Journalist

Shin Dong-kun
  • FSS chief’s expense account disclosed for first time; averaged 2.09 million won a month over 8 months
    FSS chief’s expense account disclosed for first time; averaged 2.09 million won a month over 8 months Details of official expenses used by Financial Supervisory Service Gov. Lee Chan-jin since taking office have been disclosed for the first time, with most spending tied to discussions on supervisory issues, staff encouragement and media briefings. According to financial authorities on the 29th, the FSS posted the governor’s expense-account records on its website the previous day. The disclosure covers eight months of spending from August last year, when Lee took office, through March this year. Total spending during the period was 16,677,500 won across 76 transactions, averaging about 2.09 million won a month. Monthly totals were 1,621,100 won in August 2025; 2,167,000 won in September; 1,629,000 won in October; 2,336,600 won in November; 2,068,400 won in December; 2,268,300 won in January 2026; 2,204,100 won in February; and 2,383,000 won in March. Most expenses were incurred at restaurants around Yeongdeungpo-gu in Seoul, where the FSS headquarters is located. By purpose, work-related meetings accounted for a large share, including discussions on key supervisory issues and work plans and sharing difficulties by division. Other items included staff encouragement, meetings with news organizations, consultations with related agencies, and condolence or congratulatory payments. The disclosure follows Lee’s pledge during a National Assembly Legislation and Judiciary Committee audit in October last year. After criticism over how the FSS exercises its authority, he said he would improve transparency in the use of official expenses. Separately, official expenses used under the previous FSS governor from January through May last year totaled 12.10 million won, averaging 2.42 million won a month: 2.37 million won in January, 2.55 million won in February, 1.82 million won in March, 2.45 million won in April and 2.89 million won in May. 2026-04-29 09:40:16
  • Kyobo Securities Raises Samsung SDI Target to 880,000 Won After Q1 Beat
    Kyobo Securities Raises Samsung SDI Target to 880,000 Won After Q1 Beat Kyobo Securities on Tuesday raised its target price for Samsung SDI to 880,000 won and maintained a “buy” rating, citing first-quarter results that beat market expectations by a wide margin. Choi Bo-young, a researcher at Kyobo Securities, said Samsung SDI posted consolidated first-quarter revenue of 3.5764 trillion won, up 12.6% from a year earlier. The company reported an operating loss of 155.6 billion won, a sharp improvement from the consensus estimate of an operating loss of 280.9 billion won, Choi said. Kyobo attributed the surprise to expanding battery demand tied to artificial intelligence data centers, improved performance in the energy storage system, or ESS, business, and the reflection of customer compensation payments. Choi said losses narrowed more than expected as demand strengthened for battery backup units, or BBUs, for AI data centers and for high-output cylindrical batteries used in power tools in the small-battery division. He added that in the ESS division, increased shipments of high value-added uninterruptible power supply, or UPS, products for data centers supported results, and compensation related to volumes from a North American customer also helped profitability. On the UPS segment, Choi said the market remains limited in size but growth visibility is improving quickly, with proactive steps underway such as converting a UPS line at the Ulsan plant. He forecast that because global competitors are limited in the high-output small BBU segment, Samsung SDI’s market share could expand faster than overall market growth.* This article has been translated by AI. 2026-04-29 08:30:16
  • KOSPI Hits Record High, South Korea Rises to No. 8 in Global Market Value
    KOSPI Hits Record High, South Korea Rises to No. 8 in Global Market Value ◆ Ajou Economy Top News ▷ Foreign and institutional investors flip from selling to buying; retail investors post record net selling of 14 trillion won - South Korea’s stock market, lifted by strength in AI-related semiconductor shares, moved ahead of the U.K. to rank eighth globally by market capitalization. - The KOSPI closed at 6,641.02, setting another all-time high after briefly topping 6,700 during the session. - Total market capitalization in South Korea rose to about 6,116 trillion won, up 53% from the end of last year. - Some brokerages cited the AI semiconductor-led rally and policy momentum in projecting the KOSPI could reach 7,000 