KOGAS (036460.KS):Deteriorating int’l relations strengthen LNG value
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- The troubles between Europe-Russia and US-China will likely work to highlight LNG’s value. Increasing LNG demand could resolve the current LNG oversupply sooner than expected.
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- We expect to see renewed interest in the value of KOGAS’s unregulated business such as the Mozambique gas field and LNG Canada.
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- Moderately rising oil prices and a higher rate base mean sustained earnings growth for KOGAS. We continue to present the company as our utility sector top pick.
Korea Gas Corporation is a Korea-based company principally engaged in the sale of natural gas. The Company operates its business through two segments. The Gas Introduction and Sale Business segment sells city gas and natural gas for power generation, among others. This segment introduces liquefied natural gas (LNG) from overseas natural gas production sites and supplies it to domestic power generation companies and city gas companies through national pipelines, tank lorry and others. The Other segment is engaged in the repair and maintenance of gas facilities, the construction and operation of LNG terminals, and the provision of engineering services.
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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