[THE INVESTOR] The Seoul Central District Court has chosen UAMCO as the preferred bidder to take over Young Hwa Construction and Engineering, according to news reports on Oct. 11.UAMCO, an asset management jointly set up by local banks that specializes in non-performing loans, will sign a memorandum of understanding later this week, and will create a project fund to finance the deal estimated to be between 50 billion won (US$44.51 million) and 60 billion won. Young Hwa C&E is owned by Young Hwa

Oct. 12, 2016

[THE INVESTOR] Hana Financial Group’s third-quarter performance will be above market expectations and the stock price is still underestimated, said Mirae Asset Securities on Oct. 12. The securities firm maintained a “buy” recommendation and raised the target price to 42,000 won (US$37.39).The finance firm’s “third-quarter net profit will surge 38 percent to 352.4 billion won on-year,” said Kang Hye-seung, an analyst at Mirae Asset. “Following the drop in exchange rate from last quarter, 45 billi

Oct. 12, 2016

[THE INVESTOR] Korean Air will post record high earnings and the uncertainty on additional funding for Hanjin Shipping will be resolved, according to Mirae Asset Daewoo Securities on Oct. 11. The securities firm maintained a “buy” recommendation and the target price of 38,000 won (US$34.25). South Korea’s largest full service carrier will post 441.6 billion won operating profit in the third quarter, a 30.1 percent hike from the same period last year, and 3.13 trillion won revenue, up 5.3 percent

Oct. 11, 2016

[THE INVESTOR]  Korea Electric Power Corp. announced on Oct. 11 that South African Department of Energy has selected it as preferred bidder to build and operate a thermal power plant. The state enterprise has formed a consortium with Japan’s Marubeni for the project that will build a 630 megawatt coal heat power generation plant in Thabametsi site, in Limpopo province, 370 kilometer northwest of Johannesburg.Both companies own 24.5 percent stake in the US$2.14 billion project and KEPCO is expect

Oct. 11, 2016

[THE INVESTOR] SK Holdings C&C announced on Oct. 11 that it has signed an agreement with China’s Hon Hai Precision Industry’s logistics subsidiary Jusda Supply Chain Management to set up a joint venture.Jusda is the logistics hub of Hon Hai, which trades as Foxconn Technology Group that is the world’s largest OEM company, and has 45 storage facilities spread in major locations across the world, providing services via land, sea and air. SK C&C will own the management rights and controlling stake

Oct. 11, 2016

[THE INVESTOR] LS Cable and System announced on Oct. 11 that it has received two orders worth US$67 million to supply extra-high voltage cables to Saudi Electricity Company.The state-owned electricity company is expanding the network in its capital Riyadh and second-largest city Jeddah, and LS Cable has signed a US$40 million and US$27 million contract with an engineering, procurement and construction company for the project.The South Korean cable manufacturer has maintained the lead in Middle E

Oct. 11, 2016

[THE INVESTOR] Hyundai Heavy Industries will stay on the steady track of recovery as orders on hand decline and delivery of vessels rises, according to Hana Financial Investment on Oct. 10. The securities firm maintained a “buy” recommendation and raised the target price to 200,000 won (US$179.99) from 166,000 won.HHI will post 11.4 trillion won in sales and 260 billion won in operating profit in the third quarter, forecast Park Mu-hyeon, an analyst at Hana, adding that its performance will impr

Oct. 10, 2016

[THE INVESTOR] Mattel has acquired majority stake in Sonokong, the Korean toy firm announced on Oct. 10.The American toy giant’s affiliate Mattel Marketing Holdings acquired 2,627,539 shares (11.99 percent) of Sonokong Chairman Choi Sin-gyu for 13.97 billion won (US$12.57 million). The South Korean company also signed a two-year agreement for exclusive rights for sale, marketing and distribution of Mattel products excluding games.Mattel is the world’s largest toy company owning Fisher-Price, Hot

Oct. 10, 2016