DOCSLIB.ORG

January 3, 2013

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

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. („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 3, 2013 Semiconductor Samsung Electronics (005930 KS) Daewoo Securities Co., Ltd. James Song Expected to lead global IT in 2013 +822-768-3722 [email protected] What’s new: IM and semiconductor divisions to drive 4Q earnings growth We project Samsung Electronics’ (SEC) 4Q revenues and operating profit to reach W58.3tr (+11.8% QoQ; +23.3% YoY) and W9tr (+10.3% QoQ; +69.2% YoY; OP margin of 15.4%), respectively. These estimates are similar to our previous projections (W9.1tr for operating profit), which do not reflect the expected ruling by the US District Court for the Northern District of California. We note that the US Patent and Trademark office (USPTO) recently found that SEC did not infringe on Buy (Maintain) Apple’s patents with regard to functions (e.g., pinch–to-zoom, bounce-back scrolling) Target Price (12M, W) 1,900,000 and designs (e.g., the rounded corners of the device, icon-arrangement design). Share Price (01/02/13, W) 1,576,000 Expected Return (%) 20.6 We forecast 4Q operating profits at the IT & mobile (IM) division, semiconductor EPS Growth (13F, %) 29.8 division, display panel (DP) division, and consumer electronics (CE) division to come Market EPS Growth (13F, %) 21.0 in at W5.9tr, W1.6tr, W1.2tr, and W0.4tr, respectively. We estimate 4Q smartphone P/E (13F, x) 8.8 shipments to have reached 62mn units (including 15mn units of the Galaxy S III and Market P/E (13F, x) 8.8 12mn units of the Galaxy Note II). We estimate tablet PC shipments to have surged KOSPI 2,031.10 Market Cap (Wbn) 232,144 to 7mn units. We raised SEC’s 4Q DRAM bit-growth estimate to 14% to reflect Shares Outstanding (mn) 170 growing mobile DRAM shipments. We also revised up our 4Q NAND bit-growth Avg Trading Volume (60D, '000) 265 estimate to 24% in light of a surge in triple level cell (TLC) sales. Avg Trading Value (60D, Wbn) 370 Dividend Yield (13F, %) 0.3 Catalyst: Market share to further expand in 2Q13 from new smartphone Free Float (%) 70.8 52-Week Low (W) 1,011,000 For 2013, we project SEC to post revenues of W242.8tr (+19.4% YoY) and an 52-Week High (W) 1,576,000 operating profit of W37.2tr (+25.3% YoY; OP margin of 15.3%). We slightly raised Beta (12M, Daily Rate of Return) 1.51 our operating profit estimate (from W36.4tr). While we revised up our 2013 Price Return Volatility (12M Daily, %, SD) 1.9 smartphone shipment estimate by 10% from 271mn units to 300mn units, we Foreign Ownership (%) 43.7 made a somewhat conservative projection with regards to the bottom line. Major Shareholder(s) Meanwhile, we expect the semiconductor division to see operating profit surge K.H. Lee et al. (17.65%) from W4.6tr in 2012 to W7.5tr in 2013. Treasury shares (11.55%) NPS (6%) We expect the strongest catalyst for SEC’s 1H13 