DOCSLIB.ORG

Rapid Recovery in Korean Corporate Creditworthiness

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Rapid Recovery in Korean Corporate Creditworthiness JunHong Park Rapid Recovery In Korean Director / Lead Analyst For Korean Corporates Corporate Creditworthiness S&P Global Ratings 7 July 2021 Key Takeaways – Korea’s corporate credit quality is strengthening, leading to more positive actions compared to 2020. – COVID conditions are driving demand for various export products including semiconductors. – Other factors benefiting Korea’s corporate scene are reviving prices for oil and steel. – Aggressive spending, including in the electric vehicle space, could be an overhang for financial profiles. 2 Korean Corporate Credit Quality Recovering In 2021 – Positive rating actions outweigh negative rating actions in 2021 vs. 2019 and 2020. – Improving profitability drives upside actions on SK Hynix, LG Electronics, POSCO and S-Oil in 2021. Rating Action Trend Notable Actions On Korean Corporates In 2020-2021* # of actions Positive Negative Net Company Date To From 10 KCC Corp. Feb-2020 BB+/Stable BBB-/Negative E-Mart Feb-2020 BBB-/Negative BBB-/Stable 5 GS Caltex Mar-2020 BBB/Stable BBB+/Negative SK E&S Sep-2020 BBB-/Stable BBB/Negative 0 Apr-2020 BBB+/Watch Neg BBB+/Stable Hyundai Motor Group* -5 Sep-2020 BBB+/Negative BBB+/Watch Neg Feb-2020 BBB/Negative BBB/Stable SK Innovation -10 Nov-2020 BBB-/Negative BBB/Negative S-Oil Mar-2021 BBB/Stable BBB/Negative -15 SK Hynix Mar-2021 BBB-/Positive BBB-/Stable -20 SK Telecom Mar-2021 A-/Stable A-/Negative LG Electronics Apr-2021 BBB/Positive BBB/Stable -25 Magnachip Semiconductor Apr-2021 B+/Stable B/Positive 2016A 2017A 2018A 2019A 2020A 2021 YTD POSCO Jun-2021 BBB+/Positive BBB+/Stable Data as of July 5, 2021. *Hyundai Motor Group includes Hyundai Motor, Kia Motors, Hyundai Mobis, Hyundai Glovis and Hyundai Steel. A--Actual. YTD--Year to date. Source: S&P Global Ratings. E-Mart Jun-2021 BBB-/Watch Neg BBB-/Negative 3 Top 200 Korean Corporates’ Financial Metrics Improving – Debt/EBITDA of top 200 Korean companies started to recover in 3Q20 from its peak in 2Q20. – Improvement in financial metrics are driven more by stronger profitability than debt reduction. Top 200 Corporates Quarterly Debt To EBITDA Trend* Top 200 Corporates Quarterly Debt And EBITDA* Trend (x) KRW tril. EBITDA (LHS) Debt (RHS) KRW tril. COVID-19 Rapid 80 700 5.5 peak impact recovery 612 5.0 599 600 594 70 579 554 600 4.5 525 537 539 60 4.0 500 3.5 50 52 400 3.0 40 2.5 42 39 39 300 30 35 36 2.0 33 31 32 200 1.5 20 1.0 10 100 0.5 0.0 0 0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 *Top 200 corporates by asset size (excluding financial institutions and unlisted government-related entities), excluding Samsung Electronics. Annualized EBITDA (sum of last four quarters’ EBITDA). Q--Quarter. KRW tril.--Trillion Korean won. LHS--Left hand side. RHS--Right hand side. Source: Capital IQ, S&P Global Ratings. 4 Strong Performance in Tech, Auto, Steel, Chemical Sectors – Technology, autos, steel, and refining/chemical sectors all show meaningful earnings growth since 3Q20. – Rapid demand recovery for various products (e.g. consumer electronics, auto) is driving strong profitability. Top 200 Corporates* Quarterly OP Trend Top 200 Corporates* Quarterly OP By Sector Auto and auto parts Electric Utilities Oil and Gas Refining KRW tril. Samsung Electronics Top 200 excl. Samsung KRW tril. Steel Technology (RHS) 45 20 40 15 35 30 10 25 5 20 15 0 10 -5 5 0 -10 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 *Top 200 corporates by asset size (excluding financial institutions and unlisted government-related entities). OP--Operating profit. KRW tril.