Hyundai Motor Investment & Securities is the investment banking arm of the Hyundai Motor Group. The company offers stock brokerage and advisory services; derivative products brokerage and advisory services; wrap account portfolio management services; and VIP wealth management and tax planning, institutional equities, derivatives, and futures brokerage services, as well as sells investment and institutional products. It also provides equity offering, ABS, real estate PF and real estate PF securitization, offshore SOC, structured financing, asset securitization, real estate sales, IPO advisory, and private equity fund and fund management services; and CMA/RP portfolio management and fixed income based investments, as well as involved in the issuance, management, and brokerage of OTC derivatives. In addition, the company offers research services, including macro economic forecasts and stock market outlook, industry overviews and forecasts, fixed income strategies, corporate credit analysis, and valuation analysis. Further, it offers a range of retirement and pension services for individuals and corporate members; portfolios and asset allocation consulting and marketing services; proposing retirement pension plans; contract and payment management services; pension plan advisory and actuarial services; and system development and implementation services, as well as operates call centers for retirement pension services, etc.
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Hyun Wook Park
- Hyun Wook Park
KISCO Holdings (001940.KS): Lower-than-expected1Q but valuation attrac...
- 1Q18 operating profit came in at KRW6.2bn, which was lower than our estimate. - Subsidiaries KISCO (104700.KS, BUY; fourth-largest rebar maker in Korea; 40.8% ownership) and Hwanyoung Steel (sixth-biggest rebar producer in Korea; 83.5% ownership) help to keep cash flow pumping. - We maintain BUY and our target price of KRW17,800 (pre-split price KRW89,000).
Jin Sang Kim
- Jin Sang Kim
Hanwha Life Insurance (088350.KS): 1Q18: strong underwriting profit, w...
Parent net income for 1Q18 came in at KRW114.6bn, missing the consensus of KRW136.1bn. Underwriting profit (mortality margin plus expense margin) stayed firm but 1) underwriting net revenue fell because of a decrease in the top-line; and 2) investment income contracted due to a falling investment yield. Nevertheless, improving policy reserve provisions is positive.
Jin Sang Kim
- Jin Sang Kim
ING Life Insurance (079440.KS): Interest margin and mortality margin l...
The firm’s growth strategy based on its industry-high capital ratio and unique FC strategy remains valid, in our view. Solid and continued growth of protection-type APE is also positive. We maintain BUY and our target price of KRW65,000.
Dongjin Kang
- Dongjin Kang
KOGAS (036460.KS): Entering a virtuous cycle
- 1Q18 results met consensus expectations, backed by growing earnings from GLNG and regulated businesses. - The rate of return for regulated businesses should grow further in 2019 on higher interest rates and a steadily increasing rate base. - Overseas earnings should pick up further going forward on the expanding profitability of GLNG and earnings recognition of Prelude FLNG (2019) and Mozambique FLNG (2022). - The expected FIDs for LNG Canada and the Mozambique...
Yang Ku Kang
- Yang Ku Kang
Celltrion (068270.KS): Rapid growth still ongoing
- We maintain our BUY and our KRW360,000 target price on Celltrion in light of the likely US sales approval of Truxima and Herzuma in 2H18 and the long-term momentum to come from subcutaneous Remsima and Inflectra. - 1Q18 review: Results were in line with market expectations as the market share of Truxima, a rituxan biosimilar which made a European debut in 2017, expanded more rapidly compared with Remsima. Sales came in at KRW245bn (+25% YoY), operating profit at KRW116.5bn (...
Jung-hwan Sung
- Jung-hwan Sung
Hanil Cement (003300.KS): Seeing signs of a concrete rebound
- Shares have corrected recently as product prices remained flat while the prices of raw materials such as coking coal, gravel, and sand continued to increase. - The company is negotiating with construction companies to raise its remicon price for the Seoul metropolitan area; given the heightening raw material prices, we believe there is a high probability that the price of remicon will rise. - We expect higher raw material prices to lead to a remicon price increase and ...
Yungsan Choi
- Yungsan Choi
Display: Some still shine in the dark
Slow market conditions call for a different investment approach Current market conditions for panel makers We present DMS (068790.KS, BUY) as our display sector top pick. At the same time, we initiate coverage of LG Display (034220.KS, BUY), Silicon Works (108320.KS, BUY), and AP System (265520.KS, BUY). By order of preference, we like DMS, AP System, Silicon Works, and LG Display.
Jin Sang Kim
- Jin Sang Kim
Kiwoom Securities:Mounting Expectations For 1Q18
Net income for 4Q17 rose 55.3% YoY to KRW73.9bn, beating the consensus estimate. Overall, earnings prospects for 1Q18 remain bright, considering the increasing daily turnover and stronger capacity for margin lending. Against this backdrop, we raise our target price to KRW130,000 in line with our upward earnings adjustments and change of valuation basis to 2018.
Dongjin Kang
- Dongjin Kang
Korea Refining/Chemical: Strength continues even after Lunar New Year
- Refining margins hit a 2018 high; S-Oil is our top pick for the prospect of stronger fundamentals on a new project - Even after the Lunar New Year holiday the prices of key products such as PE and PP remain strong; worries over possible price declines to dissipate; Lotte Chemical to provide a good entry point upon correction - PVC price still strong; caustic soda price USD590/tonne and TDI USD6000/tonne; Hanwha Chemical to turn around after 1Q18 bottom - LG ...
Jin Sang Kim
- Jin Sang Kim
DB Insurance (005830.KS): Earnings and dividend both very good
- 4Q17 saw net income of KRW96.8bn (+90.3% YoY), which was higher than the consensus of KRW88.2bn. Despite a marketing cost hike caused by the change of the CI design, the long-term loss ratio improved considerably (-3.8% YoY), which led to an improvement in the combined ratio (-0.5%p YoY ) . - The loss ratio in December fell by 4%p YoY. The general and long-term loss ratios respectively declined by 19.85%p and 5.6%p YoY while the long-term risk loss ratio fell by 11.6%p YoY. ...
Hyun Wook Park
- Hyun Wook Park
Nonferrous metal prices to remain robust in 2H17
- Nonferrous metal prices have been rising in double-digits since July, buoyed by a weaker USD and robust Chinese demand. - Nonferrous metal prices have an inverse relationship with the USD and are mostly determined by supplydemand dynamics. The price of zinc recently reached its highest level since the global financial crisis due to a supply shortage.