Korea Investment & Securities raises HPSP target price 20% on AI-driven chip spending Korea Investment & Securities on Tuesday raised its target price for HPSP by 20% to 65,000 won from 54,000 won, citing expected benefits from expanding artificial intelligence demand that is driving investment in foundry and memory chips. It maintained its “buy” rating. Researcher Chae Min-sook said TSMC’s shortage of 3-nanometer production capacity is expected to create spillover gains for Intel and Samsung Foundry, and that HPSP should benefit because it supplies equipment to all three leading-edge foundries. She added that rising AI demand is expected to lift utilization not only at 12-inch legacy foundries but also at 8-inch foundries, increasing the likelihood of revenue growth for HPSP, which has a broad base of foundry customers. HPSP has grown mainly with foundries on the back of its high-pressure hydrogen annealing equipment, and the brokerage expects its expansion into memory semiconductors to accelerate. As AI systems increase the share of NAND used, demand is rising to convert related processes, and equipment demand is expected to grow in tandem, it said. Major chipmakers are also speeding up investment as competition intensifies to stack more NAND layers. SK hynix plans to convert about half of its NAND production bits to 321-layer technology in 2026, while Samsung Electronics is accelerating process conversions at its Xi’an and Pyeongtaek plants. Kioxia and YMTC are also pursuing capacity expansion and process upgrades at the same time. The brokerage said this trend is likely to translate directly into growth in HPSP’s NAND-related revenue. Momentum is also expected in DRAM. The report said pilot-line investment in the 1d nanometer process is set to begin from late 2026, and from that stage the use of high-pressure hydrogen annealing is expected to expand. That would allow HPSP to extend growth proven in foundries into memory and strengthen its medium- to long-term earnings base, it said. The brokerage added that the global foundry market remains supportive. With AI inference demand rising, utilization is increasing not only at leading-edge foundries but also at legacy foundries that produce power management ICs, and the possibility of expanded capital spending by major players is being discussed. In a broader investment upcycle, it said, HPSP is expected to benefit given that it counts most foundry companies among its customers. * This article has been translated by AI. 2026-04-29 08:39:10

Trump Rejects Iran Proposal; Pakistan Expects Revised Plan Within Days, CNN Reports Pakistan, acting as a mediator, expects to receive a revised Iranian proposal to end the war within days as U.S.-Iran talks remain stalled, CNN reported April 28. CNN, citing a Pakistani source, said Iranian Foreign Minister Abbas Araghchi was to return to Iran that day after a trip to Russia and consult with the country’s top leadership. The source said internal coordination could take considerable time because the supreme leader’s whereabouts are not publicly disclosed, limiting communication. President Donald Trump said over the weekend that he would not accept Iran’s proposal. The plan was described as a phased approach: end the war first, then address key disputes tied to Iran’s nuclear program in follow-up talks. Sources said negotiations remain ongoing and fluid, with a central question being whether Iran will revise its offer to a level the United States can accept. Trump wrote on his social media platform, Truth Social, that Iran had just told the United States it was in a “State of Collapse.” He added that Iran, while trying to resolve its leadership situation “(I believe they can),” wants the Strait of Hormuz opened as soon as possible.* This article has been translated by AI. 2026-04-29 08:38:27

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

Korea Investment & Securities Raises Kumho Tire Target Price 71% on Improved Results Korea Investment & Securities said Kumho Tire posted solid results despite production disruptions from last year's factory fire, raising its target price 71% to 7,500 won and maintaining a 'buy' rating. In a report issued Tuesday, analyst Kim Chang-ho said higher raw material costs had already been reflected in earnings estimates, but the firm raised its profitability forecast to account for stronger-than-expected sales volume and an increase in average selling prices. Kim said Kumho Tire's first-quarter operating profit rose 0.3% from a year earlier to 147 billion won, in line with the market consensus. He added that profit also increased from the previous quarter and called the result effectively robust given