Smaller hedge funds make headway in Korea

[THE INVESTOR] Smaller and new hedge funds are making headway in South Korea, rising to rival those operated by large financial companies. According to industry sources, Anda Asset Management has attracted 288.3 billion won (US$254.41 million) over the past year to become the country’s third largest hedge fund. Anda Asset Management now trails the industry’s second-largest player Mirae Asset Securities by 109 billion won. A year ago the gap was 248.5 billion won. Anda Asset Management founder Ke

July 27, 2016

[EQUITIES] Daishin Securities expects SK hynix’s earnings growth to slow in Q3

[THE INVESTOR] Daishin Securities on July 27 forecast SK hynix will report a slower earnings growth in the third quarter due to a delay in its planned investment in 3-D NAND flash memory.The brokerage put quarterly sales estimates at 4.94 trillion won (US$4.36 billion), with an operating profit of 484 billion won. Daishin also noted that second quarter net profit of 286 billion won missed market estimates by a wide mark, mainly on losses stemming from a stronger Korean currency.The chipmaker’s f

July 27, 2016

[EQUITIES] SK Securities forecasts earnings turnaround for Shinsegae Int’l

[THE INVESTOR] SK Securities on July 27 forecast Shinsegae International will swing to the black in the second quarter of this year as it completes the withdrawal of Salomon, a money-losing clothing brand. The brokerage expected operating profit rising 59.1 percent to 5.9 billion won (US$ 51.76 million) and sales increasing 6.1 percent to 240.9 billion on. These figures are higher than the market consensus of 3.4 billion won of operating profit and 237.9 billion won of sales. Shinsegae Internati

July 27, 2016