--Trillion Korean won. Q--Quarter. RHS--Right hand side. Source: Capital IQ, S&P Global Ratings. 5 Technology: A Robust Sector Semiconductor Companies Benefit From COVID-19 – Remote access and data processing/storage drive strong memory chip demand. – Operating profit grew 30% and 85% for Samsung and Hynix in 2020, respectively, with further growth expected in 1H21. Samsung And SK Hynix’ OP And OPM Trend Semiconductor Global Demand KRW tril. Samsung OP SK Hynix OP Samsung OPM SK Hynix OPM 1Gb equivalent mil. DRAM global demand NAND global demand 14 35% 180,000 160,000 12 30% 140,000 10 25% 120,000 8 20% 100,000 6 15% 80,000 60,000 4 10% 40,000 2 5% 20,000 0 0% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21F OP--Operating profit. OPM--Operating profit margin. KRW tril.--Trillion Korean won. Q--Quarter. F--Forecast. Gb--Gigabyte. mil.--Million. DRAM-- Dynamic Random Access Memory. Source: Company data, Omdia, S&P Global Ratings 7 Favorable Operating Conditions For Memory Chip Players – Memory prices remain strong in 1H21, aiding the memory chipmakers’ earnings. – Favorable supply-demand conditions expected in 2021 given disciplined investments from major players. DRAM / NAND Price Trends DRAM / NAND Industry Capex Trend NAND TLC Flash 256Gb contract price US$/unit US$ mil. DRAM NAND DRAM DDR4 - 8Gb - 1Gx8 2133/2400 MHz- spot price 7 35,000 6 30,000 5 25,000 4 20,000 3 15,000 2 10,000 1 5,000 0 0 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 2018 2019 2020 2021F 2022F DRAM--Dynamic Random Access Memory. Gb--Gigabyte. mil.--Million. Source: Bloomberg, Omdia, S&P Global Ratings. 8 LG Electronics Shows Strong Profitability Amid COVID-19 – We revised LGE outlook to positive in April 2021 mainly reflecting its strong profitability. – Higher mix of premium consumer electronics is supporting LGE’s strong operating performance. LG Electronics’ Quarterly Operating Profit Breakdown By Division LG Electronics’ Premium Product Sales Portion Home Appliance & Air Solution Home Entertainment KRW bil. Home Appliance & Air Solution TV Mobile Communications Vehicle Component Solutions 55% Business Solutions Total 2,000 50% 1,500 45% 1,000 40% 500 35% 0 30% -500 25% -1,000 20% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2017 2018 2019 2020 KRW bil.--Billion Korean won. Q--Quarter. Source: Company data, S&P Global Ratings. 9 Display Panel Makers Show Significant Profit Recovery – LGD’s operating profit turned around in 3Q20 and grew significantly on panel price rebound and growing demand. – LCD panel prices recovery continues from increasing demand for TV, PC, and monitors. LGD’s OP And OPM Trend 32” / 55” LCD ASP Trends KRW bil. OP OPM (RHS) US$/unit 32" HD 50Hz/60Hz Open Cell 55" UHD 100/120Hz Open Cell 800 15% 300 600 10% 250 400 5% 200 200 0% 150 0 -5% 100 -200 50 -400 -10% -600 -15% 0 LGD--LG display. OP--Operating profit. OPM--Operating profit margin. KRW bil.--Billion Korean won. LCD--Liquid crystal display. RHS--Right hand scale. Source: Company data, Bloomberg, S&P Global Ratings. 10 Refining & Petrochemical: Rapid Earnings Recoveries Rapid Earnings Recovery For Refining & Petrochem Companies – Significant operating losses for oil refiners in 2020 due to inventory related losses and weak spreads. – Strong earnings in 1Q21 on rebounding spreads and increase in oil prices. Korean Refineries’ OP Recovered In 1Q 2021 Korean Petrochem’s OP Also Significantly Grew In 1Q 2021 KRW bil. SK Innovation GS Caltex S-Oil KRW bil. LG Chem Hanwha Total SK Global Chemical 3,000 2,000 2,000 1,500 1,000 0 1,000 -1,000 500 -2,000 -3,000 0 -4,000 -5,000 -500 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 KRW bil.