Woori Bank Q2 net income jumps 35%

[THE INVESTOR] Woori Bank, South Korea’s largest bank in terms of consolidated assets, posted a 35 percent on-year surge in its second-quarter net profits as its exposure to debt-ridden companies abates.The lender’s second-quarter net income surged to 307 billion won (US$269.81 million), up 35.8 percent on-year. “Given that Woori spent some 92 billion won to carry out an early retirement program during the second quarter, it posted net profit of over 400 billion won for two consecutive quarters,

July 19, 2016

Optopac gets approval for KOSDAQ listing

[THE INVESTOR] Optopac, a South Korean electronic part manufacturer, was approved for listing on the secondary bourse KOSDAQ, the Korea Exchange said on July 19.The company will be listed on July 20, and the indicative share price has been set at 5,900 won (US$5.19). Established in 2003, the company supplies image sensors for cameras in smartphones and laptop computers. It posted 31.66 billion won in sales and a net loss of 356 million won last year. By Park Han-na (hnpark@heraldcorp.com)

July 19, 2016

Teetering S. Korean economy hit by spreading labor dispute

[THE INVESTOR] Labor disputes are spreading across South Korean industries with Hyundai Motor and Hyundai Heavy’s unions striking on July 19, while other major unions are taking steps to follow suit. The unions of Hyundai Motor and Hyundai Heavy Industries on July 19 staged a partial strike, collaborating in industrial dispute for the first time in 23 years. Hyundai Motor’s union is demanding a 7.2 percent raise and 30 percent of 2015 net profits as bonus of employees, among other conditions. Hy

July 19, 2016

CJ HelloVision’s share price falls after failed merger with SKT

[THE INVESTOR] Mirae Asset Daewoo on July 19 lowered the target price of CJ HelloVision to 11,000 won (US$9.67) per share in the next 12 months after its failed merger with SK Broadband, the IPTV unit of SK Telecom. In the day, its share closed at 9,550 won, down 3.14 percent from the previous day. The brokerage said the Fair Trade Commission’s disapproval of the merger would affect negatively the overall attractiveness of the nation’s paid TV market that is crowded with smaller

July 19, 2016

Medytox Q2 earnings to beat expectations

[THE INVESTOR] Korean biopharmaceutical firm Medytox is likely to post stronger-than-expected earnings in the second quarter on robust growth of its hyaluronic acid dermal filler brand Neuramis, a local brokerage NH Investment & Securities said on July 19. “Medytox’s Q2 sales and operating profit were estimated at 31.2 billion won (US$27.43 million) and 18.4 billion won, respectively, up 42.8 percent and 31.4 percent on-year,” said Lee Seung-ho, an analyst at the securities firm. NH Investment &

July 19, 2016