DOCSLIB.ORG

Korea Morning Focus

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Korea Morning Focus May 3, 2019 Korea Morning Focus Company News & Analysis Major Indices Close Chg Chg (%) SK Networks (001740/Buy/TP: W7,000) KOSPI 2,212.75 9.16 0.42 Margin gains through business synergies are critical KOSPI 200 286.12 1.20 0.42 KOSDAQ 760.38 5.64 0.75 Lotte Data Communication (286940/Buy/TP: W63,000) HIT merger to create additional business opportunities Turnover ('000 shares, Wbn) Volume Value GS Retail (007070/Buy/TP: W48,000) KOSPI 358,951 5,027 1Q19 review: Convenience stores showing signs of improvement KOSPI 200 83,515 3,482 KOSDAQ 769,128 4,248 DGB Financial Group (139130/Buy/TP: W12,000) Market Cap (Wbn) Underlying earnings power enhanced by business diversification Value KOSPI 1,467,463 BNK Financial Group (138930/Buy/TP: W8,900) KOSDAQ 260,785 Full confidence will be recovered after 4Q results, but the current KOSPI Turnover (Wbn) performance is not that bad Buy Sell Net Foreign 1,531 1,463 68 Sector News & Analysis Institutional 1,269 1,252 17 Retail 2,186 2,288 -102 Airlines (Overweight) KOSDAQ Turnover (Wbn) China route allocation results: LCC share increases to 28.1% Buy Sell Net Foreign 370 303 68 Institutional 176 192 -17 Retail 3,674 3,714 -39 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,246 1,137 109 KOSDAQ 332 266 66 Advances & Declines Advances Declines Unchanged KOSPI 515 289 81 KOSDAQ 842 340 89 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 45,900 50 395 Hynix 80,700 1,700 249 KODEX Leverage 13,530 115 193 Dongsung Pharm. 28,150 0 187 KODEX 200 Futures 6,845 -50 155 Inverse 2X KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Hyundai IT 18,400 1,800 404 Optomagic CO. 5,270 1,020 229 KRTNet Corporation 5,090 690 154 Crystal New Material 2,630 605 129 PROSTEMICS 6,750 420 82 Note: As of May 02, 2019 This document is a summary of a report prepared by Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) and published on our website. Please review the compliance notices contained in the original report. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information and opinions contained in this document. Mirae Asset Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed or published in whole or in part for any purpose. SK Networks (001740 KS) Margin gains through business synergies are critical Rental 1Q19 review: Margins remain subdued Results Comment For 1Q19, SK Networks (SKN) delivered consolidated revenue of W3.3tr (-5.6% May 3, 2019 YoY, -7.4% QoQ) and operating profit of W35bn (+42.5% YoY, -31.1% QoQ), which was slightly behind the consensus (W39bn). By business segment, the ICT and energy retail divisions saw profits decline QoQ on unfavorable comparisons, and the trading division also remained soft, hurt by fewer transactions in the Middle East. On the other hand, the car-life division posted strong top-line growth thanks to the AJ Rent-a-Car (Maintain) Buy acquisition. SK Magic also continued top-line growth on the back of an increased number of accounts. On the non-operating side, interest expenses increased due to 1) Target Price (12M, W) 7,000 changes in lease accounting standards from 2019 and 2) the AJ Rent-a-Car acquisition. Share Price (05/02/19, W) 5,790 Car rental market to consolidate into two-player game; business synergies yet to materialize Expected Return 21% In 1Q19, the car-life division’s revenue and operating profit surged to W428bn (+75% YoY, +47.6% QoQ) and W21bn (+184.7% YoY, 42.4% QoQ), respectively, as a result of the AJ Rent-a-Car acquisition. Rental fleet increased from 108,000 units at end-4Q18 to OP (19F, Wbn) 177 191,000 units at end-1Q19 (111,000 units for SK