--Billion Korean won. OP--Operating profit. Q--Quarter. Source: Company data, Capital IQ, S&P Global Ratings. 12 Aggressive Investments From Refining / Chemical Companies – Korean refining/chemical players significantly expanded investments in (1) EV battery business (LG Chem & SK Innovation), (2) vertical capacity expansions, and (3) downstream acquisitions. – Negative discretionary cash flows due to large capex and shareholder returns despite recent earning recovery. Growing Investments (Capex + Acquisition) Trend Weakened Discretionary Cash Flow (OCF-Investments-Dividend) KRW bil. SK Innovation GS Caltex S-Oil LG Chem Hanwha Total KRW bil. SK Innovation GS Caltex S-Oil LG Chem Hanwha Total 14,000 8,000 6,000 12,000 4,000 10,000 2,000 8,000 0 6,000 -2,000 -4,000 4,000 -6,000 2,000 -8,000 0 -10,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 KRW bil.--Billion Korean won. Source: Company data, S&P Global Ratings. 13 Steel: Improving Operating Environment Strong Operating Performance Expected For Steelmakers – Korean makers have raised steel prices since 4Q20 to reflect rising raw material costs, backed by strong steel demand. – We revised POSCO’s outlook to positive in June 2021 due to expected record-high level profitability for 2021. POSCO And Hyundai Steel Quarterly Operating Profit Trend POSCO’s HRC / CRC Prices Trend KRW tril. POSCO Hyundai Steel HRC CRC 2.0 850,000 800,000 1.5 750,000 1.0 700,000 650,000 0.5 600,000 0.0 550,000 -0.5 500,000 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21F 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 KRW tril.--Trillion Korean won. HRC--Hot roll steel. CRC--Cold roll steel. Q--Quarter. F--Forecast. Source: Company Data, Capital IQ, S&P Global Ratings. 15 Auto: Demand Recovery Since Late 2020 Auto Industry Showing Recovery In 2021 2021 Sales Breakdown (estimate) Source: S&P Global Ratings.
Load more

Recommended publications
  • Case M.9638 — Hyundai Motor Group/Aptiv/JV) Candidate Case for Simplified Procedure
    C 26/4 EN Offi cial Jour nal of the European Union 27.1.2020 Prior notification of a concentration (Case M.9638 — Hyundai Motor Group/Aptiv/JV) Candidate case for simplified procedure (Text with EEA relevance) (2020/C 26/03) 1. On 17 January 2020, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1). This notification concerns the following undertakings: — Aptiv PLC (‘Aptiv’, Ireland), — Hyundai Motor Company, Kia Motors Corporation and Hyundai Mobis, all belonging to Hyundai Motor Group (‘HMG’, South Korea). Aptiv and HMG acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of a newly created company constituting a joint venture (‘JV’, US) The concentration is accomplished by way of purchase of shares in a newly created company constituting a joint venture. 2. The business activities of the undertakings concerned are: — for Aptiv: global technology and mobility company primarily serving the automotive sector. Aptiv designs and manufactures vehicle components and safety technology solutions, — for HMG: an international group of companies with a diverse portfolio of business activities, including the manufacture and sale of all types of motor vehicles. HMG’s key affiliates include its auto-making arms HMC and Kia as well as its auto-parts making unit Mobis. The JV will design, develop, and commercialise autonomous driving software technologies, services, systems, vehicle architecture and other related enabling offerings with respect to Society of Automotive Engineers (‘SAE’) Levels 4 and/or 5 of autonomous driving. 3. On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation.
