPI 2,058.78 6.75 0.33 Waiting for restrictions to be lifted KOSPI 200 268.75 1.03 0.38 KOSDAQ 666.90 9.10 1.38 Turnover ('000 shares, Wbn) Volume Value KOSPI 350,018 3,939 KOSPI 200 66,267 2,805 KOSDAQ 761,789 3,861 Market Cap (Wbn) Value KOSPI 1,372,819 KOSDAQ 228,677 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,298 1,095 203 Institutional 854 1,043 -188 Retail 1,760 1,762 -1 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 458 389 69 Institutional 203 165 38 Retail 3,182 3,271 -89 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 997 1,009 -13 KOSDAQ 433 350 84 Advances & Declines Advances Declines Unchanged KOSPI 537 286 72 KOSDAQ 956 258 74 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 45,550 450 420 Hynix 72,900 3,100 315 KODEX Kosdaq150 8,385 115 187 Leverage KODEX Leverage 11,920 105 174 KODEX KOSDAQ150 8,350 -70 173 INVERSE KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value SillaJen 44,800 2,800 247 Ilji Tech 4,270 500 116 Dongjin Semichem 12,800 -850 110 DUAL 2,215 510 108 Seoam Machinery 7,130 370 90 Industry Note: As of July 10, 2019 This document is a summary of a report prepared by Mirae Asset Daewoo Co., Ltd.
    [Show full text]
  • Corporate Sustainable Management and Capital Market: Evidence from Data on Korean Firms
    August 2016;1(1):56-66 http://dx.doi.org/10.20522/APJBR.2016.1.1.56 Corporate Sustainable Management and Capital Market: Evidence from Data on Korean Firms Young Sik Kim School of Management, Kyung Hee University Ki Bum Park* Department of music education, Chuncheon National University of Education Abstract This paper analyzes the impact of CSR on the capital market in Korea. Using listed firm data, we found that the creation of a sustainability report that indirectly measures the level of CSR can bring the stock rate of return difference of the capital markets representative market index. First, when a firm that publishes a sustainability report was compared in terms of its market rate of return, it showed a return increase of about 2%. We found that higher returns were gained through the competitive advantage of related business when the firm was actively involved in social responsibility. Second, subdivided by industry, firms belonging to the capital goods industry were found to reach a rate of return higher than that of industry. These firms were noticeable in that they were mainly industries that caused environmental pollution. Third, in an additional analysis, foreign investors were given the sustainability report of financial businesses, which was interpreted as a result of industrial properties. A sustainability report is a comprehensive report on the economic, environmental, and social activities of a firm. Firms must learn that they can gain trust through publishing trustworthy reports while achieving the lasting power of growth from the stakeholders. Keywords Sustainability report, CSR, Capital market, GRI, Stock return 1) 1.
    [Show full text]
  • September 24, 2014
    September 24, 2014 KOREA Sector News & Analysis Major Indices Close Chg Chg (%) Machinery (Overweight) KOSPI 2,035.64 6.73 0.33 Machine tool industry unlikely to deteriorate further KOSPI 200 258.88 0.39 0.15 KOSDAQ 580.42 4.86 0.84 Turnover ('000 shares, Wbn) Volume Value KOSPI 328,759 4,342 KOSPI 200 58,451 3,311 KOSDAQ 365,054 2,290 Market Cap (Wbn) Value KOSPI 1,214,686 KOSDAQ 141,816 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,183 1,199 -16 Institutional 1,144 1,024 120 Retail 1,966 2,077 -111 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 170 109 60 Institutional 134 128 6 Retail 1,984 2,047 -63 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 982 733 249 KOSDAQ 32 24 9 Advances & Declines Advances Declines Unchanged KOSPI 501 308 72 KOSDAQ 549 386 69 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,150,000 -11,000 358 KODEX LEVERAGE 11,525 -25 301 Samsung SDI 134,000 -13,000 203 Hynix 44,200 1,700 171 NHN 833,000 -1,000 157 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Daum Communications 161,500 -400 71 Dae Han New Pharm 23,450 50 68 Celltrion 46,850 1,300 63 ACTOZ SOFT 36,950 -1,850 61 Com2us 144,400 400 53 Note: As of September 24, 2014 This document is a summary of a report prepared by Daewoo Securities Co., Ltd.
