Electric Equipment (Overweight)

Total Page:16

File Type:pdf, Size:1020Kb

Electric Equipment (Overweight) Regional Industry Focus Electric Equipment (Overweight) Refer to important disclosures at the end of this report DBS Group Research . Equity 22 Aug 2018 Opportunities for ESS market and KOSPI: 2,247.9 electric equipment players KOSDAQ: 769.8 Korea’s ESS market saw 20-fold growth in 1H18 Analyst Regional Research Team Further growth to be spurred by PV-based ESS [email protected] Eyes on PCS manufacturers in ESS value chain Top pick Top pick: LS Industrial Systems 12-mth Company Price Rating Mkt Cap Target 20 Aug (KRW bn) Price Renewable energy-connected ESS to drive ESS market growth. (KRW) In 1H18, Korea’s energy storage system (ESS) market grew 20- (KRW) fold y-o-y to 1.8GWh (1.13GWh for peak-load shifting or peak- LS Industrial 71,300 2,139 90,000 BUY cut ESS, 0.68GWh for renewable energy source (RES)-connected Systems (010120 KS) ESS). We estimate new ESS capacity to be 0.75GWh (0.34GWh for peak-cut, 0.41GWh for RES-connected) in 2H18 and to reach Our coverage / companies on our radar 2.56GWh in 2018 (+333% y-o-y). With most discount benefits Hyundai Electric regarding ESS set to be rolled back in 2021, peak-cut ESS & Energy System 64,900 662 77,000 BUY demand is likely to decline going forward. However, the RES- (267260 KS) connected ESS market should see growth, driven by photovoltaic RS Automation (PV)-connected ESS. For 2018, supply of PV-connected ESS is 14,150 129 N/A Not rated estimated at 1.1GWh representing 43% of total new ESS (140670 KS) installations. With the Renewable Energy Certificate (REC) weighting on PV installations in woodlands being reduced, there Source: Bloomberg Finance L.P., DBS Bank should be fewer small-scale PV projects but more large-scale ones. This should boost the ESS market, as large PV projects tend to adopt high-capacity ESS. Against this backdrop, new ESS installations in Korea are projected to be above 2GWh per annum over the long term. Focus on power conditioning system (PCS) companies in ESS value chain. PCS is a core component for renewable power generation systems and ESS. It accounts for the second largest portion of total ESS building costs after batteries. Although battery prices dropped sharply in the past few years, PCS prices have declined marginally. We expect this price trend to continue for PCS going forward. European peers point future direction for Korean players. We can draw a mid/long-term growth outlook for Korea’s renewable energy and ESS industries from cases in Europe, which saw an expansion of renewable energy and ESS a few years before Korea. Against this backdrop, Europe’s major electric equipment players (Siemens, Schneider Electric, ABB) enhanced their future growth potential, resulting in significant stock outperformance vs. General Electric in the US which was behind them in investments in new growth areas. LSIS to be key beneficiary of ESS market growth. LS Industrial Systems (LSIS) is our top pick for the sector. While there are concerns over a q-o-q profit decline, due to sharp growth in 2Q18, we believe that it is time to accumulate the shares, given strong growth potential of the ESS market and subsequent benefits for the company. We also recommend keeping an eye on Hyundai Electric & Energy System and RS Automation and waiting for earnings growth factors to materialise. ed: CK/ sa: LEY, CS Industry Focus Electric Equipment T able of Contents I. Summary & focus charts 3 II. Check on Korean/overseas ESS markets 7 II-1. Acceleration of global trends towards renewable energy after adoption of Paris agreement II-2. Why the spotlight on ESS? II-3. Analysis of Korea’s rapidly-growing ESS market III. ESS value chain 15 III-1. Various players in ESS value chain III-2. Why PCS is attractive in ESS value chain IV . Overseas electric equipment companies 17 IV -1. Sharp share price gap between US General Electric and European companies IV -2. European electric equipment players leading Industry 4.0 revolution IV . Company profiles 20 LS Industrial Systems – Top pick 20 Hyundai Electric & Energy System 26 RS Automation 31 Page 2 Company Focus Electric Equipment I. Summary & focus charts. ESS can address duck curve problems in power grid However, there are critical problems in PV power generation Korean ESS market grew 20-fold y-o-y in 1H18 equipment. Not only are power generation costs high, but PV Interest is high