to 8,000. ◆ Key Report ▷ Heungkuk Securities: Hyundai Steel outlook improves; target price raised - Heungkuk Securities kept its “buy” rating on Hyundai Steel and raised its target price to 55,000 won. - The company’s first-quarter results missed expectations, with revenue of 5.7397 trillion won and operating profit of 15.7 billion won, but higher sales volume confirmed a recovery in demand. - The brokerage said improved steel scrap prices, subsidiary performance and one-off gains helped cushion consolidated profitability. - It forecast results would continue improving from the second quarter, reflecting higher prices in China, better supply-demand conditions and the impact of price increases. ◆ Major filings after the close (28th) ▷ CrowdWorks: 1 billion won paid-in capital increase ▷ Aptochrom: 12 billion won paid-in capital increase ▷ GemVax: additional purchase of Korea Stem Cell Bank shares worth 12.4 billion won ▷ KBI Metal: acquisition of Wonyoung Hitech shares, raising stake to 100% ▷ SK Bioscience: share buyback worth 17.1 billion won ▷ NC: provides 21.8 billion won worth of treasury shares to employees ◆ Fund flows (as of the 27th, excluding ETFs) Domestic equity funds: 132 billion won Overseas equity funds: -5.7 billion won ◆ Key events today (Wed.) Eurozone: M3 (March), corporate loans (March), consumer confidence (April) United States: durable goods orders (March), housing starts and permits (March), remarks by Federal Reserve Chair Powell * This article has been translated by AI. 2026-04-29 06:54:24
  • Korea’s March Public Offerings Rise 3.8% as Short-Term and Structured Finance Lead
    Korea’s March Public Offerings Rise 3.8% as Short-Term and Structured Finance Lead Public offerings expanded across equities, corporate bonds and short-term funding in March, but the mix tilted further toward short-term and structured financing rather than long-term funding. According to the Financial Supervisory Service’s report released on the 29th on companies’ direct financing results for March 2026, total public issuance came to 19.9832 trillion won, up 3.8% from the previous month. Public issuance of equities and corporate bonds combined rose by 733.5 billion won from a month earlier. Equity issuance totaled 440.2 billion won, up 28.9%. Initial public offerings raised 210.4 billion won, down 27.6%, while paid-in capital increases surged 353.3% to 229.8 billion won, driving the overall gain. The number of IPOs increased, but the amount raised fell, while rights offerings emerged as the main funding channel. Corporate bond issuance totaled 19.5430 trillion won, up 3.4%, though components moved in different directions. Straight corporate bonds fell 6.5% to 4.7810 trillion won. Financial bonds and asset-backed securities increased, lifting the overall total. ABS issuance jumped 208.7% from the previous month to 1.3196 trillion won. The March market was marked by weaker long-term issuance and stronger structured and short-term funding. For straight corporate bonds, refinancing accounted for 85.6% of issuance, indicating companies largely rolled over existing debt rather than funding new investment. Issuance also concentrated in higher-rated paper, with 98.5% rated A or above. In the ABS market, structured financing expanded rapidly. P-CBO issuance surged 3,166.3%, and issuance backed by financial companies’ underlying assets rose 1,269.5%, pointing to growing use of credit-enhanced structures rather than plain-vanilla bond sales. Short-term markets grew even faster. Combined issuance of commercial paper and short-term bonds reached 200.4738 trillion won, up 25.6%. CP issuance rose 23.5% and short-term bonds increased 26.3%, underscoring a shift in funding strategy toward shorter maturities. Kim Eun-gi, an analyst at Samsung Securities, said April is a heavy redemption period, with 10.7 trillion won of straight corporate bonds maturing, excluding the first quarter. “Even so, corporate bond issuance yields are forming at levels higher than in February, when net redemptions were large, and as the U.S.-Iran situation drags on, volatility in government bond yields is also increasing, creating an atmosphere in which companies are delaying corporate bond issuance,” he said. He added that, unlike past crisis periods, CP yields are staying low, keeping short-term funding conditions favorable. “As the rate advantage of CP and CD over corporate bond yields has grown, companies are likely to make up funding shortfalls from net corporate bond redemptions with CP or bank loans,” Kim said.* This article has been translated by AI. 2026-04-29 06:46:36
  • KOSPI Sets Another Record as Chip Stocks Drive Rally; How Long Can It Last?