Rent-a-Car and 80,000 units for AJ Consensus OP (19F, Wbn) 209 Rent-a-Car), narrowing the gap with current market leader Lotte Rental (211,000 units). That said, we have yet to see any signs of business synergies. No decisions have been EPS Growth (19F, %) 47.4 made regarding the integration of SK Rent-a-Car and AJ Rent-a-Car, but our Market EPS Growth (19F, %) -17.0 expectation is that SKN will merge its car-life division into AJ Rent-a-Car through an P/E (19F, x) 134.5 equity swap. Market P/E (19F, x) 12.0 KOSPI 2,212.75 SKN has driven industry margins down by pursuing an aggressive unit-oriented growth strategy. However, as the market consolidates around two players and competition Market Cap (Wbn) 1,437 eases, this could prompt the company to shift its focus to profitability, leading to Shares Outstanding (mn) 248 margin improvements across the car rental industry. We also see strong potential for Free Float (%) 56.5 merger synergies, given how little overlap there is in their businesses (SKN focuses on Foreign Ownership (%) 14.2 individual long-term rentals, while AJ Rent-a-Car focuses on corporate/short-term Beta (12M) 0.53 rentals). In the long run, we believe the merged entity could play a crucial role in SK 52-Week Low 4,255 Group’s mobility business. 52-Week High 6,430 SK Magic to continue top-line growth, driven by increasing accounts (%) 1M 6M 12M Absolute -3.2 31.0 0.7 SK Magic’s rental accounts have continued to grow, rising 19.4% YoY to around 1.6mn Relative -4.7 24.1 14.0 at end-1Q19. For 2019, the company has set a target of 1.87mn accounts, up 20% YoY. We also expect SK Magic’s overseas expansion to pick up speed. The company took 120 SK Networks KOSPI over SKN’s global growth business for W10bn in January and plans to advance into 110 Southeast Asia. 100 90 Reaffirm Buy and TP of W7,000 80 We reaffirm our Buy rating and target price of W7,000 on SKN. We believe margin 70 gains through business synergies, in addition to top-line growth, are critical for the 60 4.18 8.18 12.18 4.19 stock to move higher. Mirae Asset Daewoo Co., Ltd. [ Advanced Materials/Metals] FY (Dec.) 12/16 12/17 12/18 12/19F 12/20F 12/21F Revenue (Wbn) 12,905 15,202 13,986 13,404 13,815 13,285 Jaekwang Rhee +822-3774-6022 OP (Wbn) 155 143 138 177 209 209 [email protected] OP margin (%) 1.2 0.9 1.0 1.3 1.5 1.6 NP (Wbn) -82 33 7 11 36 36 EPS (W) -329 135 29 43 143 143 ROE (%) -3.3 1.4 0.3 0.5 1.5 1.5 P/E (x) - 49.4 178.0 134.5 40.5 40.5 P/B (x) 0.7 0.7 0.5 0.6 0.6 0.6 Dividend yield (%) 1.4 1.8 2.3 2.1 2.1 2.1 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. May 3, 2019 SK Networks Table 1. Quarterly and annual earnings (Wbn, %) 1Q18 2Q18 3Q18 4Q18 1Q19P 2Q19F 3Q19F 4Q19F 2018 2019F 2020F Revenue 3,477 3,432 3,530 3,547 3,284 3,324 3,351 3,445 13,986 13,404 13,815 ICT 1,267 1,152 1,262 1,505 1,252 1,190 1,190 1,260 5,185 4,892 4,900 Energy retail 360 359 397 319 287 331 331 331 1,436 1,280 1,324 Trading 1,419 1,452 1,370 1,191 1,077 1,100 1,100 1,100 5,431 4,377 4,400 SK Magic 148 162 167 180 181 191 195 200 656 767 922 Car-Life 244 246 268 290 428 449 465 483 1,048 1,825 2,001 Walkerhill 55 62 70 70 62 63 70 70 257 266 268 Operating profit 25 21 41 51 35 45 46 51 138 177 209 ICT 19 17 21 34 17 19 19 20 92 74 77 Energy retail 4 3 2 12 5 7 7 7 21 24 26 Trading 18 14 14 1 2 4 4 4 46 16 18 SK Magic 6 7 14 24 15 15 16 16 51 62 74 Car-Life 7 8 12 14 21 25 26 27 41 98 112 Walkerhill (2) 0 2 (1) 1 0 0 2 0 3 3 Shared costs (28) (28) (23) (33) (25) (25) (25) (25) (112) (100) (100) Pretax profit 3 3 16 38 1 6 7 12 60 25 52 Net profit 1 0 (7) 13 (6) 4 5 8 7 11 36 Note: Net profit is attributable to controlling interests Source: Mirae Asset Daewoo Research estimates Table 2.