production setbacks after a fire at the company's Gwangju plant in May 2025. He cited expanded use of lower-cost inputs, led by stabilized natural rubber prices, along with improved product mix that supported tire price increases and higher output at other plants, including in Vietnam. He said the Gwangju plant, which has resumed production, recovered to about 10,000 tires a day in April, partially normalizing to an annual capacity of 3 million tires. Kim cautioned that higher-cost raw material inputs beginning in the second quarter will be a burden. He pointed to rising geopolitical risks in the Middle East and a sharp jump in global oil prices, which he said drove a surge in butadiene, a key feedstock for synthetic rubber. He added that with synthetic rubber prices rising and natural rubber also turning higher, material cost pressure is expected to increase from the second quarter, with the materials ratio likely peaking in the third quarter.* This article has been translated by AI. 2026-04-29 08:27:16

Bitcoin Slips to $76,000 Range as Middle East Tensions Weigh on Crypto Major cryptocurrencies, including bitcoin, weakened after a short-term rise as geopolitical tensions centered on the Middle East continued to weigh on risk assets. Bitcoin was trading at $76,221 as of 8 a.m. on the 29th, down 1.09% from a day earlier, according to global crypto market tracker CoinMarketCap. Ethereum fell 0.39% to $2,285. Binance Coin (BNB), Solana and XRP also slipped 0.31%, 1.02% and 1.25% to $623, $83 and $1.37, respectively. Analysts said rising geopolitical tensions in the Middle East and growing uncertainty in energy markets were adding downward pressure to crypto prices. As investors cut exposure to riskier assets, bitcoin and other major tokens have remained under pressure. In South Korea, bitcoin traded at about 113.40 million won ($76,223) on the won-based exchange Bithumb as of 8 a.m., up 0.44% from the previous day. The so-called “kimchi premium” stood at 0.999%, indicating bitcoin was priced higher domestically than overseas.* This article has been translated by AI. 2026-04-29 08:21:16

Wall Street Ends Lower on OpenAI Growth Concerns; Nasdaq Falls 0.9% 뉴욕증시가 오픈AI를 둘러싼 성장 둔화 우려 속에 일제히 하락 마감했다. 28일(현지시각) 뉴욕증권거래소(NYSE)에서 다우존스30산업평균지수는 전 거래일보다 25.86포인트(0.05%) 내린 4만9141.93에 거래를 마쳤다. 스탠더드앤드푸어스(S&P)500지수는 35.11포인트(0.49%) 하락한 7138.80, 나스닥종합지수는 223.30포인트(0.90%) 떨어진 2만4663.80으로 장을 마감했다. U.S. stocks closed broadly lower after negative news tied to OpenAI added to investor caution following recent record highs for the S&P 500 and Nasdaq. The Wall Street Journal reported that OpenAI missed targets for new users and revenue, and that internal concerns have been raised about whether the company can sustain massive artificial intelligence investment costs. In particular, OpenAI Chief Financial Officer Sarah Friar was reported to have told executives that if revenue growth is not fast enough, the company may not be able to cover future AI data center costs. AI chipmakers fell. Nvidia slid 1.6%, while Broadcom dropped 4.4%, AMD fell 3.4% and Micron declined 3.9%. Oracle, which is building data centers for OpenAI, sank 4.1%. Losses in tech were limited as investors looked ahead to earnings from major companies. Alphabet, Microsoft, Amazon and Meta are set to report results on 29일, and Apple is scheduled to release earnings on 30일. Investors are watching whether AI-driven demand helps deliver strong results. Chuck Carlson, CEO of Horizon Investment, told Reuters, "The OpenAI issue is giving investors more to think about in terms of whether growth is slowing and what that means for capital spending," adding, "With major hyperscalers reporting tomorrow, investors may have more incentive to take some profits." Rising oil prices also weighed on sentiment. Brent crude futures settled up 2.8% at $111.26 a barrel, and U.S. West Texas Intermediate crude rose 3.7% to $99.93. The gains came despite news that the United Arab Emirates would leave OPEC, as talks between the United States and Iran over ending the war remained stalled, fueling worries about prolonged supply uncertainty. Meanwhile, the Federal Reserve is holding a two-day Federal Open Market Committee meeting through 29일 to set monetary policy. Markets are leaning toward the benchmark rate being held at 3.50% to 3.75%, and are watching what message Chair Jerome Powell delivers on recent economic conditions, including Middle East developments, and the policy path ahead.* This article has been translated by AI. 2026-04-29 08:15:49