    [Show full text]
  • 2020 Owner's Handbook & Warranty Information
    USA USA 2020 Owner's Handbook & Warranty Information Printing : Sep. 16, 2019 Publication No. : NAALL-190911 Printed in Korea Hyundai USA ALL 20MY(Cover)190916.indd 1-3 2019-09-16 오전 8:42:12 IMPORTANT: FOR YOUR CONVENIENCE: Retain this Owner’s Handbook in your glovebox for reference relative to Consumer and Warranty Information. Tel. Your Salesperson is: Tel. Your Service Manager is: Tel. OWNER INFORMATION CHANGES: Your Parts Manager is: * If you change your address or if you are the second or subsequent owner of your HYUNDAI, please complete the Owner Information Change Card in the front of this handbook. SPEEDOMETER REPLACEMENT: Speedometer replaced on with miles on the odometer. (Date) Dealer Code: Name: Warranty Start Date: HYUNDAI Dealer Signature: Hyundai USA ALL 20MY(Cover)190916.indd 4-6 2019-09-16 오전 8:42:12 OWNER INFORMATION CHANGE CARD Check one: If you have changed your address or if you are the second or subsequent owner of your Change of Ownership Hyundai, please notify us immediately by completing and mailing this owner information Change of Address change card to: I no longer own this automobile as of / / Hyundai Customer Care Center It was: Hyundai Motor America Exported Sold PO Box 20850 Destroyed Stolen Fountain Valley, CA 92728 Miss Ms. Mrs. Mr. NEW OWNER INFORMATION CIRCLE LAST NAME FIRST M.I. APT. MAIL ADDRESS: NUMBER STREET ZIP CODE CITY/TOWN STATE - - Home Work Cell TELEPHONE NUMBER CIRCLE VEHICLE IDENTIFICATION: The VIN is located on the driver’s side of the dash. ODOMETER READING VEHICLE IDENTIFICATION NUMBER SIGNATURE 1 Hyundai USA ALL 20MY(Main)190916.indd 1 2019-09-16 오전 8:35:52 Hyundai USA ALL 20MY(Main)190916.indd 2 2019-09-16 오전 8:35:52 TABLE OF CONTENTS OWNER INFORMATION CHANGE CARD ..............................................................................................................................
    [Show full text]
  • Owner Information Change Card
    OWNER INFORMATION CHANGE CARD Check one: If you have changed your address or if you are the second or subsequent owner of your Change of Ownership Hyundai, please notify us immediately by completing and mailing this owner information Change of Address change card to: I no longer own this automobile as of / / Hyundai Customer Care Center It was: Hyundai Motor America Exported Sold PO Box 20850 Destroyed Stolen Fountain Valley, CA 92728 Miss Ms. Mrs. Mr. NEW OWNER INFORMATION CIRCLE LAST NAME FIRST M.I. APT. MAIL ADDRESS: NUMBER STREET ZIP CODE CITY/TOWN STATE - - Home Work Cell TELEPHONE NUMBER CIRCLE VEHICLE IDENTIFICATION: The VIN is located on the driver’s side of the dash. ODOMETER READING VEHICLE IDENTIFICATION NUMBER SIGNATURE 1 Hyundai USA ALL 19MY(Main).indd 1 2018-06-25 오후 3:36:00 Hyundai USA ALL 19MY(Main).indd 2 2018-06-25 오후 3:36:00 TABLE OF CONTENTS OWNER INFORMATION CHANGE CARD ............................................................................................................................... 1 SECTION 1 OWNER INFORMATION ............................................................................................................................... 4 SECTION 2 HYUNDAI ROADSIDE ASSISTANCE PROGRAM ......................................................................................... 6 SECTION 3 CONSUMER INFORMATION (A) HYUNDAI'S CONSUMER ASSISTANCE PROCESS ............................... 9 (B) ALTERNATIVE DISPUTE RESOLUTION (BBB AUTOLINE) .................10 HYUNDAI WARRANTY INFORMATION ................................................................................................................................12
