Conglomerates How Major Shareholders Are Navigating Inheritance Taxes
Total Page:16
File Type:pdf, Size:1020Kb
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. -
Posco International Corporation
POSCO INTERNATIONAL CORPORATION Sustainability Report 2019 About This Report The 2019 POSCO INTERNATIONAL Sustainability Report, the forth annual publication, illustrate the Company’s performance fulfill- ing its economic, social, and environmental responsibility. POSCO INTERNATIONAL aims to transparently disclose its sustainability management activities for the year 2019 and communicate with wide-ranging stakeholders. Reporting Guidelines Global Reporting Initiative(GRI) Standards: Core Option Reporting Period January 1, 2019 ~ December 31, 2019 * 2017 ~ H1 of 2020 for a portion of the performance data Reporting Scope Economy: On a consolidated basis in accordance with the K-IFRS 〮 Society & Environment: POSCO INTERNATIONAL Headquarters, 〮 POSCO SPS1), and overseas worksites (Myanmar, Indonesia, and Uzbekistan) Areas where major operations are based: Republic of Korea 〮 1) This refers to the STS Division, the TMC Division and the Plate Fabrication Division that were split off as subsidiaries in April 2020. Reporting Cycle Annually(publication of the most recent report: 2019) Assurance Financial data: Earnst & Young Han Young 〮 Non-financial data: DNV GL 〮 Contact Details Address: 165 Convensia-daero(POSCO Tower-Songdo), Yeonsu-gu, Incheon, Republic of Korea Tel: +82-2-759-2861 Department in charge: Sustainability Management Section E-mail: [email protected] POSCO INTERNATIONAL CORPORATION Sustainability Report 2019 03 Global CSR Activities 01 We Make Sustainability 02 Sustainability Management Strategy 102 Global CSR Overview -
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 -
LG Chem, Ltd. and Subsidiaries Consolidated Interim Financial Statements March 31, 2018 and 2017
LG Chem, Ltd. and Subsidiaries Consolidated Interim Financial Statements March 31, 2018 and 2017 LG Chem, Ltd. and Subsidiaries Index March 31, 2018 and 2017 Page(s) Report on Review of Interim Financial Statements ................................................................... 1 - 2 Consolidated Interim Financial Statements Consolidated Interim Statements of Financial Position ................................................................. 3 - 4 Consolidated Interim Statements of Profit or Loss .............................................................................. 5 Consolidated Interim Statements of Comprehensive Income .............................................................. 6 Consolidated Interim Statements of Changes in Equity ....................................................................... 7 Consolidated Interim Statements of Cash Flows ................................................................................ 8 Notes to the Consolidated Interim Financial Statements ............................................................. 9 - 69 Report on Review of Interim Financial Statements (English Translation of a Report Originally Issued in Korean) To the Shareholders and Board of Directors of LG Chem, Ltd. Reviewed Financial Statements We have reviewed the accompanying consolidated interim financial statements of LG Chem, Ltd. and its subsidiaries (collectively referred to as the “Group”). These financial statements consist of the consolidated interim statement of financial position of the Group as at -
January 3, 2013
January 3, 2013 KOREA Company News & Analysis Major Indices Close Chg Chg (%) Samsung Electronics (Buy/TP: W1,900,000) KOSPI 2,019.41 -11.69 -0.58 Expected to lead global IT in 2013 KOSPI 200 267.52 -1.64 -0.61 KOSDAQ 499.07 -2.54 -0.51 CJ CheilJedang (Buy/TP: W440,000) Raise TP Our 2013 top pick for the food and beverage sector Turnover ('000 shares, Wbn) Volume Value Partron (Buy/TP: W25,000) Raise TP KOSPI 485,234 5,988 Earnings to remain stellar in 2013F KOSPI 200 147,332 5,035 KOSDAQ 384,013 1,728 KT Skylife (Buy/TP: W36,000) Market Cap (Wbn) 2012 subscribers match forecasts; Growing momentum in 1H13 Value KOSPI 1,166,798 