Journalist

Shin Dong-kun
  • Mirae Asset Securities Seen Leading Q1 Operating Profit on SpaceX Valuation Gain
    Mirae Asset Securities Seen Leading Q1 Operating Profit on SpaceX Valuation Gain ◆Ajou Economy Top Stories ▷Mirae Asset Securities may reclaim the top spot after four years; Q1 operating profit seen at 1.36 trillion won -Mirae Asset Securities is projected to post first-quarter operating profit of 1.3572 trillion won, potentially overtaking Korea Investment & Securities (822.0 billion won) to regain the No. 1 position. -A valuation gain from its investment in SpaceX is expected to be reflected, raising expectations it will surpass 1 trillion won in quarterly operating profit for the first time. -On an annual basis, Mirae Asset Securities is forecast at 3.1240 trillion won in operating profit versus 2.8116 trillion won for Korea Investment & Securities, suggesting a reversal in rankings. -Over the past three years, Korea Investment & Securities has maintained an edge with a profit structure centered on investment banking and trading. -Going forward, the rivalry is expected to hinge on the global investment environment and performance in the IMA business. ◆Key Report ▷NH Investment & Securities: Hyosung Heavy Industries’ North America-led growth accelerates; target raised -NH Investment & Securities raised its target price for Hyosung Heavy Industries from 3.6 million won to 4.5 million won, up 25%, while maintaining a “buy” rating. -It cited expanding North American orders, prolonged supply shortages and the impact of capacity expansion as supporting mid- to long-term growth and valuation appeal. -First-quarter operating profit fell short of expectations due to the effect of deferred earnings, but orders of 4.2 trillion won and a backlog of 15.1 trillion won were described as solid. -The report pointed to a higher North America share and the value of HVDC-related business and the Memphis plant, arguing that a high valuation is justified amid a global power-infrastructure boom. ◆Major disclosures after the close (24th) ▷LS Cable & System and Marine Solution terminate Anma offshore wind contract worth 271.1 billion won ▷Bukwang Pharmaceutical: “Acquired 30.0 billion won worth of Korea Union Pharmaceutical shares; stake 75%” ▷Aekyung Chemical: “Invested 82.4 billion won in subsidiary Aekyung Chemical Works” ▷Dong-A Socio Holdings Q1 operating profit 19.1 billion won, down 6% ▷Unitrontech: “Additional purchase of affiliate GPI shares for 11.3 billion won” ▷A-Lux: “Additional purchase of subsidiary ER shares worth 8.0 billion won; stake 100%” ▷NGeneBio to raise 22.0 billion won via rights offering and public sale of unsubscribed shares ◆Fund flows (as of the 24th, excluding ETFs) Domestic equity funds: 37.3 billion won Overseas equity funds: -8.8 billion won ◆Today (Tue) key events South Korea: Bank of Korea monetary policy meeting minutes United States: Home prices (February), consumer confidence (April), M2 (March) Japan: BOJ Gov. Ueda; Japan monetary policy meeting * This article has been translated by AI. 2026-04-28 07:12:25
  • Mirae Asset Securities Seen Leading Q1 Operating Profit on SpaceX Valuation Gain
    Mirae Asset Securities Seen Leading Q1 Operating Profit on SpaceX Valuation Gain A shift may be underway in the race for the top spot between Korea Investment & Securities and Mirae Asset Securities. After trailing for three straight years, Mirae Asset is increasingly seen as likely to reclaim the lead in first-quarter operating profit, helped by gains tied to its SpaceX investment. Attention is also turning to whether the annual ranking could flip as well. Financial data provider FnGuide said Monday that Mirae Asset’s consolidated first-quarter operating profit consensus stands at 1.3572 trillion won. If realized, it would mark the first time a Korean securities firm posts more than 1 trillion won in quarterly operating profit. Rival Korea Investment & Securities is estimated at about 822 billion won for the quarter. Mirae Asset’s strong quarter reflects a large valuation gain related to its SpaceX stake. The firm invested more than 400 billion won in SpaceX through vehicles including Mirae Asset AI Investment Association No. 1 and Space Investment Association No. 1. The company’s valuation is said to have surged ahead of a planned initial public offering. SpaceX, a U.S. private aerospace company founded by Elon Musk, is pursuing an IPO with June as its target. The outlook has fueled talk of a reversal in the full-year standings. The market expects Mirae Asset to post 3.1240 trillion won in operating profit for the year, topping the 2.8116 trillion won forecast for Korea Investment & Securities. Last year, Korea Investment & Securities ranked No. 1 with 2.3427 trillion won, ahead of Mirae Asset’s 1.9150 trillion won. The two firms’ rivalry has swung in recent years. In 2022, Mirae Asset led with 835.5 billion won in operating profit versus Korea Investment & Securities’ 400.1 billion won, but the positions