    KOSPI Sets Another Record as Chip Stocks Drive Rally; How Long Can It Last? The KOSPI’s run of record highs shows little sign of slowing, with some market watchers saying the index could even push past 7,000 in short order if the trend holds. The rally has been led by semiconductors, as gains in Samsung Electronics and SK hynix — together accounting for more than 40% of total market value — have amplified the index’s rise. Analysts say how long the rally lasts will largely depend on the semiconductor cycle. Optimists argue that an AI-driven “super cycle” could extend for a prolonged period, supporting further gains. Others warn that if the cycle turns down as it has in the past, the market could face a sharp correction. ◆ Semiconductors power the rally Aju Economy compared the KOSPI and the KRX Semiconductor Index over the past year (April 28, 2025, to April 28, 2026; 244 trading days) and found they moved in the same direction on 191 days, or 78.3% of the period. On April 28, the KOSPI rose 0.86% while the KRX Semiconductor Index fell 0.45%. The link was stronger on up days. Both indexes rose on 132 days, more than double the 59 days when both fell, underscoring how the KOSPI tends to respond when chip stocks gain momentum. Days when the two diverged totaled 49, or 20.1%, including 26 days when the KOSPI rose but semiconductors fell and 23 days when the KOSPI fell but semiconductors rose. There were four days, or 1.7%, when one index was flat at 0.00%. The results highlight the sector’s outsized influence in South Korea’s market, where large chipmakers dominate the top of the market-cap rankings. As of April 28, Samsung Electronics (including preferred shares) accounted for 26% of the market and SK hynix for 17%. ◆ How long will the “super cycle” last? Analysts say the rally’s durability ultimately hinges on chip industry conditions. Since 2000, the semiconductor industry has typically swung between booms and downturns in cycles of three to four years. The most recent downturn was in 2022-2023, when demand for memory chips fell sharply and Samsung Electronics and SK hynix posted large losses. Their share prices were then stuck in the 50,000-won range for Samsung Electronics and the 70,000-won range for SK hynix. The turnaround began in the second half of last year, as the AI boom drove a surge in memory-chip demand and the market entered what is often called a “super cycle.” Research firm Omdia raised its forecast for this year’s semiconductor market growth to more than 60%, projecting rapid expansion in memory. It said demand for high-bandwidth memory, or HBM, is jumping as AI data centers spread, while supply remains tight — creating a market where rising prices, unlike in past cycles, are leading the upturn. Kim Dong-won, head of the research center at KB Securities, said AI data center and cloud companies are actively pursuing three- to five-year long-term supply agreements to secure stable memory supplies. “This trend will strengthen the durability of the semiconductor upcycle,” he said. Still, some warn of a pullback after the recent surge. BNK Investment & Securities said in a report on April 27 that memory conditions appear to be entering a late-cycle phase, raising the possibility that demand could soften. Overseas, Goldman Sachs and others have also voiced concerns about the pace of the short-term run-up. * This article has been translated by AI. 2026-04-28 18:27:21
  • South Korea’s KOSPI Hits Record Close as Market Cap Rises to World No. 8
    South Korea’s KOSPI Hits Record Close as Market Cap Rises to World No. 8 South Korea’s stock market has overtaken the U.K. to rank eighth globally by market capitalization, driven by a semiconductor rally tied to artificial intelligence. The market’s value has more than doubled in about a year, and analysts say the ranking could rise further as the benchmark KOSPI nears the 7,000 level. <Related article, page 10> According to the Korea Exchange, the KOSPI on April 28 closed up 25.99 points, or 0.39%, at 6,641.02. It set another record high close after doing so the previous session. The index climbed as high as 6,712.73 intraday, briefly topping 6,700. With the rally continuing, total market capitalization for South Korea’s exchanges — KOSPI, KOSDAQ and KONEX combined — reached about 6,116 trillion won (about $4.16 trillion) at the close. That was up 53.4% from 3,986 trillion won on Dec. 30 last year. Bloomberg said South Korea’s market cap, based on closing prices, rose 45% from the start of the year through April 27. That pushed it past the U.K., which rose 3% over the same period to $3.99 trillion, placing South Korea eighth worldwide. As recently as 2024, the U.K. market was about twice the size of South Korea’s, but