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Articles by Lee Jin-myung
One of the best scenes for the presidential election is the 2002 election. The non-mainstream Roh Mo..
One of the best scenes for the presidential election is the 2002 election. The non-mainstream Roh Moo Hyun candidate showed a reversal of 2.33% points difference. There were many pledges and dramatic topics, but the decisive factor in winning the presidential election was the "breakdown of vested rights." The remnants of the military regime, the prosecution, and large conglomerates were representative vested interests. In democratic elections, 'breakdown of vested rights' is a special medicine.
Korea should embrace lifelong learning to navigate aging society: BCG CEO
South Koreans will need to adapt to repeated and continuous learning and working throughout their lifetime amid a rapidly aging society, breaking away from the traditional life cycles that fit into the formula of school education, career pursuit, and retirement, according to Christoph Schweizer, chief executive officer of the Boston Consulting Group Inc. (BCG).
Science, technology could be solutions for aging population
Science and technology will provide solutions to societal challenges by helping the elderly overcome age-related obstacles and engage in various economic activities, according to the president of Korea's top science institute. Korea Advanced Institute of Science and Technology (KAIST) President Lee Kwang-hyung shared this belief during a conference held as part of the Vision Korea initiative on Wednesday while emphasizing the key role of science and technology in addressing demographic issues.
Sam Altman to visit Korea next week
Sam Altman, chief executive officer of ChatGPT developer OpenAI, will visit South Korea next week and explore collaboration opportunities with major corporations and AI startups. There is also speculation that the opening of an Open AI Korean office may be imminent. Altman told Maeil Business Newspaper on Wednesday in Davos, Switzerland, that he plans to visit Korea next week. The World Economic Forum (WEF) is taking place in Davos.
Gyeonggi Province, WEF partner to tackle industrial changes
Gyeonggi Province Governor Kim Dong-yeon inked a memorandum with the World Economic Forum (WEF) on Monday to host a WEF Center for the fourth Industrial Revolution (C4IR) in the South Korean district during his visit to the international event in Davos, Switzerland. The WEF C4IR is a regional institution to be established by the WEF as part of its effort to enable global cooperation and joint response to industrial changes across the world.
Korea should embrace lifelong learning to navigate aging society: BCG CEO
South Koreans will need to adapt to repeated and continuous learning and working throughout their lifetime amid a rapidly aging society, breaking away from the traditional life cycles that fit into the formula of school education, career pursuit, and retirement, according to Christoph Schweizer, chief executive officer of the Boston Consulting Group Inc. (BCG).
SKC: Weak 1H, Strong 2H Expected in 2023
The authors are analysts of Shinhan Securities. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 4Q22 operating loss of KRW24.3bn (TR QoQ) misses consensus SKC swung to an operating loss of KRW24.3bn in 4Q22, missing the consensus estimate of a KRW33.4bn profit. Rechargeable battery materials sales shrunk by 15% from a quarter earlier as shipments declined with inventory correction at clients.
Hyosung Advanced Materials: Super Fibers Continue to Deliver Solid Earnings
The authors are analysts of Shinhan Securities. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 4Q22 OP falls short of consensus at KRW49.8bn (-25% QoQ) Hyosung Advanced Materials posted operating profit of KRW49.8bn (-25% QoQ) for 4Q22, missing the consensus estimate of KRW55.7bn.
SK Innovation: Decent Main Biz Profit & Declining Battery Losses
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 3Q22 OP to come in short of consensus at KRW605.8bn (-74% QoQ) We now expect SK Innovation to post operating profit of KRW605.8bn (-74% QoQ) for 3Q22, missing the consensus estimate of KRW755.1bn.
SKC: Rising Growth Potential of Copper Foil Business
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 2Q22 OP falls short of consensus at KRW109.4bn (-18% QoQ) SKC posted operating profit of KRW109.4bn (-18% QoQ) for 2Q22, missing market consensus of KRW121.4bn. Mobility materials generated operating profit of KRW29.6bn (+21% QoQ) and operating margin of 15% (+3.3%p QoQ).
