Investment Analysis

2015.10.08 – SK Hynix (000660)

Rating: Overweight Target Price (KRW): 44,300 Price (8 Oct 2015, KRW): 37,550 3Q15 Earnings Forecast Solid: We forecast SK Hynix to post sales of KRW5.00T (+9%,QoQ), operating profit of KRW1.4T (-3%,QoQ) and net profit of KRW1.07T (-3%,QoQ) for its upcoming 3Q15 earnings announcement on Oct. 22. Despite recent downtrend in PC DRAM ASP, SK Hynix’s decision to increase Mobile … Continue reading

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Investment Analysis

2015.10.08 – Daum Kakao (037520)

Rating: Overweight Target Price (KRW): 157,295 Price (8 Oct 2015, KRW): 123,300 In the last quarter, 2Q15, Daum Kakao’s earnings from game industry has been diminished to 53,984 million KRW. It has incurred some loss from its game business having some of its market share taken by its competitors. However, the numbers are improving due to “Friends Pop for … Continue reading

Investment Analysis

2015.09.29 – Michael Kors (KORS)

Rating: Overweight Target Price (USD): 57.70 Price (28 Sep 2015, USD): 40.55 In the past few years, the company saw an unprecedented high growth rate, where sales grew at ~53% CAGR. Market expectations, however, have remained rather pessimistic about KORS’ future prospects, with this year’s share price down 46% YTD. While the management’s guidance notes that the company is … Continue reading