share price will be the launch of a Price Performance new smartphone model (Galaxy S IV, or the Tizen-powered Galaxy) in 2Q13. We (%) 1M 6M 12M expect the new model to feature: 1) five-inch high-resolution AMOLED (441 pps), 2) Absolute 12.1 34.2 45.9 Relative 7.0 24.6 34.7 an application processor based on the "big.LITTLE" architecture (Exynos 5540 quad), 3) a 13mn-pixel camera, and 4) S-Pen. We project quarterly sales of the new model to reach 30mn units, much higher than that of the Galaxy S III (20mn units). Valuation still attractive SEC’s shares are currently trading at a P/B of only 1.8x (2013F BPS of W898,625) and a P/E of just 8.8x (2013F EPS of W179,819). Despite recent rallies, we still do not find this valuation prohibitive. The company’s 1Q13 earnings might inch down Share price FY Revenues OP OP Margin NP EPS EBITDA FCF ROE P/E P/B EV/EBITDA 160 KOSPI (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (X) (X) (X) 140 12/10 154,630 17,297 11.2 15,799 92,863 28,015 907 20.4 10.2 1.8 5.3 120 12/11 165,002 16,250 9.9 13,359 78,522 29,047 2,497 14.6 13.5 1.8 5.7 12/12F 203,365 29,659 14.6 23,572 138,551 44,616 9,800 21.7 11.0 2.1 5.2 100 12/13F 242,757 37,151 15.3 30,593 179,819 53,691 21,221 22.8 8.8 1.8 4.2 80 12/14F 277,380 44,439 16.0 36,041 211,837 57,954 46,058 21.6 7.4 1.4 3.1 12/11 4/12 8/12 12/12 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. Company January 3, 2013 QoQ before the company’s new smartphone launch. However, we advise investors to focus on the company’s earnings (we expect strong growth in 2Q13 and beyond on the back of the launch of the new smartphone) and not on this potential, temporary earnings stagnation. Table 1. Quarterly and annual earnings (Wbn, %) 1Q12 2Q12 3Q12 4Q12F 1Q13F 2Q13F 3Q13F 4Q13F 2011 2012F 2013F 2014F Revenues 45,271 47,597 52,177 58,321 55,335 59,550 63,007 64,865 165,002 203,365 242,757 277,380 % QoQ -4.3 5.1 9.6 11.8 -5.1 7.6 5.8 2.9 % YoY 22.4 20.7 26.4 23.3 22.2 25.1 20.8 11.2 6.7 23.3 19.4 14.3 IM 23,220 24,040 29,920 32,441 31,483 34,492 36,314 37,271 67,440 109,621 139,560 165,960 CE 10,670 12,150 11,600 14,395 12,102 12,631 14,155 15,374 47,020 48,815 54,262 59,452 Semiconductor 7,980 8,600 8,712 10,133 9,992 11,133 11,616 11,565 36,990 35,425 44,307 49,623 - Memory 4,890 5,420 5,220 5,984 5,766 6,577 6,726 6,232 22,710 21,514 25,301 28,982 DRAM 3,858 4,309 4,061 4,071 3,967 4,565 4,394 4,099 16,522 16,299 17,025 15,677 NAND 2,147 2,440 2,403 2,578 2,440 2,743 3,079 2,826 10,270 9,567 11,088 13,305 - Non-memory 3,090 3,180 3,492 4,149 4,226 4,556 4,891 5,332 14,280 13,911 19,005 22,208 DP 8,540 8,250 8,460 8,930 8,948 9,032 9,108 9,085 29,230 34,180 36,174 47,500 Operating profit 5,850 6,724 8,120 8,959 8,235 9,405 10,256 9,254 16,250 29,654 37,151 44,439 % QoQ 10.5 14.9 20.8 10.3 -8.1 14.2 9.1 -9.8 % YoY 98.4 79.2 90.9 69.2 40.8 39.9 26.3 3.3 -6.1 82.5 25.3 19.6
Recommended publications
  • FTSE Korea 30/18 Capped