Load more

Recommended publications
  • Busan Bank 005280.KS, 005280 KS 3Q09 Results Review: Solid Earnings and Extended Price: W14,100 ▲ Price Target: W17,500 Visibility Previous: W14,000
    Asia Pacific Equity Research 22 October 2009 Overweight Busan Bank 005280.KS, 005280 KS 3Q09 results review: Solid earnings and extended Price: W14,100 ▲ Price Target: W17,500 visibility Previous: W14,000 • Solid earnings by Busan Bank in 3Q09: Busan Bank (BSB) reported South Korea a net profit of W84 billion for 3Q09, which was substantially higher Banks / Bank-centric FHCs than our forecast of W65 billion and the consensus estimate of W69 Gil Hyung KimAC billion. During the quarter, BSB recognized a one-off gain of ~W3 (82-2) 758-5900 billion from the gain on the sale of investment securities. [email protected] • Scott YH Seo Earnings upside mainly driven by improved asset quality: Credit (82-2) 758 5759 costs for BSB (adjusted for the net loss on loan sales) decreased to [email protected] 80bp over average loans in 3Q09 from 96bp in 2Q09 and 210bp in J.P. Morgan Securities (Far East) Limited 1Q09 due to improved credit quality at BSB (pre-charge off/NPL sale Price Performance delinquency ratio of 1.81% in 3Q09 from 2.06% in 2Q09). The quarterly net interest margin was maintained at 3.1% from a quarter 16,000 ago, when adjusted for one-off items (i.e. credit card fee income of W 10,000 +2bp in 2Q09 and FX impact of 5bp in +3Q09). On the other hand, non-interest income declined by around W10 billion in 3Q09 from the 4,000 previous quarter due to lower fee and securities-related income. Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 005280.KS share price (W KOSPI (rebased) • We maintain OW on BSB: We believe BSB offers high earnings YTD 1m 3m 12m visibility due to: (1) resistant NIM due to its strong deposit franchise Abs 152.8% 7.6% 34.3% 82.7% (stability in low-cost deposit flow); (2) prudent management of Rel 105.7% 10.1% 23.2% 44.4% overhead costs (5% reduction in salaries in 4Q09 and 50% cut on the reimbursement of unused vacations in 2010); and (3) persistent asset Company data quality trend.
    [Show full text]
  • Eastspring Investments Société D’Investissement À Capital Variable Luxembourg
    EASTSPRING INVESTMENTS SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLE LUXEMBOURG AUDITED ANNUAL REPORT AS AT DECEMBER 31, 2017 26, Boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg R.C.S Luxembourg B 81.110 No subscription can be received on the basis of this report. Subscriptions can be accepted only on the basis of the current Prospectus of the SICAV. EASTSPRING INVESTMENTS TABLE OF CONTENTS Directory, Administration and Management 2 General Information 4 Report of the Board of Directors 5 Report of the Investment Manager 6 Report of the Réviseur d’Entreprises agréé 9 Combined Statement of Net Assets 11 Combined Statement of Operations and Changes in Net Assets 22 Statement of Changes in Shares Outstanding 33 Statistics 43 Statement of Investments Eastspring Investments – Asia Pacific Equity Fund(*) (“Asia Pacific Equity Fund”) 54 Eastspring Investments – Asian Bond Fund (“Asian Bond Fund”) 56 Eastspring Investments – Asian Dynamic Fund(*) (“Asian Dynamic Fund”) 70 Eastspring Investments – Asian Equity Fund (“Asian Equity Fund”) 72 Eastspring Investments – Asian Equity Income Fund (“Asian Equity Income Fund”) 75 Eastspring Investments – Asian High Yield Bond Fund (“Asian High Yield Bond Fund”) 77 Eastspring Investments – Asian Infrastructure Equity Fund(*) (“Asian Infrastructure Equity Fund”) 82 Eastspring Investments – Asian Local Bond Fund (“Asian Local Bond Fund”) 84 Eastspring Investments – Asian Low Volatility Equity Fund (“Asian Low Volatility Equity Fund”) 91 Eastspring Investments – Asian Property Securities Fund(1) (“Asian
    [Show full text]
  • The Korean Financial Crisis of 1997: Onset, Turnaround, and Thereafter, Which I Originally Authored in Korean in 2006
    The Korean Financial Crisis of 1997 Onset, Turnaround, and Thereafter Public Disclosure Authorized Kyu-Sung LEE Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The Korean Financial Crisis of 1997 The Korean Financial Crisis of 1997 ONSET, TURNAROUND, AND THEREAFTER Kyu-Sung LEE © 2011 The International Bank for Reconstruction and Development / The World Bank and the Korea Development Institute 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org All rights reserved 1 2 3 4 14 13 12 11 The findings, interpretations, and conclusions herein are those of the author and do not reflect the views of the World Bank, its Board of Executive Directors or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorse- ment or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development / The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com.