Online Post Recounts Aftermath of Sookmyung Girls’ High Exam Leak Case An update on the Sookmyung Girls’ High School exam paper leak case has resurfaced online. On the 29th, a post titled “Update on the Sookmyung Girls’ High exam leak twins” was uploaded to an online community. The post included a personal account from a reporter, identified only as A, who covered the case at the time. A wrote that he recently met an acquaintance who knew the family well and asked how they were doing. “I expected something, but it was more miserable than I thought,” A wrote, adding that the couple had divorced. A said the husband was the school teacher and academic affairs head implicated in the case, and that the wife also worked in education. He wrote that financial strain and stress made normal life difficult. The husband was sentenced to three years in prison and was released recently after completing his term, A said. A wrote that the man moved with the two children to a provincial area far from Seoul and now pumps gas at a service station, suggesting it was not easy to find work because of his age and career history. A also wrote that the two children, described as suffering from social anxiety, stay inside all day using their phones. “I heard they eat only when food is pushed into their room, then put the dishes back out,” he wrote. A added that he could understand why the wife chose divorce, writing that the cost of wrongdoing in one of South Korea’s most sensitive areas had been severe: the breadwinner lost his job, the family collapsed, and the children could not live normally. He wrote that they had no supporters in society. Some commenters who saw the post mentioned Cho Kuk, leader of the Cho Kuk Innovation Party, who has declared his candidacy in the Gyeonggi Province Pyeongtaek-eul by-election ahead of the June 3 by-elections. Many commenters described the situation as a “difference in power,” with some saying Cho’s family is “living well.” Other comments included: “The kids who flipped off reporters have social anxiety?” “Did the mother abandon the family by choosing divorce?” and “They’ve already been punished legally, but it’s still sad the family fell apart.” The twins, who were first-year students at Sookmyung Girls’ High School in 2024, were found to have taken exams using answer sheets their father stole on five occasions, from the first semester final exams in 2017 through the first semester finals the following year. The twins were indicted on charges of obstructing the school’s grading work. They denied the allegations from the first trial, but the courts did not accept their claims. On the 24th, the Supreme Court’s Second Division, with Justice Kim Sang-hwan presiding, upheld a lower court ruling sentencing the two daughters of former academic affairs head Hyun to one year in prison, suspended for three years. The sisters were expelled in October 2018, shortly after police announced the results of their investigation. Their father, Hyun, was tried earlier and found guilty of obstruction of business; in March 2020, the Supreme Court finalized a three-year prison sentence.* This article has been translated by AI. 2026-04-29 08:06:28

India: A Diverse Nation Poised for Growth and Strategic Partnerships Mark Twain (1835–1910), the great American author, recorded his impressions after traveling to India: "India is the cradle of humanity, the birthplace of human language, the mother of history, and the grandmother of legend, and the great-grandmother of tradition. The most valuable and instructive materials in human history are treasured only in India."Once regarded as a storehouse of civilization, India is now emerging as a new axis of growth that shakes the global economic order. It is the world's most populous country, the youngest economic giant, and simultaneously the most complex civilization.However, South Korea's perspective on India remains narrow. Many view it merely as a market for cheap labor, a vast consumer base, or a production hub to replace China. Yet, India is not a simple country; it is a continent, a civilization, and a world in itself. Therefore, the strategy for engaging with India should not be a short-term export plan but a long-term civilizational strategy spanning 30 years.Especially if the administration of President Lee Jae-myung is genuinely preparing for an Asian era, it must focus on cultivating Hindi experts at a national strategic level, rather than just English specialists. A generation that understands Hindi, Tamil, Bengali, and Marathi, in addition to Chinese and Japanese, is essential. Diplomacy begins with language, and trust starts with cultural understanding. The future with India will not be opened by interpreters but by people.The ancient Roman philosopher Seneca said, "To a person who does not know to which port he is sailing, no wind