in the domestic ESS market. According to a power generation causes instability to power grids. A higher press release from the Ministry of Trade, Industry and Energy portion of PV power generation could cause the ‘duck curve’. (MOTIE) on 17 Jul, 1.8GWh of new ESS capacity was added in The duck curve, which was discovered and coined by the 1H18 (20-fold increase y-o-y). There was widespread doubt California Independent System Operator (CAISO) in 2013, about the economic feasibility of the ESS market but this was refers to net load dropping sharply between sunrise and sunset dispelled by strong government policy support in 2017. upon an increase in PV power generation, forming a graph that looks like a duck’s belly. ESS can help resolve several In early 2017, the Korean government introduced aggressive problems caused by the duck curve. incentives to expand the penetration of peak-cut ESS, including expansion of basic tariff discounts by three times and a 50% As such, the RES-connected ESS market grows together with charging tariff discounts for light-load hours. As a result, the the expansion of solar PV power generation. Increasing the use average payback period for ESS investments has decreased of renewable energy (including solar PV) has been the global from 10 to 5 years. With most discounts set to decrease from trend since the adoption of the Paris Agreement in Dec 2015. 2021, demand for peak-cut ESS should weaken over time. This has also led to sharp growth for the industries related to However, potential demand for peak-cut ESS is estimated to be renewable power generation, such as ESS and electric over 10GWh, indicating strong growth potential and an equipment. The Korean government and companies have no accelerated penetration, depending on government policies. choice but to join the trend. Grow th of renewable energy-connected ESS to move in sync Mark ed growth likely for PCS w ith expansion of solar PV system installations in Korea Growth of the ESS value chain should boost growth of other As for ESS connected with renewable energy source (RES), the areas. First of all, we expect sharp growth of the battery market should move in line with the penetration of solar PV industry, considering that batteries account for the largest power generation system in Korea. According to the 8th Basic proportion of ESS costs. Significant growth is also projected for Plan for Electricity Supply and Demand released at end-2017, power conditioning systems (PCS), which represents the the government plans to add solar PV power generation second largest portion of ESS building costs. PCS is a core capacity of 30.8GW between 2018 and 2030. The target is component for renewable power generation and the ESS increasing accumulated capacity fivefold or more by 2030 from ecosystem. While battery prices have dropped sharply over the 5.7GW at end-2017. past few years, PCS prices have shown only a limited decline. PCS is a kind of inverter, which has been used for industrial automation equipment for decades. As such, we see limited downside room for PCS prices, compared to battery prices. Page 3 Industry Focus Electric Equipment A nnual supply of power generation equipment (wind power/ A nnual supply of power generation equipment (wind power / solar PV) globally solar PV) in Korea : Efforts to increase use of renewable energy continue : Notable growth of solar PV power generation equipment Wind power (Korea) PV (Korea) Wind power (global) PV (global) (MW) (MW) 120,000 1,500 100,000 1,200 80,000 900 60,000 600 40,000 20,000 300 0 0 Source: GWEC (Global Wind Energy Council), British Petroleum Statistical Source: Korea Energy Agency Renewable Energy Center, The 8 th Basic Plan Revie w, DBS Bank for Electrici ty Supply and Demand, DBS Bank Problems of ‘Duck Curve’ and positive effects of ESS adoption • Renewable power generation (especially solar PV) lacks in the morning and evening when power demand is high. Therefore additional conventional power supply (nuclear, oil, coal, gas, etc.) is required. • Gas power plants are widely used, as they can be easily started and stopped. However, this could Duck curve cause an increase in gas prices. problems • Frequently turning on and off nuclear/oil/coal power generation could increase costs, and weaken power grid stability. • A sharp net load rise at a certain time requires construction of additional power plants and transmission/distribution networks. • ESS can