    [Show full text]
  • KOSPI 200 Reconstitution Special Reconstitution: Hanjin Shipping Holdings Out, GKL In
    KOSPI 200 Reconstitution Special reconstitution: Hanjin Shipping Holdings out, GKL in KRX revised reconstitution rules related to spin-offs On August 28 th , the Korea Exchange (KRX) announced changes to the KOSPI 200 reconstitution rules related to corporate spin-offs. The exchange also announced that it AI Report was replacing Hanjin Shipping Holdings with GKL under the revised rules. August 29, 2014 The revisions were aimed at ensuring that the KOSPI 200 remained representative of the market. Prior to the changes, splits by small-cap companies tended to make the index Daewoo Securities CCo.,o., Ltd. less representative, as surviving entities could not be quickly removed despite their [Derivatives] reduced weights. Conversely, following spin-offs by large-cap companies, the inclusion of new entities has historically been delayed by KRX restrictions—even when their market Youngsung Kim cap and liquidity levels have been sufficient. Large caps that were slow to be added to +822-768-4120 the KOSPI 200 include Emart, Hankook Tire, and Dong-A ST. [email protected] Under the new rules, surviving entities will be excluded from the KOSPI 200 if they fail to meet certain requirements, while new, qualified entities will be added to the index. First, if a surviving entity does not meet certain requirements, it will be replaced with a new constituent. As mentioned above, under the old rules, surviving entities had been allowed to linger in the index regardless of their weights. Second, if a new entity meets certain requirements, it will be added. Accordingly, the number of KOSPI 200 constituents can now exceed 200 temporarily.
    [Show full text]
  • Fidelity ZEROSM International Index Fund
    Quarterly Holdings Report for Fidelity ZERO℠ International Index Fund July 31, 2021 IID-NPRT3-0921 1.9891457.102 Schedule of Investments July 31, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks ± 94.9% Common Stocks ± continued Shares Value ($) Shares Value ($) Australia ± 4.4% Australia ± continued Afterpay Ltd. (a) 22,894 1,623,962 Mineral Resources Ltd. 16,203 749,225 AGL Energy Ltd. 60,306 319,968 Mirvac Group unit 390,767 820,146 ALS Ltd. 46,060 430,626 National Australia Bank Ltd. 321,999 6,127,232 Altium Ltd. 12,261 305,023 Newcrest Mining Ltd. 80,716 1,569,094 Alumina Ltd. 227,547 278,866 NEXTDC Ltd. (a) 47,767 446,936 AMP Ltd. 338,142 258,071 Nine Entertainment Co. Holdings Ltd. 140,465 284,501 Ampol Ltd. 22,892 474,580 Northern Star Resources Ltd. 112,165 841,232 Ansell Ltd. 12,312 354,630 Orica Ltd. 39,099 355,504 APA Group unit 117,800 823,845 Origin Energy Ltd. 172,715 520,930 ARB Corp. Ltd. 7,663 262,617 OZ Minerals Ltd. 32,271 548,950 Aristocrat Leisure Ltd. 62,693 1,915,742 Qantas Airways Ltd. 191,439 644,838 ASX Ltd. 19,106 1,078,070 QBE Insurance Group Ltd. 145,409 1,162,054 Atlas Arteria Ltd. unit 91,490 420,967 Qube Holdings Ltd. 176,280 377,740 Aurizon Holdings Ltd. 185,010 524,071 Ramsay Health Care Ltd. 18,062 850,163 AusNet Services 178,343 238,851 REA Group Ltd. 4,891 580,240 Australia & New Zealand Banking Group Ltd.