is favorable." South Korea now stands before that question: Where are we headed? Will we only seek a path between the United States and China, or will we design our future alongside India, a new axis of civilization?The 'I Ching' states, "The movement of heaven is vigorous; the superior man makes efforts unceasingly." This means that as the heavens move strongly, the noble man continuously trains himself. South Korea, facing the vast civilization of India, also needs this spirit. What is required is not impatience but sustainability, not short-term results but long-term strategies.The ancient Indian text 'Upanishads' states, "Only truth prevails. Falsehood never triumphs." This has become the root of the motto of the Republic of India: 'Satyameva Jayate.' Relationships between nations can only endure based on truth and trust.Understanding India's history is crucial to understanding its economy. India is not merely an emerging country; it is one of the oldest roots of human civilization. The Indus Valley Civilization, around 2500 BC, was already at the pinnacle of ancient civilization with urban planning and sewage systems. Following this, the formation of Vedic civilization and Hindu thought, the birth of Buddhism, the Maurya dynasty and the reign of Emperor Ashoka, and the golden age of the Gupta dynasty established India as a center of philosophy, religion, mathematics, and astronomy.The concepts of 'zero,' the decimal system, yoga, Buddhism, Upanishads, and Vedanta philosophy all originated in India. A significant axis of human intellectual history was created here.However, India's history is not only one of glory. Centuries of Islamic rule and subsequent British colonialism deeply shook Indian society. While the British left behind railways and administrative systems, they also instilled structures of division and poverty.After gaining independence in 1947, India, under the leadership of Mahatma Gandhi and Jawaharlal Nehru, embarked on a grand experiment in democracy. It became the country with the largest participation in democracy and the most complex electoral system.Post-independence, India was long tied to a socialist planned economy and protectionism, which slowed its growth. However, after economic reforms in 1991, the direction changed. Market liberalization, increased foreign investment, and the development of the information technology industry have shaped today's India.Now, India stands at another turning point. It sustains over 1.4 billion people while achieving food self-sufficiency and exporting agricultural products worth billions of dollars annually. The International Monetary Fund notes a growth rate of 6-7%. With the world's third-largest economy by purchasing power parity, India is a beneficiary of the restructuring of supply chains, becoming a new center of manufacturing. Viewing India merely as a populous nation misses the essence; today's India must be understood through the structural changes that drive its population.To understand India, one must first grasp its super-diversity. India is not a single nation but is closer to a 'federation of civilizations.' The constitution recognizes over 22 official languages, including Hindi and English, while hundreds of languages and dialects exist. The cultural sensibilities of the Hindi-speaking North and the Dravidian-speaking South are distinctly different.Religiously, India is complex. While Hinduism is the majority, the Muslim population ranks among the largest in the world, alongside Sikhism, Buddhism, Jainism, and Christianity. Although the remnants of the caste system are legally prohibited, they still operate in reality.The commercial acumen of Punjab, the entrepreneurial spirit of Gujarat, the intellectual traditions of Bengal, the manufacturing base of Tamil Nadu, the IT ecosystem of Karnataka, and the financial centrality of Maharashtra are all distinct. In India, it is more important to ask, "Which India do you know?" rather than simply stating, "I know India."Companies that ignore this diversity have mostly failed. A notable example is POSCO's steel plant project in Odisha. In 2005, POSCO initiated the construction of a large integrated steel mill in Odisha, marking the largest overseas investment by a South Korean company at the time. However, issues such as land acquisition, local opposition, environmental regulations, conflicts between the central and state governments, and political changes led to prolonged delays and ultimately resulted in failure.South Korean companies often think, "The contract is done, so the business is finished." However, in India, community trust lasts longer than contracts. Local communities are stronger than