store energy during midday when solar PV power generation is high and discharge it in the Effects of ESS morning and evening, thus lowering net load effectively. adoption • This removes the necessity to start/stop other power sources frequently, improving costs and system stability as a result. Source: Scottma dde n Mana ge me nt Consul ta nts, DBS Bank Outlook for Korea’s ESS market Solar PV-connected ESS likely to grow substantially : Cumulative supply of 12.5GWh by 2022 Cumulative ESS supply in Korea (LHS) Supply of new wind power-connected ESS New ESS supply in Korea (RHS) Supply of new solar PV-connected ESS (GWh) (GWh) Supply of new peak-cut ESS 15 3.0 2.6 (GWh) 2.2 2.3 2.3 3.0 2.6 12 2.4 2.0 2.5 0.0 2.2 2.3 2.3 2.0 9 1.8 0.1 0.2 0.2 2.0 1.1 0.1 6 1.2 1.5
Recommended publications
  • Propping and Pyramids in Family Business Groups: Evidence from Korean Chaebols
    Propping and Pyramids in Family Business Groups: Evidence from Korean Chaebols Myung Sub, Choi Master of Business (Research) in Finance, Queensland University of Technology Bachelor of Business in Finance, Queensland University of Technology Submitted in fulfilment of the requirements for the degree of Doctor of Philosophy School of Economics and Finance Faculty of Business Queensland University of Technology Brisbane, Australia 2018 Keywords • Business Groups • Family Business Groups • Chaebol • Related Party Transactions • Related Party Sales • Resource Allocation • Propping • Tunneling • Internal Capital Market • Ownership Structure • Pyramid • Cross-shareholdings • 2008 Financial Crisis • Korea i Abbreviations GFC Global Financial Crisis KFTC Korea Fair Trade Commission KIS Korea Investor Service KOSDAQ Korea Securities Dealers Automated Quotation KOSPI Korea Composite Stock Price Index KSE Korea Stock Exchange RPP Related Party Purchases RPS Related Party Sales RPT Related Party Transactions ii Abstract The design of my thesis is inspired by Riyanto and Toolsema (2008) who argue that in response to a negative an economic shock, propping occurs through related party transactions in which the controlling family transfers resources from higher-level firms to lower-level firms in the pyramidal business group. Using the universe of Korean chaebol firms with available data during the period 2006-2011, I study the mechanism of propping in chaebol groups by investigating related party sales following the 2008 financial crisis, and its effects on the performance and investment of chaebol firms. I find Korean chaebols are able to use intra-group transactions to mitigate the negative effects of the crisis. Using a discrete classification of firms into four pyramidal layers, the controlling chaebol family uses related party sales to prop up firms in the third layer in the period following the crisis, perhaps at the expense of central firms.
    [Show full text]
  • November 1, 2012 Morning
    November 1, 2012 KOREA Morning Company News & Analysis Major Indices Close Chg Chg (%) GS Home Shopping (Trading Buy/TP: W156,000) Raise TP KOSPI 1,912.06 12.48 0.66 3Q review: Margins soared from improved product mix KOSPI 200 250.18 1.66 0.67 KOSDAQ 508.31 6.00 1.19 Shinhan Financial Group (Buy/TP: W49,700) Leader of the pack Turnover ('000 shares, Wbn) Volume Value Samsung F&M (Buy/TP: W303,000) KOSPI 392,656 3,752 Free of negative issues KOSPI 200 56,849 2,745 KOSDAQ 459,938 1,742 Hyundai M&F (Buy/TP: W47,000) Raise TP Market Cap (Wbn) Solid earnings stability; Smooth sales of new contracts Value KOSPI 1,103,467 Dongbu Insurance (Buy/TP: W69,000) KOSDAQ 111,835 Likely to stand out amongst second-tier peers KOSPI Turnover (Wbn) Buy Sell Net S-Oil (Buy/TP: W130,000) Foreign 812 854 -43 Delayed earnings improvement at LS Cable & System Institutional 1,091 879 212 Retail 1,833 2,000 -167 LS (Buy/TP: W107,000) Lower TP Delayed earnings improvement at LSCS KOSDAQ Turnover (Wbn) Buy Sell Net CJ CGV (Buy/TP: W42,000) Raise TP Foreign 73 63 10 Strong popularity of Masquerade likely to drive 4Q earnings Institutional 88 71 17 Retail 1,580 1,604 -24 Economy & Strategy Update Program Buy / Sell (Wbn) Buy Sell Net Fixed Income Monthly (Issue) KOSPI 584 481 103 Haste makes waste KOSDAQ 10 12 -1 Advances & Declines Advances Declines Unchanged KOSPI 564 258 73 KOSDAQ 673 245 71 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,310,000 12,000 266 KODEX LEVERAGE 11,580 150 169 Hynix 24,850 550 142 Samsung SDI 137,000 -7,000 123 Samsung Corp.