LG Chem: NDR Takeaways: Shift to Advanced Materials
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. Competitiveness of cathode materials shines in 2Q22 LG Chem’s cathode materials business is estimated to have recorded sales of KRW1.02tr (+112% QoQ) and operating profit of KRW233.8bn (+248% QoQ) for 2Q22, accounting for 50% of sales (vs. 31% in 1Q22) and 70% of operating profit (vs. 44% in 1Q22) of advanced materials.
SK Innovation: Refining Shines in 1H and Battery in 2H
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 2Q22 OP beats consensus at KRW2.3tr (+41% QoQ) SK Innovation posted operating profit of KRW2.3tr (+41% QoQ) for 2Q22, beating the consensus estimate of KRW1.6tr.
Hanwha Solutions: Hanwha Q Cells Delivers a Sharp Turnaround
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 2Q22 OP beats consensus at KRW227.8bn (+76% QoQ) Hanwha Solutions posted operating profit of KRW227.8bn (+76% QoQ) for 2Q22, far exceeding the consensus estimate of KRW161.2bn. Hanwha Q Cells delivered a sharp turnaround in earnings with operating profit reaching up to KRW35.2bn (+KRW149.4bn QoQ).
LG Chem: Solid Results, Strengthening Growth Momentum
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 2Q22 OP meets expectations at KRW878.5bn (-14% QoQ) LG Chem posted operating profit of KRW878.5bn (-14% QoQ) for 2Q22 in line with the consensus estimate of KRW908.6bn.
SK Innovation: Record Refining Earnings but Sluggish Battery Business
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 2Q22 OP to exceed consensus at KRW2.16tr (+31% QoQ) SK Innovation is expected to have registered operating profit of KRW2.16tr (+31% QoQ) for 2Q22, beating the consensus estimate of KRW1.47tr.
S-Oil: Record Quarterly Earnings and Excessive Concerns
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 2Q22 OP to exceed consensus at KRW1.55tr (+16% QoQ) S-Oil is expected to have delivered operating profit of KRW1.55tr (+16% QoQ) for 2Q22, beating the consensus estimate of KRW1.09tr. The refining division likely recorded operating profit of KRW1.24tr (+3% QoQ) on strong refining margins, despite a QoQ drop in inventory valuation gains.
Chemicals: 2Q22 Preview: Passing the Trough
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. Earnings passing the trough in 2Q22 The combined price spread of chemical products, which has been on a downtrend since early this year, fell further in 2Q22 to levels seen during the COVID-19 outbreak in 1Q20.
Chemicals: Diversified Companies to Outperform Pure-play Chemical Producers
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. Chemicals outperform the market on China demand recovery expectations Chemical companies under our coverage recorded an average one-month return of 3%, outperforming the KOSPI that fell 7%. Market conditions remained sluggish with oil prices high, demand weak, and supply on an uptrend.
Oil Refining/chemicals: Focus on Directionality Than Speed
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. Oil refining: Structural uptrend in refining margins We expect to see the oil refining industry enjoy a structural uptrend with tight market supply to continue in 2H22. Refining margins are forecast at USD15 per barrel in 2H22 (vs.
SKC: Growth Momentum on Top of Strong Earnings
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 1Q22 OP exceeds consensus at KRW133bn (+34% QoQ) SKC posted operating profit of KRW133bn (+34% QoQ) for 1Q22, exceeding the consensus estimate of KRW126.3bn. The mobility materials division recorded sales of KRW212.5bn (+13% QoQ) and operating profit of KRW24.5bn (+20% QoQ).
SK Innovation: Keep up Expectations despite Lackluster Results
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 4Q21 results disappoint at operating loss of KRW47.4bn (TR QoQ) SK Innovation posted an operating loss of KRW47.4bn (negative swing QoQ) for 4Q21, falling far short of market expectations for a KRW689.4bn profit.
Hyosung Chemical: Growth Expected in 2022 but at Lower Levels
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 4Q21 loss of KRW16.8bn far worse than expected Hyosung Chemical posted operating loss of KRW16.8bn (negative swing QoQ) for 4Q21, missing the consensus (KRW23.7bn profit) by a wide margin.