later reversed. In 2023, Korea Investment & Securities posted 664.0 billion won, beating Mirae Asset’s 521.0 billion won, and in 2024 it stayed ahead with 1.2837 trillion won versus 1.1590 trillion won. Last year, Korea Investment & Securities widened the gap by becoming the industry’s first to surpass 2 trillion won in operating profit. The swings reflect differences in business structure. Mirae Asset has strengthened fee income from wealth management and brokerage while expanding overseas investing, a mix that can produce stable fees but also sharper earnings moves depending on global investment results. Korea Investment & Securities, by contrast, is stronger in investment banking and trading, using large-scale funding such as short-term notes to generate returns even during volatile markets. Analysts cite the global investment environment and whether the firms can establish their IMA businesses as key variables in the fight for the top spot. “Korea Investment & Securities has held the No. 1 position in recent years, but its IB- and trading-centered structure can lead to earnings swings with market volatility,” a financial investment industry official said. “With a strong market, Mirae Asset’s brokerage and WM-based income is relatively stable, and if investment returns support it, it can regain the lead at any time.” * This article has been translated by AI. 2026-04-27 19:03:12
  • SK hynix Tops 1.3 Million Won, Hits Record High on HBM Demand Hopes
    SK hynix Tops 1.3 Million Won, Hits Record High on HBM Demand Hopes SK hynix shares climbed past the 1.3 million won mark during trading, setting another all-time high as expectations grew for stronger demand for high-bandwidth memory, or HBM, driven by expanding artificial intelligence chip demand. According to the Korea Exchange, SK hynix was trading at 1,312,000 won as of 1:01 p.m., up 90,000 won, or 7.36%, from the previous session. Its market capitalization also expanded to about 935 trillion won, increasing its influence in the local stock market. Analysts cited expectations of rising HBM demand as AI server investment increases. With global big tech companies led by Nvidia continuing to invest in AI infrastructure, SK hynix is seen as a key beneficiary given its leading position in the HBM market. Samsung Electronics also rose, gaining 5,750 won, or 2.62%, to 225,250 won at the same time. The broader group of heavyweight chip stocks was moving higher, with Samsung’s market capitalization at about 1,316 trillion won. Investor sentiment was also supported by gains in the semiconductor sector on Wall Street in the final trading session last week. The Philadelphia Semiconductor Index jumped 4.32% on April 24 local time, reflecting expectations of stronger central processing unit demand tied to wider AI adoption and a first-quarter earnings report from Intel that beat market expectations. * This article has been translated by AI. 2026-04-27 13:06:15
  • SK hynix Hits Fresh Intraday Record Above 1.28 Million Won; Samsung Electronics Rises
    SK hynix Hits Fresh Intraday Record Above 1.28 Million Won; Samsung Electronics Rises SK hynix extended its rally Monday, setting another intraday all-time high as investors bet on rising demand for high-bandwidth memory, or HBM, used in artificial intelligence chips. As of 9:41 a.m., SK hynix shares were up 62,000 won, or 5.07%, at 1,284,000 won. Its market capitalization grew to about 915 trillion won, underscoring its expanding influence in South Korea’s stock market. The stock touched 1,288,000 won earlier in the session, a fresh record. Analysts attributed the gains to expectations that HBM demand will climb as investment in AI servers increases. With global big tech companies led by Nvidia continuing to spend on AI infrastructure, SK hynix’s competitiveness in the HBM market has come into sharper focus, they said. Samsung Electronics also rose, gaining 3,000 won, or 1.37%, to 222,500 won. The move was seen as reflecting strength in semiconductor shares in the last session of New York trading last week. In local time on April 24, the Philadelphia Semiconductor Index jumped 4.32%. The rally was driven by expectations for stronger central processing unit demand as AI adoption spreads, and by Intel’s first-quarter results beating market expectations, according to analysts. * This article has been translated by AI. 2026-04-27 09:48:15
  • NH Investment Raises Hyosung Heavy Industries Target on North America Growth