    [Show full text]
  • KOREA Morning
    May 14, 2012 KOREA Morning Company News & Analysis Major Indices Close Chg Chg (%) SK Hynix (Buy/TP: W38,000) KOSPI 1,917.13 -27.80 -1.43 Focus on fundamental improvements KOSPI 200 254.00 -3.89 -1.51 KOSDAQ 493.66 -0.61 -0.12 LG Corp. (Buy/TP: W90,000) Share price to hinge on LG Chem’s performance Turnover ('000 shares, Wbn) Volume Value Kangwon Land (Buy/TP: W30,000) Lower TP KOSPI 529,990 4,335 Starting growth; Rising expectations for capacity expansion KOSPI 200 65,470 3,447 KOSDAQ 490,950 1,845 Daum Communications (Buy/TP: W150,000) Lower TP Market Cap (Wbn) 2Q: Strong seasonality; 2H: Mobile monetization models Value KOSPI 1,103,732 LS (Buy/TP: W118,000) Raise TP KOSDAQ 106,544 Positive 1Q results; LS Cable & System picking up KOSPI Turnover (Wbn) Buy Sell Net Hanjin Shipping (Buy/TP: W25,000) Foreign 897 1,067 -170 Buying opportunity has re-emerged Institutional 936 956 -20 Retail 2,349 2,082 267 SFA Engineering (Buy/TP: W70,000) Resumption of OLED investments to provide boost KOSDAQ Turnover (Wbn) Buy Sell Net GS Holdings (Trading Buy/TP: W65,000) Lower TP Foreign 87 80 7 GS Caltex was sluggish relative to its peers Institutional 85 64 21 Retail 1,666 1,693 -27 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 533 783 -249 KOSDAQ 10 14 -3 Advances & Declines Advances Declines Unchanged KOSPI 198 606 83 KOSDAQ 290 641 62 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,303,000 -24,000 351 KODEX LEVERAGE 12,385 -435 245 Hynix 25,400 -1,200 175 LG Chem 278,000 -10,000 135 Kia Motors 80,600 800 124 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Celltrion 43,500 5,650 256 RFTech 10,450 350 41 WISEPOWER CO.,LTD 1,880 -30 40 Crosscert 2,795 -30 34 AHNLAB 116,600 -100 29 Note: As of May 11, 2012 This document is a summary of a report prepared by Daewoo Securities Co., Ltd.
    [Show full text]
  • Interim Financial Statements the Accompanying Interim Financial Statements Have Not Been Reviewed by the External Auditors of the Etfs
    MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying financial statements have been prepared by RBC Global Asset Management Inc. (“RBC GAM”) as manager of the RBC ETFs (the “ETFs”) and approved by the Board of Directors of RBC GAM. We are responsible for the information contained within the financial statements. We have maintained appropriate procedures and controls to ensure that timely and reliable financial information is produced. The financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) (and they include certain amounts that are based on estimates and judgments). The significant accounting policies, which we believe are appropriate for the ETFs, are described in Note 3 to the financial statements. Damon G. Williams, FSA, FCIA, CFA Heidi Johnston, CPA, CA Chief Executive Officer Chief Financial Officer RBC Global Asset Management Inc. RBC GAM Funds May 10, 2021 Unaudited Interim Financial Statements The accompanying interim financial statements have not been reviewed by the external auditors of the ETFs. The external auditors will be auditing the annual financial statements of the ETFs in accordance with Canadian generally accepted auditing standards. 2021 INTERIM FINANCIAL STATEMENTS SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) (in $000s) RBC QUANT EMERGING MARKETS DIVIDEND LEADERS ETF March 31, 2021 Fair % of Net Fair % of Net Holdings Security Cost Value Assets Holdings Security Cost Value Assets INTERNATIONAL EQUITIES Consumer Discretionary (cont.) Communication Services 220 Hyundai Mobis $ 59 $ 71 21 600 Advanced Info Service PCL, 374 Hyundai Motor Co. 101 91 Subscription Receipts $ 170 $ 151 900 Joyoung Co. Ltd. 5 5 137 100 America Movil S.A.B.
    [Show full text]