    [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]
  • View Complaint
    Case 1:15-cv-01221-RGA Document 4 Filed 03/24/16 Page 1 of 19 PageID #: 81 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE DELAWARE DISPLAY GROUP LLC § and INNOVATIVE DISPLAY § TECHNOLOGIES LLC, § § C.A. No. 15-cv-1221-RGA § Plaintiffs, § JURY TRIAL DEMANDED § v. § § LG ELECTRONICS, INC., § LG ELECTRONICS U.S.A., INC., § LG ELECTRONICS MOBILECOMM § U.S.A., INC.,LG DISPLAY CO., LTD., § and LG DISPLAY AMERICA, INC. § § § Defendants. § PLAINTIFFS’ FIRST AMENDED COMPLAINT Delaware Display Group LLC and Innovative Display Technologies LLC (collectively, “Plaintiffs”) by and through their undersigned counsel, file this First Amended Complaint against LG Electronics, Inc.; LG Electronics U.S.A., Inc.; LG Electronics Mobilecomm U.S.A., Inc., LG Display Co., Ltd.; and LG Display America, Inc. (collectively, “LG”) THE PARTIES 1. Delaware Display Group LLC (“DDG”) is a Delaware limited liability company with its principal place of business located at 2400 Dallas Parkway, Suite 200, Plano, Texas 75093. 2. Innovative Display Technologies LLC (“IDT”) is a Texas limited liability company with its principal place of business located at 2400 Dallas Parkway, Suite 200, Plano, Texas 75093. 1 Case 1:15-cv-01221-RGA Document 4 Filed 03/24/16 Page 2 of 19 PageID #: 82 3. Upon information and belief, LG Electronics, Inc. (“LG Electronics”) is a corporation in South Korea located at LG Twin Tower 128, Yeoui-daero, Yeongdeungpo-gu, Seoul, Korea, 150-721, South Korea. Upon information and belief, LG Electronics may be served with process in South Korea pursuant to the Hague Convention on the Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters.
    [Show full text]
  • 7Th World Rechargeable Battery Regulation Forum 2016, Seoul, Korea
    7th World Rechargeable Battery Regulation Forum 2016, Seoul, Korea BatteryR&DAssociation(‘1997)→ BatteryIndustryAssociation(‘2011) Foundation Established on Nov. 1st 2011 under the MOTIE (Ministry of Trade, Industry & Energy) ※ Having operated as Battery R&D Association of Korea since 1997 Main Mission To support the government to make plans and policies for battery industry To spread government policies to battery companies To establish the infrastructure needed for the growth of national battery business To induce foreign investment on battery industry and promote international cooperation To research and analyze information and statics of battery 4 Batterymanufacturing,Part&Materials,SystemandInstitution Battery manufacturers (12) SDI, LG Chem, SK Innovation, Kokam, Sebang etc. Parts & materials companies (33) GS Energy, Posco, Korea Umicore, L&F, Ecopro, Panaxetec etc. Equipment/ system companies (13) Hyundai MOBIS, PNE Solution, WooJin, Hanwha etc. Others (3) KETI, KIER, KERI 5 International&DomesticStandardization Collaborate COSD Standardization (CooperationStandarddevelopment) Lithium Working Group Primary Lead-acid Ni-Cd/Ni-MH RFB Working Group Working Group Working Group Working Group IT xEV ESS ▪ Samsung SDI ▪ Samsung SDI ▪ Bexel ▪ Delko ▪ IBT ▪ Samsung SDI ▪ LG Chem. ▪ OCI ▪ LG Chem. ▪ Rocket ▪ Hyundai ▪ Global Battery ▪ LG Chem. ▪ SK innovation ▪ LOTTE Chem. ▪ SK innovation Sungwoo ▪ SEC ▪ Hyundai ▪ Hyundai Heavy ▪ Kokam ▪ Kokam ▪ Atlas BX ▪ EIG ▪ Nuri Plan ▪ EIG ▪ Global Battery ▪ Top Battery ▪ H2 ▪ Top Battery ▪ TUV Sud
    [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]
  • ADMINISTRATIVE PANEL DECISION Case No. KR-2000221