Korea Petrochemical Industrial: Sluggish Market Conditions to Improve from 2Q
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 4Q21 operating loss of KRW15.7bn (TR QoQ) worse than expected Korea Petrochemical Industrial swung to red with an operating loss of KRW15.7bn (negative swing QoQ) for 4Q21, falling far short of the consensus for a KRW27.8bn profit. The earnings shock was attributable to a 17% QoQ drop in the aggregate product spread.
SK Innovation: Upbeat Outlook for Both Refining and Battery
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 4Q21 OP to miss consensus at KRW608.8bn (-2% QoQ) SK Innovation is expected to have posted operating profit of KRW608.8bn (-2% QoQ) for 4Q21, missing the consensus estimate of KRW712.7bn.
Hyosung Chemical: 2022 Growth Prospects with Easing Burden
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. Cost burden to weigh on short-term earnings but ease gradually Hyosung Chemical’s earnings are forecast to decline QoQ in 4Q21 due to cost increases from high propane (LPG) prices and regular maintenance works at the Vietnam plant. The Saudi propane price is expected to rise 29% QoQ on global oil price hikes, weighing heavily on costs.
Hyosung Advanced Materials: Solid Main Biz Earnings + Boost from Super Fibers
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. Initiate coverage with BUY for a target price of 900,000 We initiate coverage of Hyosung Advanced Materials with BUY for a sum-of-the-parts valuation-based target price of KRW900,000.
Kolon Industries: Solid Results, Continued Re-rating of Valuations
The authors are analysts of Shinhan Investment Corp. They can be reached at jinmyung.lee93@shinhan.com and cgh815@shinhan.com, respectively. -- Ed. 3Q21 OP exceeds consensus at KRW77.3bn (-25% QoQ) Industries posted operating profit of KRW77.3bn (-25% QoQ) for 3Q21, exceeding the consensus estimate of KRW68.9bn. The industrial materials division recorded solid operating profit of KRW45.6bn (-6% QoQ), backed by continued tight supply of tire cord and aramid fibers. Tire cord export ASP rose 13% QoQ.
Kolon Industries: Earnings and Share Price to Continue Upward
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. 1Q21 OP beats consensus at KRW69.1bn (+160% YoY) Kolon Industries reported operating profit of KRW69.1bn (+160% YoY) for 1Q21, exceeding the consensus estimate of KRW54.5bn. The industrial materials division posted an operating profit of KRW35.3bn (+132% YoY), backed by ASP increases on recovery in automotive/tire demand and improvement in subsidiary earnings.
S-Oil: Earnings Surprise Expected in 1Q21
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. 1Q21 OP to beat consensus markedly at KRW340.4bn (+266% QoQ) S-Oil is expected to deliver an operating profit of KRW340.4bn (+266% QoQ) for 1Q21, beating the KRW202.4bn consensus by a wide margin. The refining division should swing to black with a huge profit of KRW134.7bn (+KRW224.4bn YoY).
Lotte Chemical: Clear Directionality, Ample Upside
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. 1Q21 OP to beat consensus at KRW422.8bn (+99% QoQ) Lotte Chemical is expected to post operating profit of KRW422.8bn (+99% QoQ) for 1Q21, exceeding the consensus estimate of KRW363.7bn. Olefin operating profit will likely soar 181% QoQ to KRW249.8bn, with cost reduction from resumed production at Daesan NCC and uptrend in spreads continuing into this quarter.
Kolon Industries: The Long-waited Turnaround Is at Hand
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. 4Q20 OP beats consensus at KRW60.4bn (+111%QoQ) Kolon Industries reported operating profit of KRW60.4bn (+111%QoQ) for 4Q20, exceeding the consensus estimate of KRW53.5bn. The industrial materials division posted an operating profit of KRW27.8bn (+53%QoQ), backed by sharp improvement in tire cord and airbag sales on recovery in downstream demand.