    NH Investment Raises Hyosung Heavy Industries Target on North America Growth NH Investment & Securities kept its “buy” rating on Hyosung Heavy Industries and raised its target price 25% to 4.5 million won from 3.6 million won, citing expanding North America orders, a medium- to long-term supply shortage and clearer earnings visibility from capacity expansion. Analyst Lee Min-jae said Hyosung Heavy Industries posted 4.2 trillion won in new orders in its heavy industries division in the first quarter, showing it has entered a business environment comparable to global peers. He added that a 2028 price-to-earnings ratio of about 26 times remains attractive given expected EPS growth. NH said the higher target reflects the value of the Changwon HVDC business and a third plant in Memphis scheduled to begin operations in 2028, as well as a higher EV/EBITDA multiple of 25 times, up from 24 times, following gains in global peers’ share prices. First-quarter results fell short of expectations due to temporary factors. On a consolidated basis, revenue rose 26% from a year earlier to 1.4 trillion won, and operating profit increased 48% to 152.3 billion won, but both missed the consensus forecast. NH attributed the shortfall to about 40 billion won in deferred profit after late-quarter shipments to North America were recorded as in-transit inventory. The shipments are expected to be reflected in second-quarter results. Order momentum remained solid. New orders in the heavy industries division totaled 4.2 trillion won in the first quarter, and the order backlog expanded to 15.1 trillion won. North America accounted for 77% of new orders and 53% of the backlog, rising quickly as the company benefits from increased investment in power infrastructure, NH said. Lee said delivery dates for projects in North America and Norway have been confirmed for 2031 and 2032, respectively, indicating a prolonged supply shortage. He said Hyosung Heavy Industries has also demonstrated it can command a high valuation within the global power infrastructure sector. * This article has been translated by AI. 2026-04-27 08:48:49
  • Foreign and Institutional Investors Turn Net Buyers in Kospi; Retail Investors Post Record 14.7 Trillion Won Net Selling
    Foreign and Institutional Investors Turn Net Buyers in Kospi; Retail Investors Post Record 14.7 Trillion Won Net Selling ◆Aju Economy Top News ▷Foreign and institutional investors reverse from net selling to net buying; retail investors post record 14.7 trillion won net selling -Over the past month, Kospi fund flows flipped, with foreign investors shifting from net sellers to net buyers. -Retail investors, meanwhile, have logged about 14.7 trillion won in net selling so far this month, the largest on record. -Foreign and institutional investors have focused their buying on heavyweight semiconductor shares such as Samsung Electronics and SK hynix, with net purchases topping 2.5 trillion won and 6.9 trillion won, respectively. -The move contrasts with last month’s sharp sell-off, when retail investors bought heavily; in the current upswing, they appear to be taking profits mainly in semiconductor stocks. -Some in the market expect the Kospi’s uptrend could extend further as expectations build for an improving semiconductor cycle and upward earnings revisions. ◆Key Reports ▷Mirae Asset Securities: “OCI Holdings target price raised on expectations for SpaceX cooperation” -Mirae Asset Securities raised its target price for OCI Holdings to 400,000 won from 270,000 won, citing expectations of a partnership with SpaceX and higher earnings estimates. It maintained a “buy” rating. -The firm said rising U.S. power demand could lift the value of generation assets and power purchase agreement prices, supporting both a higher sale price for OCI Energy assets and improved core earnings. -It also viewed the company’s polysilicon capacity expansion plan as a sign that cooperation with SpaceX is progressing, and cited strengths including low production costs and room to expand amid demand for non-China supply chains. -While results fell short of expectations in the near term, the firm said improvement should continue over the medium to long term on expansion and demand growth, keeping the stock as its top pick in the sector. ◆Major disclosures after the close (24th) ▷Erem decides on a 11 billion won rights offering ▷Hyosung Heavy Industries posts 152.3 billion won in first-quarter operating profit, up 48.8% from a year earlier ▷Dmoa decides on a 19 billion won rights offering ▷Woori Financial Group: “Additional acquisition of Woori Investment & Securities shares worth 1 trillion won” ◆Fund flows (as of the 23rd, excluding ETFs) Domestic equity funds: 63.5 billion won Overseas equity funds: 15.0 billion won ◆Today’s (Mon) key schedule China: Industrial profits (March); Standing Committee meeting of the National People’s Congress United States: 2-year Treasury auction; 5-year Treasury auction * This article has been translated by AI. 2026-04-27 07:27:17
  • Foreign and Institutional Investors Turn Net Buyers as Retail Investors Post Record Selling