    [Show full text]
  • Private Sector Assessment
    Korea Private Sector Assessment A Preliminary Scoping Study The primary objective of the study is to provide a broad-based overview of the private sector in Korea as a stakeholder in combating modern slavery in the country PB The Mekong Club Korea Private Sector Assessment The Mekong Club Korea Private Sector Assessment 1 The Mekong Club 1. Contents The Mekong Club is a catalyst 8.2. Retail 21 for change – engaging, inspiring 2. Objectives of the Study 4 and supporting the private 8.3. Manufacturing 24 sector to eradicate slavery from 3. Definition of Terms 5 their business. Given that the 8.3.1. General 24 majority of modern-day slavery exists in the private sector, these 4. Demographic Overview & Key Social Trends 6 8.3.2. Electronics 2 5 companies are ideally placed to help turn the tide of this global 8.3.3. Automative 26 4.1. Summary 6 epidemic. 8.3.4. Garment and textile Industry 26 The only organisation of its kind, 4.2. Population Distribution 6 The Mekong Club steers away 8.4. Banking Industry 26 from the approach taken by other 4.3. Social Indicators 8 players in this space, which is to 8.4.1. General 26 4.3.1. Human Development Index (HDI) ‘name and shame’ companies – 8 ousting bad behaviour or issues 4.3.2. GINI Coefficient 9 8.4.2. Top Banks 27 related to this subject. Instead, 4.3.3. Poverty Rate 9 8.5. Tourism, Food Service & Hospitality 29 we believe in starting and ending with collaboration. 8.5.1.
    [Show full text]
  • The Value of Political Connections: Evidence from Korean Chaebols
    The Value of Political Connections: Evidence from Korean Chaebols Myung Sub, Choi Bachelor of Business in Finance, Queensland University of Technology Submitted in partial fulfilment of the requirements for the degree of Master of Business (Research) The School of Economics and Finance Faculty of Business Queensland University of Technology Brisbane, Australia March 2014 Keywords Political Connections Politically Connected Firm Politically Connected Business Group Spill Over Effect Business Group Chaebol Family Networks Korea ii Abbreviations CAR Cumulative Abnormal Return FISL Financial Industry Structure Law KIS Korea Investor Service KOSDAQ Korea Securities Dealers Automated Quotation KOSPI Korea Composite Stock Price Index KSE Korea Stock Exchange KFTC Korea Fair Trade Commission iii Abstract This thesis examines the value of political connections for business groups by constructing a unique dataset that allows us to identify the form and extent of the connections. Results show firms’ membership to family-controlled business groups (South Korean chaebol) play a key role in determining the value of political connections. Politically connected chaebol experience substantial price increases following the establishment of the connection than other firms, but the reverse is found for other (non-family-controlled) connected business groups. The results are robust when we define political connection at the business group level, suggesting that there is a spill over in the value of connections from the connected firms to other affiliate
    [Show full text]
  • Dominant Capital and the Transformation of Korean Capitalism: from Cold War to Globalization
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Park, Hyeng-Joon Doctoral Thesis Dominant Capital and the Transformation of Korean Capitalism: From Cold War to Globalization Provided in Cooperation with: The Bichler & Nitzan Archives Suggested Citation: Park, Hyeng-Joon (2013) : Dominant Capital and the Transformation of Korean Capitalism: From Cold War to Globalization, The Bichler and Nitzan Archives, Toronto, http://bnarchives.yorku.ca/365/ This Version is available at: http://hdl.handle.net/10419/157990 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten
    [Show full text]
  • Private Sector Assessment
    Korea Private Sector Assessment A Preliminary Scoping Study The primary objective of the study is to provide a broad-based overview of the private sector in Korea as a stakeholder in combating modern slavery in the country PB The Mekong Club Korea Private Sector Assessment The Mekong Club Korea Private Sector Assessment 1 The Mekong Club 1. Contents The Mekong Club is a catalyst for change – engaging, inspiring 2. Objectives of the Study 4 and supporting the private sector to eradicate slavery from their business. Given that the 3. Definition of Terms 5 majority of modern-day slavery exists in the private sector, these 4. Demographic Overview & Key Social Trends 6 companies are ideally placed to help turn the tide of this global epidemic. 4.1. Summary 6 The only organisation of its kind, 4.2. Population Distribution 6 The Mekong Club steers away from the approach taken by other 4.3. Social Indicators 8 players in this space, which is to 4.3.1. Human Development Index (HDI) ‘name and shame’ companies – 8 ousting bad behaviour or issues 4.3.2. GINI Coefficient 9 related to this subject. Instead, 4.3.3. Poverty Rate 9 we believe in starting and ending with collaboration. In fact, The Mekong Club 5. The Labour force 10 originally formed as a direct 5.1. Employment and Income response to the growing 10 number of companies looking 5.1.1. Employment Distribution 10 to develop strategies to address 5.1.2. Income 10 forced labour risk through a professional forum. Divided into 5.2.