    [Show full text]
  • About Lotte Shopping
    LIFETIME VALUE CREATOR ANNUAL REPORT 2017 REPORT ANNUAL LOTTE SHOPPING AN INVITATION TO THE ENRICHED FUTURE OF RETAIL, CREATED BY THE NEW VALUES OF LOTTE SHOPPING Lotte Shopping Annual Report 2017 LIFETIME VALUE CREATOR Lotte Shopping established its vision of being a “Lifetime Value Creator”, which includes our pledge to offer REPORT OVERVIEW UNIQUE FEATURE customers the highest value for every purchase they make from us. In order to create new values that will make their lives 00 ABOUT LOTTE GROUP This annual report informs readers about Lotte Shopping’s This year’s report is designed to demonstrate 02 CEO'S MESSAGE more beautiful and enriched, we are leading the evolution of wide range of initiatives and achievements. In particular, Lotte Shopping’s commitment to adding new values to 06 INTERVIEW WITH THE CEO retail through continuous change and innovation. it introduces in detail our approach to realizing the future of customers’ lives with its new logo, Value Line. retail while strengthening our core competencies in channels, You will see the beautiful and luxurious image of the future innovations, customer satisfaction, and other areas, of retail, shown through the varied colors and shapes of in response to changes in trends, technologies, and lifestyles. Lotte Shopping’s Value Line logo. LEADING TRENDS IN RETAIL EXPERIENCE OMNI PAGE. 10-15 CONVERGING TECHNOLOGY AND INNOVATION EXPECT THE FUTURE OF RETAIL PAGE. 16-21 CREATING NEW LIFESTYLES AND VALUES ENJOY A FULLER LIFE PAGE. 22-27 Reader's Guide ABOUT LOTTE SHOPPING REVIEW OF OPERATIONS CSR MANAGEMENT 30 COMPANY PROFILE 62 LOTTE DEPARTMENT STORE 73 LOTTE SHOPPING’S CSR 32 FINANCIAL HIGHLIGHTS 64 LOTTE MART 74 CUSTOMER-CENTERED MANAGEMENT 34 GLOBAL NETWORK 66 LOTTE HIMART 76 ENVIRONMENTAL MANAGEMENT MORE INFORMATION 36 BOARD OF DIRECTORS 68 LOTTE SUPER 78 WIN-WIN PARTNERSHIPS Links to the related information of the contents in the report.
    [Show full text]
  • SOUTH KOREA Executive Summary
    Underwritten by CASH AND TREASURY MANAGEMENT COUNTRY REPORT SOUTH KOREA Executive Summary Banking The South Korean central bank is the Bank of Korea (BOK). Within the BOK, the main objective is to maintain price stability. Bank supervision is performed by the (FSC) and its executive arm, the Financial Supervisory Service (FSS). South Korea applies central bank reporting requirements. These are managed by the BOK, according to the rules set out in the Bank of Korea Act and the Statistics Law of 1962 and relevant regulations. Resident entities are permitted to hold foreign currency bank accounts domestically and outside South Korea. Domestic currency accounts are not convertible into foreign currency. Non-resident entities are permitted to hold domestic and foreign currency bank accounts within South Korea. Non-residents are also allowed to hold “non-resident free won accounts,” which are convertible. Since implementing a number of banking and regulatory reforms following the Asian financial crisis in 1997, the number of credit institutions operating within South Korea has reduced from 33 commercial banks in 1997 to 12. The banking sector consists of seven nationwide commercial banks, six local banks, and five specialized banks. There is a significant foreign banking presence in South Korea – 42 foreign banks have established branches in the country. Payments South Korea’s two main interbank payment clearing system operators are the BOK and the Korea Financial Telecommunications and Clearing Institute (KFTC). The BOK operates the country’s RTGS system, while the KFTC operates the country’s main retail payment systems. The most important cashless payment instruments in South Korea are credit cards in terms of volume, and, in terms of value, credit transfers.