Kolon Industries: Earnings on the Road to Recovery
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. 2Q20OP likely in line with consensus at KRW33.8bn (+27% QoQ) We expect Kolon Industries to report operating profit of KRW33.8bn (+27% QoQ) for 2Q20, in line with market consensus of KRW34.8bn.
SKC: Clear Directionality
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. Continued efforts for business model innovation SKC shares recently soared to a new high, bouncing back from correction caused by the COVID-19 pandemic. We believe this is attributable to management’s clear commitment to business model innovation as well as improvement in investor sentiment towards the electric vehicle (EV) sector.
Oil Refining: Heading Upward
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. Refining sector gradually showing signs of recovery There have been signs of recovery in the oil refining market since April. With COVID-19 lockdowns partially relaxed, gasoline demand in the US has turned upward from April and margins have recovered to USD4.1/bbl from negative territory. US crude inventories are also on the decline.
SK Innovation: Passing the Trough
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. 1Q20 preview: Operating loss to miss consensus at KRW894bn SK Innovation is forecast to have posted an operating loss of KRW894bn (negative swing QoQ, YoY) for 1Q20, missing the market consensus of a KRW725.5bn loss. The main culprit will be the refining division which likely incurred a sizable loss of KRW961.7bn (negative swing QoQ).
S-Oil: Saudi OSP Cuts Are Good News
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. 1Q20 operating loss to miss consensus at KRW638bn S-Oil is forecast to have posted an operating loss of KRW638bn (turning negative QoQ, YoY) for 1Q20, missing the market consensus of a KRW426.8bn loss. The main culprit will be the refining division which likely incurred a sizable loss of KRW733.9bn (widening loss QoQ).
S-Oil: Upturn Expected in 2H20
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. Initiate coverage with BUY for a target price of KRW83,000 We initiate coverage of S-Oil at BUY for a target price of KRW83,000, based on 2020F BPS of KRW57,289 and a target PBR of 1.5x (PBR low recorded during the previous market boom). The company’s earnings are forecast to grow sharply in 2H20 vs.
Lotte Chemical: Shares at Bottom, But Wait for Recovery
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. Initiate coverage with BUY and target price of KRW210,000 We initiate our coverage of Lotte Chemical with BUY rating for a target price of KRW210,000. Shares are currently trading at a PBR of 0.42x based on 2020F BPS, falling under the average PBR low of 0.64x recorded during the market downturn of 2013-2015.
Oil Refining/Chemicals: Lingering Hope
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. Oil refining and chemicals are typically cyclical industries. The two sectors experienced an up-cycle in 2014-1H18 led by low prices, and have now entered a down-cycle due to the global economic slowdown triggered by US-China trade disputes. Global oil prices have recently tumbled by more than 50% from the peak.
SK Innovation: Excessive Correction Creates Ample Upside
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. Initiate coverage with BUY and target price of KRW120,000 We initiate our coverage of SK Innovation with BUY for a target price of KRW120,000, based on sum-of-the-parts valuation including the value of operations and investment assets.
Kolon Industries: Aramid and CPI Film Earnings in Line
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. Initiate coverage with BUY and target price of KRW34,000 We initiate coverage of Kolon Industries with a BUY rating for a target price of KRW34,000.
SKC: Structural Changes to Start in 2020
The author is an analyst of Shinhan Investment Corp. He can be reached at jinmyung.lee93@shinhan.com. -- Ed. Retain BUY for a revised-down target price of KRW53,000 We lower our target price for SKC by 23% to KRW53,000 on downward adjustment of the target multiple in light of weakening investment sentiment towards secondary battery materials businesses.
Utility: Oil Price Drop, Earnings Upside for KEPCO
The authors are analysts of Shinhan Investment Corp. They can be reached at hiroo79@shinhan.com and jinmyung.lee93@shinhan.com, respectively. -- Ed. OPEC+ fails to agree on output cut, Saudi Arabia announces output increase after April →Oil price drop Talks between OPEC members and non-OPEC producers, referred to as OPEC+, collapsed last Friday, unable to reach an agreement on even rolling over their existing deal on output restraint (2.1mn b/d).
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