KOSDAQ 109,452 Sector News & Analysis KOSPI Turnover (Wbn) Auto (Overweight) Buy Sell Net December auto sales Foreign 1,574 1,474 100 Institutional 1,494 1,543 -49 Economy & Strategy Update Retail 2,881 2,925 -44 Strategy Note KOSDAQ Turnover (Wbn) Buy Sell Net Tax law revision to have only a limited impact on fund flows Foreign 55 71 -16 Institutional 72 95 -23 Retail 1,594 1,554 39 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,326 975 351 KOSDAQ 12 21 -9 Advances & Declines Advances Declines Unchanged KOSPI 443 376 66 KOSDAQ 429 500 65 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,543,000 -33,000 433 Hyundai Motor 206,000 -10,000 361 KODEX LEVERAGE 13,400 -95 247 Kia Motors 54,600 -1,700 241 OCI 179,000 11,500 235 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Agabang 10,150 -450 88 Boryung Medience 14,550 750 36 AHNLAB 45,850 1,350 34 SDN 1,550 200 32 Digital Innovation Display 4,290 90 32 Note: As of January 3, 2013 This document is a summary of a report prepared by Daewoo Securities Co., Ltd. -
October 18, 2013
October 18, 2013 Korea Company News & Analysis Major Indices Close Chg Chg (%) KT&G (Buy/TP: W94,000) KOSPI 2,052.40 11.79 0.58 Moving into safer territory KOSPI 200 271.24 1.65 0.61 KOSDAQ 525.69 4.17 0.80 Samsung C&T (Buy/TP: W78,000) Raise TP Growth back on track Turnover ('000 shares, Wbn) Volume Value Woori I&S (Buy/TP: W15,500) Reinstate coverage KOSPI 252,614 4,375 Reclaiming lost glory KOSPI 200 72,325 3,703 KOSDAQ 289,725 1,559 Hanwha Corp. (Buy/TP: W49,000) Raise TP Market Cap (Wbn) Iraqi project progressing smoothly Value KOSPI 1,201,648 LG Display (Hold) KOSDAQ 122,843 A long, cold winter ahead KOSPI Turnover (Wbn) Buy Sell Net Sector News & Analysis Foreign 1,320 1,011 309 Institutional 927 1,092 -165 Steel (Neutral) Retail 2,095 2,222 -128 Preparing for the Hyundai Steel & Hysco merger KOSDAQ Turnover (Wbn) Buy Sell Net Economy & Strategy Update Foreign 122 59 63 Institutional 55 78 -23 Strategy Note Retail 1,382 1,423 -41 KOSPI moves in tandem with the won Program Buy / Sell (Wbn) Buy Sell Net KOSPI 820 626 193 KOSDAQ 22 17 4 Advances & Declines Advances Declines Unchanged KOSPI 457 343 85 KOSDAQ 546 358 78 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value NHN 640,000 30,000 260 KODEX LEVERAGE 13,040 120 234 Samsung Electronics 1,472,000 9,000 229 KODEX 200 27,055 105 176 Hyundai Motor 256,500 -8,000 171 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value INICIS 19,050 2,050 45 Sangsin Energy Display 8,000 1,040 41 Precision FASOO.COM 6,900 900 37 Celltrion 47,600 -350 33 CJ E&M 37,100 650 31 Note: As of October 18, 2013 This document is a summary of a report prepared by Daewoo Securities Co., Ltd. -
Oil Refining/Chemicals Positioning for 2015
Oil Refining/Chemicals Positioning for 2015 Limited recovery expected until year-end; Top picks are LG Chem, Hyosung, Neutral (Downgrade) Toray Chemical, & SK Innovation The chemicals industry has slowed since mid-August, largely due to: 1) weakening Industry Report demand from China and Europe, 2) oversupply of non-ethylene and downstream October 6, 2014 products, and 3) uncertainty over China’s economic policies. Supply is likely to expand further once the peak season ends and naphtha cracking center (NCC) maintenance is completed; therefore, the market is forecast to remain rather stagnant until year-end . Daewoo Securities CCCo.,Co., Ltd. Meanwhile, oil refining margins and oil prices have fallen due to tepid demand from emerging markets. Further d eclines seem unlikely, but we also do not expect any sharp [Oil Refining/Chemicals] recovery, given 1) structural demand contraction, and 2) capacity expansions scheduled Yeon-ju Park for year-end or early next year in the Middle East. +822-768-3061 We maintain LG Chem, Hyosung, Toray Chemical Korea, and SK Innovation (attractively [email protected] valued) as our top picks. These stocks are likely to perform strongly in spite of Young-jee Bae unfavorable market conditions. +822-768-4123 Positioning for 2015 [email protected] We present the following investment strategies to counter the deteriorating market conditions. 1) Hyosung’s polyketone business deserves attention. Hyosung (Buy/TP: W95,000) is the first company to commercially produce polyketone. Its use of carbon monoxide and ethylene/propylene as feedstock has dramatically reduced production costs. Polyketone produced at Hyosung’s pilot facilities received positive feedback from several customers (including European compounding companies). -
