"Kolmar Korea Hits 180,000 Won" Biggest Beneficiary of K-beauty... "Fuel Cost Burden, Long-term Perspective Valid" KEPCO Target Price Lowered [Stocktopia]

/Photo = Yonhap News [Financial News] Here is a summary of reports from major securities firms for the morning of August 13. Analysts suggest that while KEPCO will continue to face the burden of fuel and electricity purchase costs in the second half of the year, a long-term approach is valid considering the expansion of nuclear power and electricity demand from data centers.
Kolmar Korea is cited as the biggest beneficiary of the boom in Korean cosmetics exports and is projected to continue its earnings growth in the second half of the year.
SK Ocean Plant, a manufacturer of offshore wind substructures, was assessed to face a difficult period until next year, as it is still a long way off before newly secured orders are recognized as revenue.
4%, from 53,000 won) | Previous Day's Closing Price: 35,450 won - Investment Opinion: Buy (Maintain) iM Securities lowered its target price for KEPCO to 48,000 won, citing the expected burden of rising fuel and electricity purchase costs in the second half of the year.
/Photo = Yonhap News [Financial News] Here is a summary of reports from major securities firms for the morning of August 13. Analysts suggest that while KEPCO will continue to face the burden of fuel and electricity purchase costs in the second half of the year, a long-term approach is valid considering the expansion of nuclear power and electricity demand from data centers./Photo = Yonhap News [Financial News] Here is a summary of reports from major securities firms for the morning of August 13. Analysts suggest that while KEPCO will continue to face the burden of fuel and electricity purchase costs in the second half of the year, a long-term approach is valid considering the expansion of nuclear power and electricity demand from data centers." Although oil prices have fallen since June, the JKM, an indicator of natural gas prices in the Asian region, has actually shown a steeper upward trend.Researcher Jeon stated, "Looking solely at oil prices that have fallen since June, a downward trajectory in the fourth quarter following the peak of the System Marginal Price (SMP) in the third quarter seems reasonable; however, considering the steeper rise in the JKM, we must place weight on the possibility of further increases until the end of the year.3 trillion won.
Researcher Jeon noted, "Given the government's stance on price stability, it is difficult to expect an electricity rate hike within the year.
" He added, "The construction of new large-scale nuclear power plants is inevitable," and continued, "A longer-term approach is valid, focusing on expectations for the operation of Saeul Nuclear Power Plant Units 3 and 4 next year and the increase in mid-to-long-term electricity sales volume at AIDC.
" ※ System Marginal Price (SMP) This is the wholesale price set by Korea Electric Power Corporation (KEPCO) when purchasing electricity from power generation companies.
Because the unit price is determined by the one with the highest fuel cost among the power plants generating electricity at that time, the structure is such that if gas or oil prices rise, the price of electricity purchased by KEPCO also jumps.
※ JKM (Japan Korea Marker) This refers to a price index that serves as a standard when buying and selling liquefied natural gas (LNG) entering Northeast Asia, including Korea and Japan.
For KEPCO, which imports large quantities of LNG for power generation, a rise in this index immediately increases the burden of fuel costs.
Kolmar Korea, Global Growth Momentum of K-Cosmetics.6%, from 140,000 KRW) | Previous Day's Closing Price: 132,500 KRW Hana Securities raised its target price for Kolmar Korea, an Original Design Manufacturer (ODM) company that develops, produces, and supplies products based on orders from cosmetics brands, to 180,000 KRW, predicting that the company will be the biggest beneficiary of the global growth of the Korean cosmetics industry.Analyst Park Jong-dae stated, "The Korean cosmetics industry is enjoying its greatest global momentum in history, with exports projected to increase by over 30% year-on-year by 2026," adding, "Kolmar Korea is the top beneficiary ODM company, particularly given that the basic skincare category is leading exports to Europe and the U.S.3 billion KRW.
/Photo = Yonhap News [Financial News] Here is a summary of reports from major securities firms for the morning of August 13. Analysts suggest that while KEPCO will continue to face the burden of fuel and electricity purchase costs in the second half of the year, a long-term approach is valid considering the expansion of nuclear power and electricity demand from data centers./Photo = Yonhap News [Financial News] Here is a summary of reports from major securities firms for the morning of August 13. Analysts suggest that while KEPCO will continue to face the burden of fuel and electricity purchase costs in the second half of the year, a long-term approach is valid considering the expansion of nuclear power and electricity demand from data centers." Although oil prices have fallen since June, the JKM, an indicator of natural gas prices in the Asian region, has actually shown a steeper upward trend.The outlook for the second half was also optimistic.5 trillion won," adding, "As sales in basic categories other than sun care increase significantly, the operating profit margin in the third quarter will not fall significantly compared to the second quarter.