laws, and relationships matter more than speed.Walmart also faced significant challenges with regulations and distribution structures during its initial entry into India, while Vodafone suffered prolonged difficulties due to tax disputes. Nokia encountered issues with tax matters and policy changes.The common thread in these failures is the perception of India as a single market.Now, India must be viewed through a SWOT analysis.The strengths are overwhelming. First, India is young, with a median age of about 28. While South Korea, Japan, and China face aging populations, India possesses a robust working-age population. Second, its digital infrastructure is strong. The 'India Stack' has significantly improved financial accessibility and administrative efficiency through digital identity verification and payment systems. This is not just fintech; it is an innovation in national governance. Third, India has a framework of democracy and the rule of law, with institutional safeguards that, although slow, can change direction.Weaknesses are also evident. First, there is growth without employment. While the IT and service sectors are growing, there are not enough manufacturing jobs. Second, there is an education gap. Although there are many graduates, there is a lack of skilled workers ready for the industry. Third, inefficiencies in infrastructure and administration exist. Different regulations and tax systems across states exhaust foreign companies. Fourth, the remnants of the caste system and regional disparities create invisible social barriers that hinder productivity.Opportunities are clear. India is a key beneficiary of the 'China Plus One' strategy amid U.S.-China tensions. The movement of companies like Apple and Foxconn is symbolic. There is significant potential for collaboration with South Korea in sectors such as semiconductors, batteries, automotive, defense, shipbuilding, and energy.However, threats also exist. There are rising protectionism, political nationalism, religious conflicts, regional policy changes, and a slower-than-expected pace of reforms. India is always full of potential, but it is also difficult to predict.Thus, South Korea's strategy should not be "enter quickly" but rather "stay together for the long term." First, the government must cultivate Hindi experts as national strategic assets. It should systematically supply a pool of India specialists to the Ministry of Foreign Affairs, the Ministry of Trade, Industry and Energy, KOTRA, the Korea International Trade Association, and large corporations. This requires long-term projects at the university and national research institute level, rather than short-term training programs. Second, companies should not only focus on the capital, New Delhi, and the financial hub, Mumbai, but also develop state-level strategies. Tamil Nadu should focus on manufacturing, Karnataka on information technology, Gujarat on industrial infrastructure, and Telangana on advanced industries. Third, a model of joint growth is needed rather than simple investment. Projects in healthcare, education, vocational training, agricultural technology, smart cities, railways, and ports are crucial. India is not just a market for selling goods but a partner in nation-building. Fourth, a 30-year plan must be established. Trust cannot be built with India through policies that change with each administration. A long-term platform, such as a Korea-India Joint Future Committee, is necessary.The 'Doctrine of the Mean' states, "If you persist, you will shine; if you shine, you will go far." The 'Tao Te Ching' also states, "A great nation is like a low stream, a nation that accepts all waters." This means that a great nation does not dominate but flows low and accepts everything. India is such a nation. It is slow but deep, complex but enduring. India is not a fast nation, but it is a nation that lasts. South Korea is a fast nation, but sometimes it forgets too quickly.POSCO's failure was not a business failure but a failure of understanding. What is needed going forward is not capital but patience. Not contracts but friendship. The India that Mark Twain referred to as the great-grandmother of tradition is now transforming into the youngest economic giant. While India's per capita GDP remains low, the future is determined not by numbers but by direction.In 30 years, the order of Asia is likely to be rewritten around India. If South Korea wishes to remain not just a trading partner but a true friend, it must prepare now.India is not just a market. India is the future. 2026-04-29 07:25:14

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 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