    (Seoul Office) ADMINISTRATIVE PANEL DECISION Case No. KR-2000221 Complainants1: Hyundai Motor Company Complainants2: Hyundai Heavy Industries Holdings Co., Ltd. (Authorized Representative for Complainants 1,2 : Patent Attorney Sung-Pil HWANG (E.M. HWANG & PARTNERS)) Respondent: Imad Boukai (Authorized Representative for Respondent : Changhoon Lee (AJU Kim Chang & Lee)) Disputed Domain Name(s): hyundaitechnology.com 1. The Parties and Contested Domain Name The Complainants are Hyundai Motor Company of 12, Heolleung-ro, Seocho-gu, Seoul (Yangjae-dong), Republic of Korea and Hyundai Heavy Industries Holdings Co., Ltd. of 75, Yulgok-ro, Jongno-gu, Seoul(Gye-dong), Republic of Korea. The Authorized Representative of Complainants is Sung-Pil Hwang, E.M. HWANG & PARTNERS, Mansung Building, 9-8, Gaepo-ro 31-gil, Gangnam-gu, Seoul. The Respondent is Imad Boukai, General Procurement, Inc. (“GPI”), 800 East Dyer, Santa Ana, California, US. Page 1 The Authorized Representative of the Respondent is Changhoon Lee, AJU Kim Chang & Lee, 7-14th Floor, Donghee Building, 302 Gangnam-daero, Gangnam-Gu, Seoul 06253, Republic of Korea. The domain name at issue is ‘hyundaitechnology.com’(the “disputed domain name”), registered with GoDaddy.com, LLC. 2. Procedural History The Complainants was filed with the Seoul Office of the Asian Domain Name Dispute Resolution Center (ADNDRC, the “Center”) on September 14, 2020, seeking for a cancellation of the disputed domain name. On September 25, 2020, the Center sent an email to the Registrar asking for the detailed data of the registrant. On September 26, 2020, GoDaddy.com, LLC transmitted by email to the Center its verification response, advising that the Respondent is listed as the registrant and providing the contact details.
    [Show full text]
  • In the United States District Court for the District of Delaware
    Case 1:19-cv-00776-UNA Document 1 Filed 04/29/19 Page 1 of 65 PageID #: 1 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE LG CHEM, LTD. and ) LG CHEM MICHIGAN INC., ) ) Plaintiffs, ) ) v. ) C.A. No. _________________ ) SK INNOVATION CO., LTD. and ) JURY TRIAL DEMANDED SK BATTERY AMERICA, INC., ) ) Defendants. ) COMPLAINT Plaintiffs LG Chem, Ltd. (“LG Chem”) and LG Chem Michigan, Inc. (“LGCMI”) (collectively “LGC” or “Plaintiffs”), by and through their undersigned counsel, hereby file the following Complaint for trade secret misappropriation under the Defend Trade Secrets Act under 18 U.S.C. § 1836, et seq. (“DTSA”) and the Delaware Uniform Trade Secrets Act (“DUTSA”), tortious interference with a prospective business opportunity, unfair competition in violation of Delaware’s Deceptive Trade Practices Act, 6 Del. C. §§ 2532 et seq., conversion, and unjust enrichment against Defendants SK Innovation Co., Ltd. (“SKI”), and SK Battery America, Inc. (“SKBA”) (collectively “Defendants”), and allege as follows: INTRODUCTION 1. Defendants have systematically stolen LGC’s intellectual property and technology concerning LGC’s lithium-ion batteries, battery cells, battery modules, and battery packs, including components thereof and related production and testing systems and processes therefor. These products, systems, and processes are used in the rapidly-growing and highly-competitive Electric Vehicle (“EV”) industry. Through diligent work and heavy investment over the course of many years, LGC became a leading developer of EV batteries and related technologies. Defendants, Case 1:19-cv-00776-UNA Document 1 Filed 04/29/19 Page 2 of 65 PageID #: 2 on the other hand, have avoided the arduous, time-consuming, and expensive process of developing their own EV battery technologies.
