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Latest articles in South Korea

KR : Hyundai Motor Company - From bad to worse

HMC's wholesale volume fell -2% yoy and -13% mom in Jul 21. Domestic sales fell to 59.9k units (-23% yoy, -13% mom) for the fourth month in a row. We foresee pent-up demand weakening in China, the US, Europe and emerging markets in 3Q21F, coupled w....
CGS-CIMB Kyung Jae
Kyung Jae Hwang @ CGS-CIMB 2 August 2021

KR : Mando Corporation - Static ADAS growth

Mando's W76.7bn EBIT in 2Q21 (+6.8% qoq) beat our estimate. Sales proportion of ADAS products stood at 13.2% in 2Q21 (vs. 12.5% in 1Q21, 13.9% in 2020). Absolute ADAS revenue fell 12% hoh. FY21F EPS raised by 39%. Our TP drops to W80,000, due to lo....
CGS-CIMB Kyung Jae
Kyung Jae Hwang @ CGS-CIMB 30 July 2021

KR : LG Chem - Battery material value is the next catalyst

Excluding one-off issue for: 1) settlement income from SKI, and 2) ESS provision, 2Q21 OP was 30% above our estimate due to strong chemicals. LGC expects 430GWh EV battery capacity by 2025F (vs. 150GWh by 2021F). Battery order backlog rose to W180tr....
CGS-CIMB John
John Park @ CGS-CIMB 29 July 2021

KR : OCI - Strong solar earnings momentum continues

OCI’s 2Q21 OP was 40% above our estimates on strong polysilicon OPM (38%). Our 2021F OP is 26% higher than Bloomberg consensus estimates. We value OCI’s polysilicon unit (basic chemical) at W2.6tr, and its property development (housing) at W1.6tr g....
CGS-CIMB John
John Park @ CGS-CIMB 28 July 2021

KR : Amorepacific Corp - Working through the pain

Amorepacific reported W1.18tr/W91.2bn sales/OP in 2Q21, which missed Bloomberg consensus’ estimates by 5%/15% and ours by 9%/21%. Despite China Innisfree’s sluggish performance in 2Q21, we still believe strong presence of luxury will lead to 240%/2....
CGS-CIMB Jiwon
Jiwon LEE @ CGS-CIMB 28 July 2021

KR : Samsung SDI - EV battery margin starting to expand

SDI’s 2Q21 OP was 13% above our and consensus’ estimates. While we cut 3Q21F OP by 10%, we raise 4Q21F OP by 10% given shipment adjustments. We expect SDI’s EV battery OPM to start improving (1%/2.2%/5.1% in 2Q/3QF/4Q21F) on strong sales and Gen3-5.....
CGS-CIMB John
John Park @ CGS-CIMB 27 July 2021