    [Show full text]
  • Korea Morning Focus
    February 4, 2020 Korea Morning Focus Company News & Analysis Major Indices Close Chg Chg (%) LG Chem (051910/Buy/TP: W500,000) Raise TP KOSPI 2,118.88 -0.13 -0.01 Battery poised for a re-rating; Maintain as our top pick KOSPI 200 285.05 0.52 0.18 KOSDAQ 646.85 4.37 0.68 NCsoft (036570/Buy/TP: W910,000) Watch for potential earnings surprise in 1Q20 Turnover ('000 shares, Wbn) Volume Value Industrial Bank of Korea (024110/Buy/TP: W14,000) Lower TP KOSPI 827,336 8,069 More exposed to low interest rates than peers due to lack of portfolio KOSPI 200 109,045 5,224 KOSDAQ 1,177,906 6,082 diversification Market Cap (Wbn) BNK Financial Group (138930/Buy/TP: W8,300) Lower TP Value ROE to fall on continued NIM contraction KOSPI 1,427,133 KOSDAQ 234,040 DGB Financial Group (139130/Buy/TP: W9,000) Lower TP KOSPI Turnover (Wbn) Outsized impact of falling bond yields Buy Sell Net Foreign 2,029 2,337 -308 Economy & Strategy Update Institutional 2,051 1,881 170 Retail 3,914 3,796 118 Fixed Income Monthly KOSDAQ Turnover (Wbn) Coronavirus outbreak may not necessarily prompt rate cuts Buy Sell Net Foreign 933 779 154 Institutional 309 235 75 Retail 4,808 5,037 -229 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,904 1,973 -69 KOSDAQ 913 737 176 Advances & Declines Advances Declines Unchanged KOSPI 295 573 38 KOSDAQ 638 629 80 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 57,200 800 1,293 KODEX 200 Futures 6,465 -15 552 Inverse 2X KODEX Leverage 13,505 5 517 Digital Power 7,400 1,470 357 Communication Hynix 94,700 1,200 346 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Welcron 6,600 -1,930 375 OKONG Corp.
    [Show full text]
  • Busan Bank 2010 Annual Report 02
    Busan Bank 2010 annual RepoRt 02 Contents 10 page 110 page CEO’s MEssagE ManagEMEnt 12 page 111 page FinanCial HigHligHts OrganizatiOn CHart 14 page 112 page nEws HigHligHts Busan Bank HistOry 16 page 114 page OpEratiOn rEviEw Banking DirECtOry 33 page 115 page FinanCial pErFOrManCE ir inFOrMatiOn Corporate Profile Founded in 1967, Busan Bank has grown into a top-performing representative regional bank that secures asset soundness on the basis of industry-best risk management and strong sales capabilities. throughout its 43 years of service, we have established a long-term growth foundation while supporting the stimulation of the local economy’s vitality with a variety of financial products and customer service tailored to regional market conditions. our stable asset quality, efficient system building, and revenue diversification have added to our ability to consistently advance, creating greater value for the community through passion and dedication to become the best Regional Financial Group. Contents 02 • 03 We are pleased to report that Busan Bank had an exceptional year in 2010. We came back from one of our most challenging years to record one of our best ever, and worked together to strengthen the Bank’s unique value proposition as korea’s premier Regional Financial Group. We want to extend our warmest thanks to everyone who has maintained their confidence in Busan Bank and supported us for another year. although competition in the world’s integrated financial markets seems to get fiercer every year, the competitive challenges are offset by the many attractive opportunities that continue to unfold before us. We believe that no one is better positioned than Busan Bank to seize them and bring about never-ending Wonderful Change.