the gap reversed in a little over a year. The U.S. ranks first at $75.4004 trillion, followed by China (mainland), Japan, Hong Kong, India, Canada and Taiwan. From India in fifth to the U.K. in ninth, markets are clustered around $4 trillion, leaving room for further shifts if South Korean shares keep rising. Bloomberg cited heavy concentration in AI semiconductor-related stocks and policy momentum as key drivers. Samsung Electronics and SK hynix, the top two companies by market value in South Korea, led the rally as global money moved into AI-linked firms. Corporate governance reforms and pro-market policies also supported gains. The two companies account for more than 40% of the KOSPI’s total market capitalization. Major global investment banks and South Korean brokerages have forecast further gains, citing improving earnings at leading companies. Some projections extend beyond 7,000 to as high as 8,000. Hana Securities set a second-half KOSPI upper range of 7,540 to 8,470 depending on scenarios. Goldman Sachs set a 12-month KOSPI target of 8,000, and JPMorgan said it sees room up to 8,500. Japan’s Nomura Securities set a first-half target of up to 8,000. Lee Kyung-min, a researcher at Daishin Securities, said South Korea’s market rose to eighth globally on an intraday basis, adding that as rotation spreads into areas such as robotics and construction and the market enters earnings season, stock-by-stock divergence is becoming more pronounced. 2026-04-28 18:21:19
  • Korea Weighs Trading Curbs on Single-Stock Leveraged ETFs for Finance Staff, Civil Servants
    Korea Weighs Trading Curbs on Single-Stock Leveraged ETFs for Finance Staff, Civil Servants As South Korea prepares to introduce single-stock leveraged exchange-traded funds, attention is turning to whether financial investment professionals and civil servants will be allowed to trade them. The financial sector is already moving to effectively restrict employee trading, and similar rules are expected for government workers. Although the products are structured as ETFs, they track the price of a single company directly, fueling calls for tighter controls. The Korea Financial Investment Association and other industry bodies said Monday that the sector plans to treat single-stock leveraged ETFs not as conventional ETFs but as products comparable to individual equity securities. That would tighten employee trading rules, likely including mandatory pre-approval of trades, investment limits that do not exceed annual salary, and bans on margin and unsettled credit trading. Measures to curb short-term trading, such as minimum holding periods and limits on the number of trades, are also likely to be included. The association and others say regulation is needed because the products are, in effect, “single stocks wearing an ETF mask.” Traditional ETFs spread risk by holding multiple stocks, while single-stock ETFs’ returns hinge directly on one company’s share price. Leveraged versions are more volatile, raising concerns about conflicts of interest and excessive speculative demand. Similar oversight may be applied to civil servants. The Ministry of Personnel Management is reviewing whether single-stock ETFs should be treated the same as individual shares. Under current rules, civil servants whose stock holdings exceed 30 million won are subject to a job-related review and may be required to sell or place the assets in a blind trust if a conflict of interest is found. There are no separate limits on ETF investing. A ministry official said the agency is reviewing trading rules “in consideration of the characteristics of the leveraged ETF made up of a single stock.” The Financial Supervisory Service is also discussing whether to apply investment restrictions to its own staff. As an agency under the Financial Services Commission that oversees the financial investment industry, it is expected to set separate management standards for single-stock ETFs, given ethics and investment rules that are similar to, or stricter than, those for other civil servants. * This article has been translated by AI. 2026-04-28 18:18:20
  • NgeneBio shares plunge 25% on capital reduction and $224 million stock offering plan