    Foreign and Institutional Investors Turn Net Buyers as Retail Investors Post Record Selling Foreign and institutional investors reversed course within a month, shifting from heavy selling to net buying, while retail investors moved in the opposite direction with record-scale net sales. As foreigners and institutions bet on further gains led by large semiconductor stocks, retail investors appeared to lock in profits and take a more defensive stance. According to the Korea Exchange on the 26th, the KOSPI has risen 28.1% this month, staging a sharp rebound and reaching record levels, including an intraday move above 6,500. Large-cap stocks led the advance: market heavyweight Samsung Electronics gained 31.2%, and No. 2 SK hynix rose 51.4%. Buying by foreigners and institutions stood out. After posting a record monthly net sale of 35.88 trillion won in the KOSPI market last month, foreign investors turned net buyers this month, purchasing more than 2.5 trillion won worth of shares through the 24th. Institutions, which sold about 1 trillion won last month, bought more than 6.9 trillion won this month. By stock, foreigners were net buyers of Doosan Enerbility (1.133 trillion won), Samsung Electronics (867 billion won) and SK hynix (710.5 billion won). Institutions bought SK hynix (1.5587 trillion won), Samsung SDI (575.1 billion won) and Samsung Electronics (554.1 billion won). Retail investors showed the opposite pattern. This month, individuals have sold a net 14.7 trillion won, putting them on track to set a new monthly record for net selling. The total has already surpassed the previous record set in September last year. Still, retail buying has continued over the past three trading sessions, leaving open whether the record will ultimately be extended. Profit-taking in major semiconductor names was particularly pronounced. Individuals sold a net 6.5814 trillion won of Samsung Electronics and 2.498 trillion won of SK hynix this month. That contrasts with last month, when retail investors bought on weakness, purchasing a net 16.8172 trillion won of Samsung Electronics and 7.0705 trillion won of SK hynix during a steep market drop. The KOSPI fell 19.08% last month as tensions between the United States and Iran escalated, and retail investors then moved quickly to realize gains during the rebound, the report said. The market is focusing on rapidly rising earnings expectations for semiconductors. With memory prices climbing and supply remaining tight, some expect the industry upturn to persist for the time being. Brokerages said the KOSPI is also rewriting record highs, lifting the uptrend to a higher level. Kim Jong-min, a researcher at Samsung Securities, said, “The current uptrend is unlikely to break easily and is expected to move to a higher stage.” He added, “As supply is absorbed, the continued record-high flow creates strong upward momentum, so rather than leaving the market based on premature peak calls, this is the time to use the energy of the rise.” 2026-04-26 14:09:18
  • KOSPI Surge Lifts Minors’ Stock Holdings to Nearly $3 Billion Despite Fewer Shares
    KOSPI Surge Lifts Minors’ Stock Holdings to Nearly $3 Billion Despite Fewer Shares A sharp rally in South Korea’s stock market last year pushed the value of stocks held by minors higher even as the number of young shareholders and the amount of shares they owned declined, data showed. According to the Korea Securities Depository on April 26, minors under 20 held about 2.9761 trillion won in shares at the end of last year among 88 companies in the top 200 by market capitalization that disclosed shareholder data by age. The total number of minor shareholders at those firms was 728,344. The depository provides stock-distribution data only for companies that have appointed it as their transfer agent. The shift was clear compared with a year earlier. The average number of minor shareholders per company fell to 8,277 from 8,466, and average shareholdings slipped to about 370,000 shares from about 400,000. But the average value of those holdings jumped more than 72% to 33.8 billion won from 19.6 billion won, reflecting rising stock prices. By company, Samsung Electronics drew the largest number of minor shareholders. At year’s end, 343,694 minors held 16,063,292 shares of the chip and electronics giant. While the number of minor shareholders and shares held fell about 13% and 17%, respectively, the stock price surged to 119,900 won from 53,200 won over the same period, lifting the per-person holding value to about 5.6 million won. Similar patterns appeared elsewhere. At LG Energy Solution, 34,329 minors held 116,072 shares, with per-person holdings valued at about 1.24 million won. At Samsung Biologics, 3,928 minors held 22,882 shares, with per-person holdings valued at about 9.87 million won. Other large-cap stocks also showed minors’ holdings valued in the millions of won per person, including Samsung Electro-Mechanics (about 4.06 million won), Samsung C&T (about 5.49 million won) and Shinhan Financial Group (about 2.59 million won). The depository said it could not confirm stock-distribution data for some companies, including No. 2 market-cap SK hynix, apparently because they did not appoint it as transfer agent. As a result, the total value of stocks held by minors is likely higher than the disclosed figure. Market watchers attributed the changes to profit-taking during the rally and shifting investment behavior. Last year, individual investors reduced exposure to sharply rising stocks by taking gains while moving funds into exchange-traded funds, or ETFs. 2026-04-26 12:57:47