" ※ Original Development Manufacturing (ODM) This is a manufacturing method where a company receives orders from a brand company and produces products, even drawing the blueprints directly.
" He added, "The construction of new large-scale nuclear power plants is inevitable," and continued, "A longer-term approach is valid, focusing on expectations for the operation of Saeul Nuclear Power Plant Units 3 and 4 next year and the increase in mid-to-long-term electricity sales volume at AIDC.
Unlike Original Equipment Manufacturing (OEM), where assembly is done according to instructions, the strengths include higher margins because the company independently develops and proposes ingredients and formulations, and work continues to flow in even if the brand changes.
SK Ocean Plant, revenue recognition to begin in 2028.
0% downward, from 25,000 won) | Previous Day's Closing Price: 14,250 won DS Investment & Securities lowered its target price for SK Ocean Plant to 19,000 won, citing a gap in earnings.
The investment rating was maintained at 'Buy'.Analyst Ahn Ju-won stated, "The downward revision of the target price is due to the earnings gap," and predicted that SK Ocean Plant will face a "thorny path for the time being.3 billion won.
/Photo = Yonhap News [Financial News] Here is a summary of reports from major securities firms for the morning of August 13. Analysts suggest that while KEPCO will continue to face the burden of fuel and electricity purchase costs in the second half of the year, a long-term approach is valid considering the expansion of nuclear power and electricity demand from data centers./Photo = Yonhap News [Financial News] Here is a summary of reports from major securities firms for the morning of August 13. Analysts suggest that while KEPCO will continue to face the burden of fuel and electricity purchase costs in the second half of the year, a long-term approach is valid considering the expansion of nuclear power and electricity demand from data centers." Although oil prices have fallen since June, the JKM, an indicator of natural gas prices in the Asian region, has actually shown a steeper upward trend.The domestic Anma offshore wind project is being delayed, and there is a high possibility that the expected order for the Wando Geumil project will be pushed back to next year.For these reasons, Analyst Ahn predicted that both revenue and operating profit would shrink through next year.
There are also positive aspects.
" He added, "The construction of new large-scale nuclear power plants is inevitable," and continued, "A longer-term approach is valid, focusing on expectations for the operation of Saeul Nuclear Power Plant Units 3 and 4 next year and the increase in mid-to-long-term electricity sales volume at AIDC.
It is assessed that the company secured its first European order last July by winning the substation jacket for the German North Sea offshore wind project, and additional orders are expected within the year.
However, Analyst Ahn stated, "For a future rebound in the stock price, the sale issue needs to be resolved and news of the groundbreaking for the North Sea offshore wind project is necessary," adding, "In addition, the rapid development of domestic offshore wind projects must also provide support.
" ※ Substructure (Jacket) It is a steel structure driven into the seabed to anchor and support wind turbines erected on the sea.
As the deeper the water, the larger and more precise the structures must be made, this is a field that is difficult for just anyone to enter.
SK Ocean Plant has established itself as a leading Asian manufacturer by supplying these substructures to Taiwan, Europe, and other regions.62% controlling stake in its subsidiary, SK Ocean Plant, to the D-Ocean Consortium.The deadline has been extended once again until the end of this month.As the conclusion of the sale has been delayed for over a year, decisions regarding large-scale investments, such as the expansion of the 3rd Yard in Goseong, Gyeongnam, are also being postponed.It is pointed out that the uncertainty attached to the stock price will only be lifted once this issue is resolved.
/Photo = Yonhap News [Financial News] Here is a summary of reports from major securities firms for the morning of August 13. Analysts suggest that while KEPCO will continue to face the burden of fuel and electricity purchase costs in the second half of the year, a long-term approach is valid considering the expansion of nuclear power and electricity demand from data centers./Photo = Yonhap News [Financial News] Here is a summary of reports from major securities firms for the morning of August 13. Analysts suggest that while KEPCO will continue to face the burden of fuel and electricity purchase costs in the second half of the year, a long-term approach is valid considering the expansion of nuclear power and electricity demand from data centers.
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