- Refining margins slightly contracted WoW but were still stable. Upwardly adjusted oil demand forecasts are positive.
- The Lunar New Year holiday led to corrections of major synthetic resins but the corrections will be limited given scheduled maintenance and solid demand. Propylene and PP to drive the synthetic resin market. Positive for S-Oil and Lotte
Chemical.
- The price of PVC is at its highest since 2015. With the possibility of TDI price corrections slim, Hanwha Chemical provides a
great bargain-hunting opportunity.
- Benzene chain strength (BPA, MDI, caprolactam) to continue. Kumho Petrochemical and Capro offer a good entry point.
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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