  • South Korea watchdog begins inspections of brokerage hub branches, starting with Hana Securities
    South Korea watchdog begins inspections of brokerage hub branches, starting with Hana Securities South Korea’s Financial Supervisory Service has begun on-site inspections of securities firms’ hub branches, part of an inspection plan it has outlined in its work program. According to financial authorities on the 23rd, the FSS is conducting an on-site inspection of Hana Securities. The scope covers sales processes at hub branches and other outlets, as well as the head office’s overall internal control system. The FSS previously said it would expand inspections after checking hub branches at Samsung Securities and Meritz Securities last year. At this year’s briefing on supervision of the investment sector, it said it would move quickly with additional inspections if it finds illegal or improper conduct, or weaknesses in internal controls, during branch reviews. Internal controls at branches and possible mis-selling of high-risk investment products are expected to be key areas of focus. Industry changes in branch networks are also cited as a backdrop. While the number of branches has fallen, assets have increasingly been concentrated in a smaller number of hub locations, and concerns about internal controls during that shift have persisted. The FSS plans to soon begin an unscheduled inspection of Korea Investment & Securities branches as well. A Hana Securities official said the FSS had launched an on-site inspection and that the firm understands other brokerages will be reviewed in sequence. * This article has been translated by AI. 2026-04-23 18:51:21
  • Retail Trading in Single-Stock Futures and Options in South Korea Triples Amid Rally
    Retail Trading in Single-Stock Futures and Options in South Korea Triples Amid Rally As South Korea’s stock market rally continues, retail investors are increasing high-risk leveraged bets, with trading in derivatives tied to individual stocks surging more than threefold from a year earlier. The rise in debt-funded investing has also accelerated, prompting warnings that household investor risk is approaching dangerous levels. According to the Korea Exchange, retail investors traded 276.605 trillion won ($276,605,000,000,000) in domestic single-stock futures from January through April 21. That was about 3.44 times the 80.3073 trillion won ($80,307,300,000,000) recorded in the same period last year. Retail trading in stock options totaled 230 billion won ($230,000,000,000), up 5.85 times from 39.3 billion won ($39,300,000,000) a year earlier. Derivatives linked to individual stocks are generally considered riskier than index-based products because they tend to be more volatile. The jump reflects both expectations for further gains and increased volatility, analysts said. Derivatives allow investors to bet on either rising or falling prices and can be used for hedging, but they also attract money seeking profits when price swings widen. With relatively small margin requirements, investors can take large positions. Margin rates vary, but current conditions allow leverage of roughly three to 10 times, a range that can expand or shrink with market conditions. The concern is that heavier use of leverage can amplify losses. With 10-times leverage in futures, a 10% drop in the underlying asset can wipe out the entire investment. Options positions can also generate rapidly growing losses if the trade moves the wrong way, and some structures can produce losses exceeding the initial principal. Leverage is also rising through margin borrowing. The Korea Financial Investment Association said outstanding margin loans stood at about 34.4694 trillion won ($34,469,400,000,000) as of April 21, repeatedly setting record highs as more individuals borrow to invest amid the market’s climb. Such debt-backed investing can support prices in a rising market, but it can deepen shocks when sentiment turns. If share prices fall, collateral values drop, and positions can be forced into liquidation, including broker-initiated sell-offs, potentially accelerating declines. Retail investors, the report said, posted losses every year over the five-year period from 2020 to 2024. Experts urged individuals to focus less on short-term gains and better understand the risks embedded in leveraged products. “If leveraged investing surges during a period of rising volatility, losses can spread quickly even from a small shock,” a financial investment industry official said. “In a rising market, repeated profit-taking can make it easy to underestimate risk. When the market’s direction changes, losses can expand sharply, so investors should be cautious about excessive leverage.”* This article has been translated by AI. 2026-04-23 18:07:12