    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.
  • Holdings-Report.Pdf

    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 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
  • October 18, 2013

    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

    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).
  • Morning Focus

    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.
  • Korea Daily Focus

    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.
  • LG Chem, Ltd. and Subsidiaries Consolidated Interim Financial Statements June 30, 2019 and 2018

    LG Chem, Ltd. and Subsidiaries Consolidated Interim Financial Statements June 30, 2019 and 2018

    LG Chem, Ltd. and Subsidiaries Consolidated Interim Financial Statements June 30, 2019 and 2018 WorldReginfo - 6e9c0a98-8c9a-4a85-b46b-f11dcb718c87 LG Chem, Ltd. and Subsidiaries Index June 30, 2019 and 2018 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 - 77 WorldReginfo - 6e9c0a98-8c9a-4a85-b46b-f11dcb718c87 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
  • Korea Companies in US with Products

    Korea Companies in US with Products

    Multinational Corporations to Be Given Rights Beyond the Rights of U.S. Companies Under the Korea Free Trade Agreement Source: Uniworld & Public Citizen Rep. Last District Company Address Rep. First Name Name Party State Product Description 4600 Postmark Dr., # NB 216, Anchorage, AK AK-00 KOREAN AIR 99502-1038 Donald Young R AK International passenger and cargo air transport. HYUNDAI MOTOR MANUFACTURING AL-02 ALABAMA, LLC 700 Hyundai Blvd., Montgomery, AL 36105-9622 Bobby Bright D AL Mfr., sales and service of automobiles. Mfr. automobile parts specializing in internationally competitive state-of-the-art chassis AL-03 MANDO AMERICA CORPORATION 4201 North Park Dr., Opelika, AL 36801-9667 Michael Rogers R AL components and systems. 2312 Center Hill Dr., Ste. A, Opelika, AL 36801- Mfr. quartz countertop surfaces and interior AL-03 HANWHA L&C ALABAMA, LLC 7279 Michael Rogers R AL building materials. Mfr. tires, steel products, electronics, AL-05 HYOSUNG USA, INC. 500 19th Ave. SE, Decatur, AL 35601-3424 Parker Griffith R AL fabrics/yarns, and musical instruments. 201 James Record Rd., Huntsville, AL 35824- Technology services; consumer electronics, home AL-05 LG ELECTRONICS ALABAMA INC. (LGEAI) 1513 Parker Griffith R AL appliances and mobile communications. AL-05 EKO PEROXIDE LLC 1455 Redhat Rd., Decatur, AL 35601-7588 Parker Griffith R AL Mfr. chemicals and petrochemicals. AZ-02 LG SOLID SURFACE LLC 8009 W. Olive Ave., Peoria, AZ 85345-7109 Trent Franks R AZ Mfr. chemicals. 1702 E. Highland Ave., Ste. 400, Phoenix, AZ Manufacturing and sales of electronically AZ-04 SNTECH INC. USA 85016-4630 Edward Pastor D AZ commutated motors (ECM).
  • Samsung Electro-Mechanics Co., Ltd. and Subsidiaries Consolidated Financial Statements December 31, 2020

    Samsung Electro-Mechanics Co., Ltd. and Subsidiaries Consolidated Financial Statements December 31, 2020

    Samsung Electro-Mechanics Co., Ltd. and Subsidiaries Consolidated Financial Statements December 31, 2020 Samsung Electro-Mechanics Co., Ltd. and Subsidiaries Index December 31, 2020 Page(s) Independent Auditor’s Report ………………………………………………………………………………… 1 ~ 4 Consolidated Financial Statements Consolidated Statements of Financial Position …………………………………………………………… 5 ~ 6 Consolidated Statements of Comprehensive Income …………………………………………………… 7 ~ 8 Consolidated Statements of Changes in Equity ………………………………………………………… 9 ~ 10 Consolidated Statements of Cash Flows ……………………………………………………………………… 11 Notes to the Consolidated Financial Statements ………………………………………………………… 12 ~ 75 Independent Auditor’s Report (English Translation of a Report Originally Issued in Korean) To the Shareholders and Board of Directors of Samsung Electro-Mechanics Co., Ltd. Opinion We have audited the accompanying consolidated financial statements of Samsung Electro-Mechanics Co., Ltd. and its subsidiaries (collectively referred to as the "Group"), which comprise the consolidated statement of financial position as at December 31, 2020, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2020, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“Korean IFRS”). Basis for Opinion We conducted our audit in accordance with Korean Standards on Auditing. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report.
  • Schedule of Investments the Korea Fund, Inc