    [Show full text]
  • Leading Solution the Challenges and Growth Achieved by LG Will Continue with New Will of LS Industrial Systems
    www.lsis.biz Leading Solution The Challenges and Growth achieved by LG will continue with New Will of LS Industrial Systems. 2 New Name for LG Industrial Systems, New Take-off for LS Industrial Systems To advance to the next level, LG Industrial Systems is reborn as LS Industrial Systems. LS Industrial Systems will continue to lead the future of industrial electrics and automation by providing Total Solution, a core essential for competition in the 21st century industrial era. 3 At LS Industrial Systems, we are “Always with Our Customers.” Thanks to your continued support over the past 30 years, LS Industrial Systems has been able to reach its current position and then start afresh with a new CI and a new name, LS, since March 14th, 2005. The LS group, which includes 17 affiliates with total assets of US 4.86 billion dollars, was ranked 15th among Korean conglomerates. Under the corporate philosophy of“ Always with Our Customers,”LS industrial Systems ensures the highest value for its customers, contributes to social development, and provides a space where LS families can make their dreams come true. With a new CI and name, LS Industrial Systems will become a Total Solutions Provider - the one you’ve always hoped for. As in the past, so with the future: we hope that we can count on your continuous support and make LS Industrial Systems the No. 1 leader in the industrial electrics and automation markets, both at abroad and home. Many thanks, Chung-Man Kim President and C.E.O. 4 The Corporation that constantly progresses into the future Leading Solution! Limitless Satisfaction! LS is an abbreviation of “Leading Solution.” It expresses the commitment of everyone at LS Industrial Systems to grow as a Total Solution Provider with IT and break away from the individual components manufacturing business.
    [Show full text]
  • Dominant Capital and the Transformation of Korean Capitalism: from Cold War to Globalization
    Dominant Capital and the Transformation of Korean Capitalism: From Cold War to Globalization Hyeng-Joon Park A dissertation submitted to the Faculty of Graduate Studies in partial fulfilment of the requirements for the degree of Doctor of Philosophy Graduate Program in Political Science York University Toronto, Ontario June 2013 © Hyeng-Joon Park, 2013 Abstract After the 1997 financial crisis, the neo-liberal restructuring of the Korean political economy accelerated dramatically. While there is a general consensus that the reform has had negative consequences for Korean society, heated debates continue over the culprits of the 1997 crisis and the changes that followed in its wake. Major opinions have largely coalesced into two opposing camps: one, finding the cause in cronyism and the anachronistic management of the Korean chaebols, advocates market-centred economic reforms; the other, attributing the cause to the “unproductive” nature of foreign financial capital, suggests that the restoration of statist development model, in which the economy is led by the state-chaebol nexus, is a better way for Korean society. The main reason for the asymmetry between the “progressive” critiques and “conservative” solutions of these two theoretical camps lies in their misunderstanding of the way in which power evolves in capitalist society. Their theories, which are premised on the dichotomy between “politics” and “economics,” are blind to the mutual transformation of capital and the state—to the historical changes in the nature of these institutions through the commodification of power. The central assumption of this dissertation is that it is necessary to understand the mutual transformation of capital and the state and the evolution of the capitalist ruling class in order to grasp the nature of the post-1997 social restructuring.