    [Show full text]
  • Hyundai Steel (004020 KS /Buy )
    Hyundai Steel (004020 KS /Buy ) Stake sale likely to lead to lower interest expenses Steel and higher dividend payout Issue Comment Following the merger between Hyundai Glovis and Hyundai Mobis’s spun-off businesses, March 29, 2018 Hyundai Steel is expected to sell its stake in Hyundai Mobis for roughly W1.13tr. Cash proceeds are estimated at W820bn (factoring in capital gains taxes). If the proceeds from the sale are used to repay debt, annual interest expenses would Mirae Asset Daewoo Co., Ltd. decrease and dividend payouts would likely expand. [ Metals & Mining ] Jaekwang Rhee Planning to sell Hyundai Mobis stake following merger +822 -3774 -6022 th [email protected] On March 28 , Hyundai Steel disclosed that it would sell its stake in Hyundai Mobis (012330 KS/Buy/TP: W300,000/CP: W261,000) to Hyundai Motor Group (HMG) chairman Chung Mong-koo and vice chairman Chung Eui-sun, once the merger between Hyundai Glovis (086280 KS/Buy/TP: W210,000/CP: W173,500) and Hyundai Mobis’s spun-off businesses is completed. Meanwhile, the firm will retain its stake in Hyundai Glovis. th Based on the March 28 closing price of Hyundai Mobis, we estimate the value of Hyundai Steel’s stake at W1.13tr, and actual cash proceeds from the sale (factoring in capital gains taxes) at W820bn. The actual sale price will be confirmed within two months of Hyundai Mobis’s listing change (slated for July 30 th ). Stake sale to lead to lower interest expenses and higher dividends Assuming that the spin-off and merger progress smoothly, Hyundai Steel is likely to use the proceeds from the sale of its stake in Hyundai Mobis for debt repayment.
    [Show full text]
  • 2014 ESG Integrated Ratings of Public Companies in Korea
    2014 ESG Integrated Ratings of public companies in Korea Korea Corporate Governance Service(KCGS) annouced 2014 ESG ratings for public companies in Korea on Aug 13. With the ESG ratings, investors may figure out the level of ESG risks that companies face and use them in making investment decision. KCGS provides four ratings for each company which consist of Environmental, Social, Governance and Integrated rating. ESG ratings by KCGS are graded into seven levels: S, A+, A, B+, B, C, D. 'S' rating means that a company has all the system and practices that the code of best practices requires and there hardly exists a possibility of damaging shareholder value due to ESG risks. 'D' rating means that there is a high possibility of damaging shareholder value due to ESG risks. Company ESG Integrated Company Name Code Rating 010950 S-Oil Corporation A+ 009150 Samsung Electro-Mechanics Co., Ltd. A+ 000150 DOOSAN CORPORATION A 000210 Daelim Industrial Co., Ltd. A 000810 Samsung Fire & Marine Insurance Co., Ltd. A 001300 Cheil Industries Inc. A 001450 Hyundai Marine&Fire Insurance Co., Ltd. A 005490 POSCO. A 006360 GS Engineering & Construction Corp. A 006400 SAMSUNG SDI Co., Ltd. A 010620 Hyundai Mipo Dockyard Co., Ltd. A 011070 LG Innotek Co., Ltd. A 011170 LOTTE CHEMICAL CORPORATION A 011790 SKC Co., Ltd. A 012330 HYUNDAI MOBIS A 012450 Samsung Techwin Co., Ltd. A 023530 Lotte Shopping Co., Ltd. A 028050 Samsung Engineering Co., Ltd. (SECL) A 033780 KT&G Corporation A 034020 Doosan Heavy Industries & Construction Co., Ltd. A 034220 LG Display Co., Ltd.
    [Show full text]
  • 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
    [Show full text]