    Schedule of Investments the Korea Fund, Inc

    Page 1 of 2 Schedule of Investments The Korea Fund, Inc. September 30, 2020 (unaudited) Shares Value^ COMMON STOCK—97.0% Air Freight & Logistics—1.1% 15,728 Hyundai Glovis Co., Ltd. $ 1,933,849 Auto Components—2.4% 21,783 Hyundai Mobis Co., Ltd. 4,273,472 Automobiles—7.7% 71,626 Hyundai Motor Co. 10,910,079 68,360 Kia Motors Corp. 2,741,368 13,651,447 Banks—3.6% 56,329 Hana Financial Group, Inc. 1,353,195 81,721 KB Financial Group, Inc. 2,631,415 99,489 Shinhan Financial Group Co., Ltd. 2,334,068 6,318,678 Biotechnology—4.6% 23,163 Celltrion, Inc. (e) 5,095,026 20,037 Hugel, Inc. (e) 3,122,677 8,217,703 Capital Markets—1.2% 35,388 Korea Investment Holdings Co., Ltd. 2,187,132 Chemicals—7.2% 42,710 Kumho Petrochemical Co., Ltd. 4,006,770 14,149 LG Chem Ltd. 7,897,545 16,749 OCI Co., Ltd. 812,057 12,716,372 Electronic Equipment, Instruments & Components—4.6% 4,395 LG Innotek Co., Ltd. 579,998 15,493 Samsung Electro-Mechanics Co., Ltd. 1,836,064 15,472 Samsung SDI Co., Ltd. 5,715,641 8,131,703 Entertainment—2.7% 1,452 Big Hit Entertainment Co., Ltd. (c)(d)(e) 167,610 6,724 NCSoft Corp. 4,633,731 4,801,341 Food & Staples Retailing—0.4% 6,380 E-MART, Inc. 770,839 Healthcare Providers & Services—0.4% 8,660 Celltrion Healthcare Co., Ltd. (e) 649,605 Hotels, Restaurants & Leisure—0.4% 40,808 Kangwon Land, Inc.
  • SK Holdings, Doosan Corp., Hanwha Corp., and CJ Corp.); Based on Nov

    SK Holdings, Doosan Corp., Hanwha Corp., and CJ Corp.); Based on Nov

    2020 Outlook Conglomerates Winds of change Dae-ro Jeong +822-3774-1634 [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 I. 2019 review 3 II. 2020 outlook 5 III. Major shareholders and inheritance taxes 10 IV. Key issues by group 27 V. Top picks 50 I. 2019 review Undiscovered, undervalued, and rebounding Holding companies > KOSPI Holding companies < KOSPI (Jul. 2010-Apr. 2011) The values of holding companies’ unlisted subsidiaries (May 2011-May 2012) Corporate governance regulations were introduced increased. (restrictions on related-party transactions, etc.). (Jun. 2012-Aug. 2015) Major conglomerates overhauled their corporate (Sep. 2015-Feb. 2017) Regulators sought stronger restrictions on holding structures/governance, and holding companies received valuation premiums. companies via the Monopoly Regulation and Fair Trade Act (MRFTA), etc. (Mar. 2017-Feb. 2018) Minority shareholder rights strengthened, and (Mar. 2018-Aug. 2019) External uncertainties increased; holding companies stewardship code expectations increased. received steeper valuation discounts. Holding companies vs. the KOSPI (1/1/10=100) 200 Holding companies KOSPI 180 160 140 120 100 80 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Notes: Combined market cap of top five holding companies (LG Corp., SK Holdings, Doosan Corp., Hanwha Corp., and CJ Corp.); based on Nov. 15, 2019 closing prices Source: WISEfn, Mirae Asset Daewoo Research 3| 2020 Outlook [Conglomerates] Mirae Asset Daewoo Research I. 2019 review Discount to net asset value (NAV): Valuations at historical lows LG Corp.