    [Show full text]
  • M Story 2 2010 LS Mtron Sustainability Report
    2010 LS Mtron SustainabilityVol.2 Report2010 LS Mtron 2010 LS Mtron Sustainability Report Vol.2 M STORY M STORY Leading Solution, Leading Sustainability 2 2010 LS Mtron Sustainability Report 03 Report Overview M STORY LS Mtron opens up a sustainable future to grow and develop along with all stakeholders by 04 M Story consistently raising customer and social values M Story 04 based on innovative products and services. CEO Message 06 LS Mtron-Company Profile 08 LS Mtron’s M Story continues on that opens a new world dreamed by all through transparent 10 Sustainability Management Summary Overview of Sustainability Management Initiatives 10 and genuine sustainable management. Sustainability Management Achievements in 2010 10 Sustainability Management Goals Set for 2011 16 21 Achievements in Each Focus Area 01 Integrated Sustainability Management 22 02 Economic and Social Value Creation 02-1 Innovation Initiative Activity 31 02-2 Win-Win Partnership Activity 35 02-3 Customer Satisfaction and Quality Management Activity 41 03 Social Contribution Activity 46 04 Green Management 52 05 Employee Value Enhancement 60 06 Integrated Risk Management 70 75 Summary Annual Report Corporate Governance 76 Ethical Management 77 Business Activities Highlight 2010 78 Business Profile 79 Financial Performance 83 Condensed Financial Statements 84 86 Appendix Sustainability Management Guidelines 86 Global Network 89 Major Quantitative Indicators 92 Awards / Membership 93 Cover Story Assurance Statement 94 Just like a cube where planes form space and different spaces form a structure, COP Report 96 M Story embodies LS Mtron’s strong will GRI and ISO 26000 Index 97 in pursuit of mutual development and prosperity based on organic cooperation benefiting all stakeholders.
    [Show full text]
  • LSIS Is Now Taking Off to Become a Global Leader with Proper Know-How
    C O N T E N T S 02 · Power Grid Solutions Low Voltage Equipment Medium Voltage Equipment Protection & Measurement Metering Transformer Gas Insulated Switchgears Low & Medium Voltage Switchgears Bus Duct Systems Power Equipment Diagnosis · Preventive Maintenance HVDC LSIS is now taking off to 18 · Automation & Drive Solutions become a global leader with proper PLC Distributed I/O know-how in the field of power Servo Moter / Servo Drive HMI solutions and automation solutions. AC Drive PSC Where there is light, energy, Automation Systems and electric power, you will find LSIS. LSIS is with you in your everyday life. 30 · Convergence Solutions Smart Grid Photovoltaic Solutions Railway systems Electric Vehicle Components LSIS is a leader of the electric power and automation industry. Through ongoing innovation, LSIS strives for top quality and groundbreaking products, so that it can become the global leader the world of tomorrow requires. Leading the Future World Class Product Power Grid Solutions Low Voltage Equipment Medium Voltage Equipment Protection & Measurement Metering Transformer Gas Insulated Switchgears Low & Medium Voltage Switchgears Bus Duct Systems Power Equipment Diagnosis · Preventive Maintenance HVDC Futuring Smart Energy 04 · 05 Futuring Smart Energy Low Voltage Equipment Gas Insulated Switchgears Power Grid Solutions Medium Voltage Equipment Low & Medium Voltage Switchgears Protection & Measurement Bus Duct Systems Metering Power Equipment Diagnosis · Preventive Maintenance Transformer HVDC LSIS is taking off toward a global leader beyond the first company in the field of power solution in Korea. LSIS is proving its competitive edge through various products developed and produced based on technology of electric power supply in both Using technology that it has accumulated over more than 30 years in the electric power industry, LSIS develops, produces, and supplies a domestic market and overseas market.