    NgeneBio shares plunge 25% on capital reduction and $224 million stock offering plan Shares of NgeneBio tumbled after the company announced it will pursue a capital reduction and a stock offering at the same time. According to the Korea Exchange, NgeneBio was trading at 1,226 won on the KOSDAQ as of 1:18 p.m. on the 28th, down 419 won, or 25.47%, from the previous session. The drop was widely attributed to concerns that a large capital reduction and a new share sale would dilute shareholder value and weigh on sentiment. NgeneBio said it decided at a board meeting the previous day to issue 7.15 million common shares in a paid-in capital increase. The company aims to raise about 22.4 billion won, allocating about 17.3 billion won for working capital and 5.1 billion won to repay debt. The deal will be structured as a rights offering to existing shareholders, with any unsubscribed shares sold in a public offering. The company will also carry out a free capital reduction to cover accumulated losses. The reduction ratio is 66.67%, consolidating three existing common shares into one. As a result, the number of shares outstanding will fall to 8,936,583 from 26,809,750. The record date for the capital reduction is June 24, and the listing of new shares is scheduled for July 13. Market participants said the capital reduction is intended to improve the company’s financial structure, but the follow-on stock offering makes dilution of existing stakes unavoidable, adding pressure to the share price. They also noted that the heavy allocation to working capital and debt repayment suggests a focus on financial stability rather than growth investment.* This article has been translated by AI. 2026-04-28 13:25:13
  • SK Hynix Hits Record High Above 1.32 Million Won Despite Rating Cut
    SK Hynix Hits Record High Above 1.32 Million Won Despite Rating Cut SK Hynix climbed above 1.32 million won in intraday trading, setting another record high as expectations for stronger demand tied to artificial intelligence chips continued to lift the stock. According to the Korea Exchange, SK Hynix was trading at 1,325,000 won as of 10:27 a.m. on April 28, up 33,000 won, or 2.55%, from the previous session. The shares pushed past the 1.32 million-won level during the session, marking a fresh all-time high. Analysts cite rising expectations for higher demand for high-bandwidth memory, or HBM, driven by increased investment in AI servers. With global big tech companies led by Nvidia continuing to expand AI infrastructure spending, investors have been pricing in potential gains for SK Hynix in the HBM market. A recovery in the memory market has also supported sentiment, with rebounds in DRAM and NAND prices and a growing share of higher value-added products fueling expectations for improved results. Still, some warn the sharp run-up may be stretching valuations. BNK Investment & Securities on the previous day cut its rating on SK Hynix to “hold” from “buy” while keeping its target price at 1.3 million won, citing valuation pressure after the recent surge and the possibility that earnings momentum could slow in the second half. * This article has been translated by AI. 2026-04-28 10:39:28
  • Heungkuk Securities Raises Hyundai Steel Target on Improving Steel Market Outlook
    Heungkuk Securities Raises Hyundai Steel Target on Improving Steel Market Outlook Heungkuk Securities maintained its “buy” rating on Hyundai Steel and raised its target price to 55,000 won. The brokerage cited expectations for improving steel market conditions and the impact of planned price increases, saying a near-term earnings rebound is becoming more visible. Jinsoo Jung, an analyst at Heungkuk Securities, said Hyundai Steel’s first-quarter results missed market expectations, with revenue of 5.7397 trillion won and operating profit of 15.7 billion won. He attributed the shortfall to a lagging effect that reflected lower prices for flat steel products and higher costs, which narrowed rolling margins. Still, sales volume rose to 4.26 million tons, which he said confirmed a demand recovery led by flat products. Jung said improved steel scrap prices and contributions from standalone subsidiaries helped cushion results. He added that consolidated profitability improved on one-off gains such as a tariff refund at Hyundai Steel Pipe and expanded operations at the Pune SSC in India. Looking ahead, Jung took a more upbeat view of the industry. He said global supply and demand are improving as Chinese hot-rolled coil prices rise and exports decline, and that anti-dumping effects are also creating conditions for domestic steelmakers to regain market share. He said domestic steelmakers are pursuing price hikes to reflect higher raw material costs, with the impact expected to show gradually in results starting in the second quarter. He added that a faster normalization is expected, particularly in the long steel segment. Jung said he raised his EBITDA estimate by 16% and increased the target price by applying a target EV/EBITDA multiple of 6.3. He forecast that improving market conditions would continue into the second half, alongside the effect of price increases for high value-added steel sheets used in automobiles.* This article has been translated by AI. 2026-04-28 08:42:06