Report

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 Chem’s earnings momentum healthy given the strength of PVC/caustic soda and ABS; EV battery’s likely turnaround in

    2H18 and mass production of l-shape battery to fuel earnings momentum further

Provider
Hyundai Motor Investment & Securities
Hyundai Motor Investment & Securities

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. 

Analysts
Dongjin Kang

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