    [Show full text]
  • ALTERNATIVE ASSETS in SOUTH KOREA November 2018 PREQIN MARKETS in FOCUS: ALTERNATIVE ASSETS in SOUTH KOREA
    PREQIN MARKETS IN FOCUS: ALTERNATIVE ASSETS IN SOUTH KOREA November 2018 PREQIN MARKETS IN FOCUS: ALTERNATIVE ASSETS IN SOUTH KOREA Executive Editor: Managing Editors: Production Editor: Selina Sy Katie Jung Tim Short Ling Yan Teo Sub-Editors: Kalusha Yap Charlotte Mullen Louise Weller In-House Contributors: Dae Yeon Bae Michelle Ho Leo Peavy Zack Breeze Ee Fai Kam Diana Ramiro Moses Chan Judith Lim Ryan Soon Emma Evans Si Jia Li Anna Strumillo Jamie Fisher Ajay Narang Carmen Wong External Contributors: I.J. Song & Hae-Joon Joseph Lee, IMM Private Equity J. Jason Shin, VIG Partners Dong Guel Kwak, STIC Investments Jae Myung Kim & Jong Hyun Park, Kim & Chang Research & Analysis Team, Korea Venture Investment Corp. Daeho Kim, Seoul Metropolitan Government Kyung Paik, IGIS Asset Management Hyung-Don Choe, National Pension Service of Korea Dong-Hun Jang, Public Officials Benefit Association Taehyeong Kim, Teachers’ Pension Jason Kang, Korean Teachers’ Credit Union Jake Lee, Hyundai Marine & Fire Insurance JK Paul Yang, Kiwoom Asset Management Yun Bak Chung, Jae Myung Kim & Kyle Park, Kim & Chang 1 PREQIN MARKETS IN FOCUS: ALTERNATIVE ASSETS IN SOUTH KOREA CONTENTS 4 CEO’s Foreword 24 Korean Venture Capital Market Overview 5 Key Trends: South Korea – Korea Venture Investment 6 How South Korea Is Corp. Lighting up Private Equity 27 Financial Technology Has in Asia Crossed the Han River – – IMM Private Equity And It’s Here to Stay 10 Private Equity: Assets – Seoul Metropolitan under Management Government 11 The Key to Unlocking 30 Real Estate Value from Buyouts? 33 The Korean Real Estate Studied Control Market Is Opening up to – VIG Partners the World 14 Private Equity: – IGIS Asset Management Fundraising and Deals 36 Real Assets Private Equity – The New 17 Hedge Funds Financial Rocket Powering 39 the Korean Miracle 41 Investors in South Korea: – STIC Investments In Numbers 21 Key Takeaways on Tax 42 Snapshot of South Korea’s Changes to Promote Largest Investor Foreign Investment – National Pension Service – Kim & Chang of Korea 2 ©Preqin Ltd.
    [Show full text]
  • August 10, 2012
    August 10, 2012 KOREA Company News & Analysis Major Indices Close Chg Chg (%) Amorepacific (Buy/TP: W1,240,000) Lower TP KOSPI 1,946.40 5.81 0.30 Robust overseas growth offset domestic sluggishness in 2Q KOSPI 200 258.91 0.83 0.32 KOSDAQ 475.51 1.46 0.31 NHN (Buy/TP: W330,000) Lower TP Focus on mobile monetization efforts & secular growth potential Turnover ('000 shares, Wbn) Volume Value LS (Buy/TP: W109,000) Lower TP KOSPI 320,982 4,000 Weaker-than-expected results, but earnings stability recovering KOSPI 200 73,422 3,385 KOSDAQ 504,180 1,519 Doosan Heavy I&C (Buy/TP: W82,000) Market Cap (Wbn) 2H Share price performance to hinge on order-taking Value KOSPI 1,122,272 Silicon Works (Buy/TP: W40,000) KOSDAQ 103,748 Growing demand for thinner and clearer displays KOSPI Turnover (Wbn) Buy Sell Net S&T Dynamics (Buy/TP: W18,100) Lower TP Foreign 1,431 776 655 Lower expectations, but valuations appear attractive Institutional 919 1,203 -284 Retail 1,636 1,988 -352 CJ E&M (Trading Buy/TP: W28,000) Lower TP Broadcasting operations: The lone bright spot KOSDAQ Turnover (Wbn) Buy Sell Net S&T Motiv (Hold) Downgrade rating Foreign 41 58 -16 Normalization to take some time Institutional 64 78 -14 Retail 1,416 1,381 35 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,220 616 604 KOSDAQ 11 13 -2 Advances & Declines Advances Declines Unchanged KOSPI 410 374 114 KOSDAQ 498 421 83 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,348,000 8,000 395 KODEX LEVERAGE 12,590 20 244 KODEX INVERSE 7,525 -35 202 NHN 250,500 -13,000 155 KODEX 200 25,995 55 142 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Hicel 2,870 215 43 Ewha Technologies 1,140 20 35 Information Celltrion 28,500 500 31 Kyung Bong 8,390 390 30 Agabang 13,300 400 29 Note: As of August 10, 2012 This document is a summary of a report prepared by Daewoo Securities Co., Ltd.
    [Show full text]