Build a profitable portfolio with Korean construction materials
-Initiate coverage of the construction materials sector with OVERWEIGHT
-Earnings to continue growing in 2018-19 on the stabilizing housing market and supply-demand dynamics
We have a positive view of the sector because: 1) the 2018-2019 earnings outlook is solid as the real estate market stabilizes; 2) the business environment should turn favorable for big construction materials makers as apartment demand should increase in the long term; and 3) major companies in the sector boast attractive valuations after recent corrections which sent the shares below their five-year lows.
Hanil Cement is engaged in the manufacture of cement, ready-mixed concrete ("remicon") and ready-mixed mortar ("remitar"). Co.'s portland cement has five types based on usage which are ordinary portland cement, moderate-heat portland cement, high-early strength portland cement, sulfate-resistance portland cement and blast furnace slag cement. The remicon refers to concrete in which materials were mixed in advance according to the mixing ratio designed by a plant equipped with concrete manufacturing facilities. Its remicon includes good-glowability concrete, low-heat concrete, cold-weather concrete, hot-weather concrete, light-weight concrete and surface glossing concrete.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.