Mirae Asset Securities' Korean Stock Picks (July-August 2024)
Advanced Nano Products, Kia Corp, InBody, Korea Zinc, SK Telecom, Hanwha Aerospace, Korea Aerospace Industries, SK Hynix, KB Financial Group, KT Corp, Meritz Financial Group, etc.
Mirae Asset Securities (KRX: 006800 / 520003 / 00680K) is the largest investment banking and stock brokerage company by market capitalization in South Korea. They come out with (and post on their website) a steady stream of free research pieces - namely about Korean stock picks.
Stocks covered by their research during the month of August and (in the order they covered them from the most recent to the earliest in the month) in this post include:
Hyundai Motor; Korea Gas Corporation; GS Engineering & Construction Corp; Lotte Innovate Co Ltd; Iljin HySolus Co Ltd; PharmaResearch Co Ltd; Classys; Hugel; Yuhan Corp; Samsung SDI; CS Bearing Co; SOCAR; SK Oceanplant Co Ltd; Advanced Nano Products Co Ltd; JYP Entertainment Corp; Daejoo Electronic Materials Co Ltd; LG Uplus; Kia Corp; People & Technology; Cosmecca Korea; Cosmax Inc; Seegene; Krafton; Neowiz; NAVER; Daewoong Pharmaceutical; CJ Logistics; Vatech; Kolmar Korea; Samsung Securities; InBody; Dentium; SK Biopharmaceuticals; Lotte Chemical; Hanon Systems; CS Wind Corp; Korea Zinc; Dio Corp; PearlAbyss Corp; Netmarble Corp; Kakao; SM Entertainment Co Ltd; HanAll Biopharma; Korean Air; JejuAir Co Ltd; HYBE; Cafe24 Corp; Kakao Games; Wemade; SK Telecom; Haesung DS Co Ltd; GC Biopharma Corp; Lotte Rental; Amorepacific Corp; Vieworks; LX International; Douzone Bizon; OCI Holdings; Joy City Corp; NCSoft Corp; Kumho Petrochemical; JB Financial Group; BGF Retail; DL E&C Co Ltd; SKC; SK Innovation; i-SENS; Samsung Electro-Mechanics Co Ltd; BNK Financial Group; APR Co Ltd; Kiwoom Securities; Samsung C&T Corp; Hanwha Aerospace; & Soop Co Ltd
Stocks covered by their research during the month of July (and not covered again in August) included:
Daewoo Engineering & Construction Co Ltd; Korea Aerospace Industries; HL Mando Corp; DGB Financial Group; Industrial Bank of Korea; Nexon Games; Hyundai AutoEver; Shinhan Financial Group; F&F Co; Hyundai Mobis; LIG Nex1 Co; Hotel Shilla; Hyundai Rotem; Dong-A ST Co Ltd; S-Oil Corp; SK Hynix; LG Energy Solution; Samsung Engineering; LG Electronics; Posco Future M Co Ltd; LG Chem; Posco International Corp; Hanwha Solutions; Hyundai Glovis; LG Innotek; KB Financial Group; Hyundai Engineering & Construction; KT Corp; Koh Young Technology; Samsung Biologics; SK Innovation; Samwha Capacitor Co Ltd; Shinsegae International; ST Pharm; Aekyung Industrial; S-Oil Corp; Meritz Financial Group; Samsung Fire & Marine Insurance; Hana Financial Group; Samsung Electronics; & Celltrion
As a reminder, there is a full index for the Korean stocks covered in these and other stock pick posts:
Mirae Asset Securities publishes their Korean stock pick research in English. Note that when I click on their website, I receive NO pop-up asking what sort of investor I am or my location; but there is this disclaimer at the end of each of the research report PDF files:
This post will NOT be quoting directly from the website or research documents themselves (beyond giving the title of the report - please keep the above disclosures in mind).
Keeping their disclaimers in mind, you might want to open the Research Report section of their website and select Company Analysis on your phone or in another tab or browser to look over the short titles of their research pieces (summarizing their thoughts and linked to a couple paragraph summaries on their website) and their advice about the stock picks.
However, their summaries and the more detailed research contained in the PDF files do NOT include good long term technical charts, descriptions of what the company does or links to the stock pick’s IR page, current quote, or most recent statistics - all pet peeves of mine when not made available.
To make your life easier, this post includes:
A heading with the stock name.
A quick description of the stock pick with links to the IR page and stock quote(s) on Yahoo! Finance.
A link to any Wikipedia page (for what it might be worth…)
The title of the report linked to the short summary brief on the Mirae Asset Securities website.
The link to the Mirae Asset Securities research report PDF file about the stock pick.
A price/book (most recent quarter) ratio plus forward or trailing P/E and dividend yields linked back to the Yahoo! Finance statistics page.
The latest long term technical chart linked back to Yahoo! Finance.
And as always, this post is provided for informational purposes only (and again, to make your life easier…). It does not constitute investment advice and/or a recommendation…
Keep in mind that Mirae Asset Securities would more or less be doing sell side research (with all the usual conflicts of interest that can arise from doing that) and you probably will never or rarely see a sell recommendation from them - just like you almost never see a sell recommendation coming from Wall Street…
But their equity research comes with good stock financials and it’s in English (as again, many Korean stocks still do not have IR pages or financial reports in English) - meaning its a good starting point for anyone interested in investing directly in Korean stocks.
August 2024
Hyundai Motor
Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) is a South Korean multinational automotive manufacturer.
Hyundai Motor (005380 KS/Buy) - Takeaways from 2024 CEO Investor Day
Hyundai Motor (005380 KS/Buy) - Pay attention to US market and upcoming events
Hyundai Motor (005380 KS/Buy) - 2Q24 preview: Solid earnings and multiple recovery
Price/Book (Most Recent Quarter): 0.61
Forward P/E: 8.35 / Forward Annual Dividend Yield: 6.64% (Yahoo! Finance)
Korea Gas Corporation
The main business of Korea Gas Corporation (KRX: 036460) is building terminals and a gas supply pipeline network, importing LNG, regasifying it at the terminals, and supplying it stably to local gas companies and power plants. They import LNG mainly from the Middle East (Qatar, Oman, Yemen, and Egypt), Southeast Asia (Indonesia and Malaysia), Russia (Sakhalin), Australia, and the United States.
KOGAS has grown into the largest LNG-importing company in the world. It currently operates a nationwide pipeline network spanning over 5,027(as of Jan. 2022), and supplies natural gas to 19.25 million households in 212 cities and counties with a distribution rate of 83.4% of all households nationwide (as of Dec. 2020).
KOGAS (036460 KS/Hold) - Focus shifting from E&P momentum to receivables
Price/Book (Most Recent Quarter): 0.38
Trailing P/E: 2.08 (no forward P/E) / Forward Annual Dividend Yield: N/A (Yahoo! Finance)
GS Engineering & Construction Corp
GS Engineering & Construction Corp (KRX: 006360) is recognized as one of the world leaders in the plant EPC business. They are putting their efforts into the growth of their current business such as refineries, gas, petrochemical, waste and water treatment plants while expanding their business portfolio by entering into FEED, Turn Around/O&M and financing of refineries.
Wikipedia (GS Group)
GS E&C (006360 KS/Buy) - Housing cost ratio continues to improve
GS E&C (006360 KS/Buy) - Positives likely to emerge after 2Q24 earnings release
Price/Book (Most Recent Quarter): 0.37
Trailing P/E: 3.89 (no forward P/E) / Forward Annual Dividend Yield: 8.67% (Yahoo! Finance)