    [Show full text]
  • Eastspring Investments Société D’Investissement À Capital Variable Luxembourg
    EASTSPRING INVESTMENTS SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLE LUXEMBOURG UNAUDITED SEMI-ANNUAL REPORT AS AT JUNE 30, 2017 26, boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg R.C.S Luxembourg B 81.110 No subscription can be received on the basis of this report. Subscriptions can be accepted only on the basis of the current Prospectus of the SICAV. EASTSPRING INVESTMENTS TABLE OF CONTENTS Directory, Administration and Management 2 General Information 4 Combined Statement of Net Assets 5 Combined Statement of Operations and Changes in Net Assets 16 Statement of Changes in Shares Outstanding 27 Statistics 36 Statement of Investments Eastspring Investments – Asia Pacific Equity Fund(*) (“Asia Pacific Equity Fund”) 47 Eastspring Investments – Asian Bond Fund (“Asian Bond Fund”) 49 Eastspring Investments – Asian Dynamic Fund(*) (“Asian Dynamic Fund”) 62 Eastspring Investments – Asian Equity Fund (“Asian Equity Fund”) 64 Eastspring Investments – Asian Equity Income Fund (“Asian Equity Income Fund”) 67 Eastspring Investments – Asian High Yield Bond Fund (“Asian High Yield Bond Fund”) 69 Eastspring Investments – Asian Infrastructure Equity Fund(*) (“Asian Infrastructure Equity Fund”) 74 Eastspring Investments – Asian Local Bond Fund (“Asian Local Bond Fund”) 76 Eastspring Investments – Asian Low Volatility Equity Fund(*) (“Asian Low Volatility Equity Fund”) 83 Eastspring Investments – Asian Property Securities Fund(1) (“Asian Property Securities Fund”) 86 Eastspring Investments – China Equity Fund (“China Equity Fund”) 88 Eastspring
    [Show full text]
  • Semi-Annual Report Mirae Asset TIGER KOSPI 200 ETF
    Semi-Annual Report Mirae Asset TIGER KOSPI 200 ETF A Sub-fund of Mirae Asset TIGER ETF Series For the period from 10 January 2011 (Initial Offer) to 30 September 2011 Mirae Asset TIGER KOSPI 200 ETF (a sub-fund of Mirae Asset TIGER ETF Series) Unaudited Condensed Semi-Annual Financial Statements for the period from 10 January 2011 (Initial Offer) to 30 September 2011 Contents Management and Administration . 2 Unaudited Condensed Semi-annual Financial Statements . 3 Condensed Statement of Financial Position Condensed Statement of Comprehensive Income Condensed Statement of Changes In Net Assets Attributable to Unitholders Condensed Statement of Cash Flows Notes to Unaudited Condensed Financial Statements Investment Portfolio . 12 Movements in Investment Portfolio . 18 Performance Record . 24 Mirae Asset TIGER KOSPI 200 ETF (a sub-fund of Mirae Asset TIGER ETF Series) Management and Administration Manager Participating Dealers Mirae Asset Global Investments (Hong Kong) Limited Barclays Bank PLC 5th Floor, Three Pacific Place 4/F, Cheung Kong Centre Queen’s Road East 2 Queen’s Road Central, Hong Kong Hong Kong Citigroup Global Markets Asia Limited Directors of the Manager 50/F, Citibank Tower Mr Hyeon Joo Park Citibank Plaza, 3 Garden Road Mr Wan Youn Cho Central, Hong Kong Mr Byung-Ha Kim Credit Suisse Securities (Hong Kong) Limited Investment Adviser 2/F, Three Exchange Square Mirae Asset MAPS Global Investment Co. Ltd 8 Connaught Place East Tower 6th Floor, Mirae Asset CENTER Central, Hong Kong 67 Suha-dong, Jung-gu Seoul, Korea Goldman
    [Show full text]
  • Quarterly Report
    Quarterly Report (42nd fiscal year, 3rd quarter) For the nine months ended 30 September 2011 To: Financial Services Commission of Korea KRX KOSPI Market 29 November 2011 Company Name : Lotte Shopping Co., Ltd. CEO : Lee, Cheolwoo Head Office : 1, Sogong-dong, Jung-gu, Seoul (Tel) +82 2-771-2500 (Homepage) http:// www.lotteshopping.com Prepared by : (Position) Head of Strategic Planning (Name) Kim, Sewan (Tel) +82 2-2118-2019 On 29 November 2011, Lotte Shopping Co., Ltd. (the “Company”) filed its business report for the first half of 2011 (the “Business Report”) with the Financial Services Commission of Korea (the “FSC”) and the KRX KOSPI Market of the Korea Exchange. This is a summary of the Business Report translated into English. Except where indicated otherwise, financial information contained in this summary and in the attached condensed consolidated interim financial statements of the Company as of and for the nine month period ended 30 September 2011 has been prepared in accordance with the Korean equivalent of International Financial Reporting Standards (“Korean IFRS”). HONGKONG:173323.4 I. Overview of the Company A. Overview 1. Main business As of 30 September 2011, the Company operated 29 department stores (including six department stores pursuant to management contracts), four outlet malls, one Lotte mall (Lotte Esiapolis, which opened in April 2011), 92 discount stores, 333 supermarkets and 71 cinemas (including one cinema on commissioned basis) in Korea. The Company plans to open additional stores and is moving forward with its outlet mall, complex shopping mall (i.e., a shopping mall located in a suburban or a redevelopment area that has both leisure and shopping facilities), “category killer” (i.e., specialty stores) and fashion brand businesses.
