[THE INVESTOR] Kiwoom Securities on Sept. 21 lowered LG Electronics’ target stock price from 85,000 won (US$76) to 75,000 won, saying its struggling smartphone business shows no sign of an immediate turnaround. “We are cutting the company’s third-quarter operating profit projection from 390.2 billion won to 307.1 billion won,” the securities firm said. “Sales of home appliances and TVs will maintain high profitability but its smartphone business will lose more money due to the sluggish flagship

Sept. 21, 2016

[THE INVESTOR] South Korea’s Transport Ministry on Sept. 20 officially notified air carriers and airports here allowing in-flight use of the refurbished Samsung Electronics Galaxy Note 7 smartphone. The order comes after the Korean tech giant started recalling the Note phone due to explosive batteries in Korea this week. Passengers having the recalled devices are being advised not to use or charge onboard an airplane for safety reasons. A salesperson uses a Galaxy Note 7 smartphone at a Samsung

Sept. 21, 2016

[THE INVESTOR] Samsung Electronics has recently inked a deal to purchase new chip-making systems, called extreme ultraviolet lithography, from Netherlands-based ASML, News 1, a local news outlet, reported on Sept. 20. According to the report, Chung Seung-eun, senior vice president and chief of Samsung’s semiconductor research and development center, visited ASLM’s headquarters to finalize the deal worth about 200 billion won (US$178.41 million). The new deal comes after the Korean tech giant sol

Sept. 20, 2016

[THE INVESTOR] Canada’s BlackBerry began selling its first Android-based smartphone Priv in Korea on Sept. 20, returning to the competitive market after a four-year hiatus. The new launch comes as foreign handset makers such as Japan’s Sony and China’s Huawei are seeking to secure a footing in the nation’s mid-range smartphone market, with the high-end segment dominated by Samsung and Apple. The retail price is set at 598,000 won (US$534) in Korea. The latest Priv phone is the first-ever BlackBe

Sept. 20, 2016

[THE INVESTOR] Air Busan, the budget carrier affiliated with Asiana Airlines that is seeking an initial public offering next year, said on Sept. 19 it has recently purchased its own shares worth 12 billion won (US$11 million) from Meritz Fire and Marine Insurance. It is the company’s first share buyback since its establishment in 2007. The company said it purchased 399,000 shares or 3.99 percent of its shares from Meritz on Sept. 13, paying 30,000 won per share. Considering the book value of the

Sept. 20, 2016

[THE INVESTOR] Asiana Airlines, the nation’s second-largest flag carrier, plans to purchase six new aircrafts next year spending 582.2 billion won (US$520 million). According to the company’s recent report to the Financial Supervisory Service, the company will operate a total of 81 air planes by the end of next year. This year, the company plans to adopt 11 aircrafts, including two A380 jumbo jets, for 648.1 billion won.Asiana Airlines’ A380 jumbo jetAsiana was using loans worth 4.27 trillion wo

Sept. 20, 2016

[THE INVESTOR] KTB Investment and Securities on Sept. 20 forecast that Hyundai Motor, the nation’s largest carmaker, will see its third-quarter operating profit decline 7.3 percent to 1.39 trillion won (US$1.20 billion). Its revenue was also estimated to drop 5.3 percent to 22.17 trillion won. “The key factor is that its domestic plants have seen a 23.4 percent decrease in production,” the securities firm said in a report. “The carmaker’s profitability will be affected by marketing and administr

Sept. 20, 2016

[THE INVESTOR] Lotte Group Chairman Shin Dong-bin appeared at the prosecutors’ office on Sept. 20, the culmination of a widening probe into the retail giant’s alleged embezzlement and slush fund creation. It is the first time that a head of the nation’s fifth-largest conglomerate has ever been summoned by prosecutors since its establishment back in 1967.The Seoul Central Prosecutors’ Office plans to question the Lotte chief whether he has played a decisive role in the process of several corrupti

Sept. 20, 2016

[THE INVESTOR] GM Korea said on Sept. 19 it will sell 10 units of its new Chevrolet Aveo compacts via Auction, a local online shopping site affiliated with eBay Korea, on Sept. 26. This is the first time in Korea that a carmaker has decided to sell vehicles online. Even though the unprecedented online car sale seems more like a marketing activity, industry watchers say other carmakers could follow suit considering consumer reaction, especially among youngsters who prefer online shopping rather t

Sept. 19, 2016

[THE INVESTOR]  GE Korea said on Sept. 19 it has named Kim Ok-jin, chief operating officer, as the first chief executive officer of GE Power Systems Korea, a new business division of GE Power Korea. GE Power Systems Korea is a new entity set up after GE Power acquired the heart recovery steam generator business from Doosan Engineering and Construction in August this year. Kim Ok-jinThe production facilities are located in Changwon, South Gyeongsang Province, and Hi Phong in Vietnam. Kim joined G

Sept. 19, 2016

[THE INVESTOR]  SK hynix, the nation’s No. 2 chipmaker, was named the most favored stock for foreigners this year, while institutional investors preferred Samsung Card. Samsung Electronics was the least favored stock for both foreign and institutional investors. According to FN Guide, a local fund tracker, foreign investors have purchased SK hynix shares worth 1.05 trillion won (US$950 million) this year as of Sept. 12, elevating the price by 25 percent to 37,800 won. Other top stocks based on f

Sept. 19, 2016