"No Issues for Samyang Foods' Surging 'Buldak'" Target Price Stays at 1.8 Million Won... Hyundai Glovis to Benefit from Rising Exports of Chinese-Made Cars [Jutopia]

[The Financial News] On the morning of January 30, here is a summary of major brokerage reports.
Samyang Foods' fourth-quarter results last year came in slightly below market expectations, but analysts say the company's fundamentals remain sound. LG Chem is expected to see a rebound in its core business in the second half of this year as volumes for new customers increase. Hyundai Glovis is projected to post record earnings, driven by a surge in exports of Chinese-made cars.
◆Samyang Foods (003230)― Hyundai Motor Securities / Analyst Ha Hee-ji
- Target price: 1.8 million won (maintained)
- Investment opinion: Buy
Hyundai Motor Securities noted that Samyang Foods' fourth-quarter results last year were slightly below market expectations, but said its fundamentals remain solid and kept its target price at 1.8 million won. Analyst Ha Hee-ji pointed out that higher advertising and promotional expenses, along with marketing costs on Douyin (the Chinese version of TikTok), weighed on fourth-quarter earnings. However, Ha added that efficiency improvements at existing plants are continuing, and that considering the ramp-up of the Miryang Second Plant in the first half of this year and accelerating overseas expansion, expectations for full-year earnings growth remain valid.
◆LG Chem (051910)― DB Securities / Analyst Han Seung-jae
- Target price: 400,000 won (raised from 340,000 won)
- Investment opinion: Buy
DB Securities said it expects LG Chem's core business to rebound in the second half of the year and raised its target price from 340,000 won to 400,000 won. Analyst Han Seung-jae noted that the company posted an operating loss of 413.3 billion won in the fourth quarter of last year, far below the market consensus, which had expected a loss of 202.5 billion won. Even so, Han explained that as operating rates at Naphtha Cracking Centers (NCC) in China stabilize at lower levels and global restructuring accelerates, market conditions should improve from the second quarter of this year, leading to a turnaround into the black.※ Naphtha Cracking Center (NCC)A plant that produces basic chemical materials such as ethylene and propylene, which are used as raw materials for plastics and synthetic fibers, by cracking naphtha—refined from crude oil—at high temperatures.
◆Hyundai Glovis (086280)― Meritz Securities / Analyst Kim Jun-sung
- Target price: Not provided
- Investment opinion: Not provided
Meritz Securities projected that Hyundai Glovis, which delivered record earnings last year, will set a new all-time high again this year. Analyst Kim Jun-sung explained that sales and operating profit have surged as a result of growing overseas exports of Chinese-made cars. Kim cited factors such as Canada cutting import tariffs on Chinese-made cars from 100% to 6% last year, and the European Union (EU) scrapping its plan to impose import tariffs on Chinese-made cars.

sms@fnnews.com Reporter Sung Min-seo Reporter