Hyosung Corporation and Subsidiaries
Hyosung Corporation and Subsidiaries Consolidated Financial Statements December 31, 2014 and 2013 Hyosung Corporation and Subsidiaries Index December 31, 2014 and 2013 Page(s) Independent Auditor’s Report ........................................................................................................ 1 - 2 Consolidated Financial Statements Consolidated Statements of Financial Position....................................................................................... 3 Consolidated Statements of Income ....................................................................................................... 4 Consolidated Statements of Comprehensive Income.............................................................................. 5 Consolidated Statements of Changes in Equity...................................................................................... 6 Consolidated Statements of Cash Flows ................................................................................................ 7 Notes to the Consolidated Financial Statements ..................................................................……... 8 - 97 Independent Auditor’s Report (English Translation of a Report Originally Issued in Korean) To the Board of Directors and Shareholders of Hyosung Corporation We have audited the accompanying consolidated financial statements of Hyosung Corporation and its subsidiaries (collectively the “Group”), which comprise the consolidated statements of financial position as of December 31, 2014 and 2013, and the consolidated -
Transportation Beginning of Restructuring: Supply Is the Key Variable
2020 Outlook Transportation Beginning of restructuring: Supply is the key variable Jay JH Ryu +822-3774-1738 [email protected] 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. Contents [Summary] 3 I. Airlines 4 II. Mobility 17 III. Logistics 32 IV. Shipping 37 [Conclusion] 45 [Top picks] 46 [Summary] Momentum to diverge based on supply management OP vs. P/B: Amid market down cycle, earnings momentum to diverge based on each company’s supply management (Wbn) (x) OP (L) P/B (R) 1,500 2.5 Oil price decline; Air cargo Minimum Global Global High oil prices; greater Oil rebound; wage hike; Slowdown in Inventory housing financial shipping market logistics price LCC growth; economic Chinese stimulus restocking bubble crisis restructuring momentum rebound M&As slowdown 1,000 2.0 500 1.5 0 1.0 -500 0.5 -1,000 0.0 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 Source: Datastream, Mirae Asset Daewoo Research 3| 2020 Outlook [Transportation] Mirae Asset Daewoo Research I. Airlines: Weak demand to prompt restructuring Economic slowdown and • Outbound demand on Japan routes has declined, hurt by a slowing economy and the Korea-Japan diplomatic row. bottoming out of Japan • Japan routes appear to be bottoming out; declines in load factor should stabilize in early 2020, supported by supply cuts. route demand Sharp decline in outbound demand on Japan routes Passenger traffic growth on Japan routes ('000 persons) (%) (%, %p) 3,500 Korean outbound travelers (L) YoY (R) 35 20 YoY passenger growth L/F indicator 30 3,000 10 25 0 2,500 20 Week of -10 Chuseok 2,000 15 -20 1,500 10 5 -30 1,000 0 -40 500 -5 -50 0 -10 14 15 16 17 18 19 Source: Bloomberg, KTO, Mirae Asset Daewoo Research Source: Air Portal, Mirae Asset Daewoo Research 4| 2020 Outlook [Transportation] Mirae Asset Daewoo Research I. -
Morning Focus