    [Show full text]
  • Annual Financial Report of Kt Corporation
    ANNUAL FINANCIAL REPORT OF KT CORPORATION (From January 1, 2014 to December 31, 2014) Table of Contents I. HISTORY AND DEVELOPMENT OF THE COMPANY ............................................................ 3 II. BUSINESS OVERVIEW ........................................................................................................... 4 III. OPERATING AND FINANCIAL REVIEW AND PROSPECTS ............................................. 31 1. Operating Results ......................................................................................................... 31 2. Liquidity and Capital Resources ................................................................................... 55 3. Research and Development, Patents and Licenses, Etc. ............................................ 58 IV. DIRECTORS AND SENIOR MANAGEMENT AND EMPLOYEES ...................................... 59 V. QUANTITATIVE AND QUALITATIVE DISLOSURES ABOUT MARKET RISK .................. 67 VI. CORPORATE GOVERNANCE STATEMENT ..................................................................... 71 1. Corporate Governance ................................................................................................. 71 2. Controls and Procedures .............................................................................................. 73 3. Administrative, Management and Supervisory Bodies and Committees ...................... 75 VII. THE PRINCIPAL RISKS AND UNCERTAINTIES FACING THE COMPANY .................... 78 1. Risks Relating to Our Business ...................................................................................
    [Show full text]
  • Korea Market Strategy Research Analysts STRATEGY
    08 October 2015 Asia Pacific/South Korea Equity Research Strategy Korea Market Strategy Research Analysts STRATEGY Gil Kim 82 2 3707 3763 [email protected] Takeaways from Busan Corp Day Jennifer Yu 82 2 3707 3738 Figure 1: Average number of meetings per company by sector [email protected] 14 Korea Analysts Keon Han (Technology) 12 82 2 3707 9740 [email protected] 10 Minseok Sinn (Construction/Steel) 8 82 2 3707 8898 [email protected] 6 Kenneth Whee (Oil Refining/Petrochemicals) 4 852 2101 7319 [email protected] 2 Michael Sohn (Auto/Auto Parts/Tires) 82 2 3707 3739 0 Cons. Cons. Disc. Auto & auto Health Care Industrials IT Financials Energy Materials [email protected] Staples parts A-Hyung Cho (Retail/Consumer/Utilities) Source: Credit Suisse 82 2 3707 3735 [email protected] ■ Busan corporate day. Credit Suisse hosted Busan Corporate Day on 5-6 Eric Yoo October, 2015. 168 meetings were scheduled, presented by 25 companies. 82 2 3707 3761 Credit Suisse also held group lunch with key speakers from KRX and [email protected] Showbox and side tours to Hyundai Motor’s Ulsan Plant and shopping Ray Kim complex by Shinsegae/Hansem in Busan City. Among the companies 82 2 3707 3776 presented, Consumer Staples and Discretionary sectors saw the most [email protected] demand for investor meetings. Among those sectors, CJ CGV, Shinsegae, Jung Il Lee and Orion held the most of number of meetings. We believe the growth 82 2 3707 3796 opportunity from China exposures and domestic consumption remain as a [email protected] key area of interest by investors.
    [Show full text]