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KR : LG Chem - Battery material business set for a rerating

We forecast a 2Q22F OP of W951bn for LG Chem (LGC), boosted by robust advanced material (battery material) OP of W185bn (+93% yoy, +20% qoq). We value its advanced (battery) material unit at W20tr given its growing high nickel cathode exposure and.....
CGS-CIMB John
John Park @ CGS-CIMB 29 June 2022

KR : Krafton - IP diversification on the way

We highlight Krafton’s high OPM structure vs. its peers, thanks to royalty income derived from mega IP PUBG, which could be leveraged for growth. We project Krafton’s revenue dependency on PUBG to fall from 99% in FY19 to 76% in FY24F, driven by ne....
CGS-CIMB Mike
Mike HONG @ CGS-CIMB 27 June 2022

KR : F&F - Shanghai lockdown risk over

We expect the lifting of Shanghai lockdowns (daily Covid-19 cases now in single-digits) to aid recovery in MLB China onshore sales from Jun 22. Due to MLB outlet closures in Shanghai, we stay conservative on 2Q22F earnings but 2H22F should be strong....
CGS-CIMB Jiwon
Jiwon LEE @ CGS-CIMB 23 June 2022

KR : HYBE - Only human

HYBE’s biggest band BTS said that it will suspend performing as a group and focus on solo projects instead. We think the members may be burning out. We cut our FY22-24F EPS by 17-33% to reflect lower revenue generated by BTS. Negative impact on albu....
CGS-CIMB Mike
Mike HONG @ CGS-CIMB 15 June 2022

KR : S-Oil Corp - Strong near-term earnings tailwinds

Our 2Q/3Q22F OP forecasts are 40% higher than the latest Bloomberg consensus estimates in view of its strong refining margin and PX recovery. S-Oil’s complex refining margin should exceed peers’ in FY22-23F on its production yields (24% gasoline and....
CGS-CIMB John
John Park @ CGS-CIMB 14 June 2022

KR : Grand Korea Leisure - Earnings recovery in sight

Since 8 Jun 2022, Korea lifted quarantine obligations for all overseas arrivals regardless of Covid-19 vaccination status or nationality. We project GKL’s high ex-China casino traffic portion (54-56% in FY17-18) to support earnings recovery in 2H22....
CGS-CIMB Jiwon
Jiwon LEE @ CGS-CIMB 13 June 2022