April 6, 2018 Korea Morning Focus Company News & Analysis Major Indices Close Chg Chg (%) Hite Jinro (000080/Trading Buy/TP: W27,000) Lower TP KOSPI 2,437.52 29.46 1.22 Leaning on imported beer and FiLite KOSPI 200 313.04 4.50 1.46 KOSDAQ 868.93 6.42 0.74 Studio Dragon (253450/Buy/TP: W110,000) On the right trajectory Turnover ('000 shares, Wbn) Volume Value KOSPI 574,657 7,171 KOSPI 200 93,027 4,516 KOSDAQ 837,102 5,852 Market Cap (Wbn) Value KOSPI 1,622,984 KOSDAQ 280,015 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,491 1,419 72 Institutional 1,414 1,218 196 Retail 4,238 4,502 -263 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 524 523 1 Institutional 285 271 15 Retail 5,036 5,027 9 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,262 1,144 118 KOSDAQ 277 236 40 Advances & Declines Advances Declines Unchanged KOSPI 473 326 89 KOSDAQ 745 417 70 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 2,437,000 91,000 642 Celltrion 295,000 1,000 529 Hyundai Merchant 5,150 665 367 Marine Pharmicell 17,700 1,200 354 KODEX LEVERAGE 16,300 475 316 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Diostech 22,400 3,850 379 Celltrion 90,800 8,700 248 Celltrion Healthcare 101,200 200 178 HLB 84,400 4,500 129 SillaJen 106,200 -900 127 Note: As of April 05, 2018 Mirae Asset Daewoo Research This document is a summary of a report prepared by Mirae Asset Daewoo Co., Ltd. -
Hanjin Transportation (002320 KS) Parcel Delivery and Stevedoring to Lead the Way
Hanjin Transportation (002320 KS) Parcel delivery and stevedoring to lead the way Logistics An asset-based logistics provider oriented toward parcel delivery Hanjin Transportation, the logistics arm of the Hanjin Group (established in 1958), Initiation Report mainly engages in ground transport, stevedoring, shipping, and parcel delivery October 28, 2015 operations. As of 2014, parcel delivery accounted for 27.3% of revenue, ground transport 27.2%, and stevedoring 15.8%. Among the company’s business divisions, we believe investors should pay particular attention to parcel delivery, which generates (Initiate) Buy more than 27% of revenue and 47% of operating profit. Investment points: Urban logistics complex and container terminals Target Price (12M, W) 60,000 1) Parcel delivery reinforced by the new Seoul Integrated Freight Terminal : Major Share Price (10/28/15, W) 45,100 retailers and manufacturers (cargo owners) are increasingly coming to realize the importance of delivery service competitiveness. The new Seoul Integrated Freight Expected Return 33% Terminal commenced operations in September, boosting Hanjin Transportation’s terminal capacity by 30%. Given rapid market growth, as well as the favorable location and state-of-the-art facilities of the new complex, we expect terminal utilization ratio to OP (15F, Wbn) 46 reach the mid-80% level in 4Q15 . Volume growth should lead to operating leverage Consensus OP (15F, Wbn) 47 effects, further lifting margins. EPS Growth (15F, %) 149.3 2) Opportunities from container terminals: We believe stevedoring will grow into a Market EPS Growth (15F, %) 20.6 major business that contributes 10-13% of the company’s operating profit (vs. 3.2% in P/E (15F, x) 5.0 2014), driven by the Pyeongtaek Container Terminal (which was acquired in 2Q15) and Market P/E (15F, x) 11.9 Incheon New Port Terminal A (which is set to open in early 2016). -
Korea Daily Focus
April 25, 2019 Korea Daily Focus Company News & Analysis S-Oil (010950KS/Buy/TP: W120,000) Focus on the May IMO meeting OCI (010060KS/Buy/TP: W140,000) Heading toward a promising 2H19 LG Chem (051910KS/Buy/TP: W520,000) Without peer in the battery market LG International (001120KS/Buy/TP: W22,000) Profit structure shifting to logistics Hyundai Motor (005380KS/Buy/TP: W166,000) Raise TP Start of a structural transition Hite Jinro (000080KS/Hold) Impact of soju price hikes POSCO INTERNATIONAL (047050KS/Buy/TP: W24,000) Record quarterly operating profit Industrial Bank of Korea (024110KS/Buy/TP: W19,500) Solid earnings and robust loan growth expected for 1Q19 KB Financial Group (105560KS/Buy/TP: W65,000) Solid earnings power confirmed POSCO (005490KS/Buy/TP: W375,000) Better-than-expected results LG Display (034220KS/Buy/TP: W26,500) Too early to throw in the towel 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.