◆Ajou Economy Top Stories
▷Mirae Asset Securities may reclaim the top spot after four years; Q1 operating profit seen at 1.36 trillion won
-Mirae Asset Securities is projected to post first-quarter operating profit of 1.3572 trillion won, potentially overtaking Korea Investment & Securities (822.0 billion won) to regain the No. 1 position.
-A valuation gain from its investment in SpaceX is expected to be reflected, raising expectations it will surpass 1 trillion won in quarterly operating profit for the first time.
-On an annual basis, Mirae Asset Securities is forecast at 3.1240 trillion won in operating profit versus 2.8116 trillion won for Korea Investment & Securities, suggesting a reversal in rankings.
-Over the past three years, Korea Investment & Securities has maintained an edge with a profit structure centered on investment banking and trading.
-Going forward, the rivalry is expected to hinge on the global investment environment and performance in the IMA business.
◆Key Report
▷NH Investment & Securities: Hyosung Heavy Industries’ North America-led growth accelerates; target raised
-NH Investment & Securities raised its target price for Hyosung Heavy Industries from 3.6 million won to 4.5 million won, up 25%, while maintaining a “buy” rating.
-It cited expanding North American orders, prolonged supply shortages and the impact of capacity expansion as supporting mid- to long-term growth and valuation appeal.
-First-quarter operating profit fell short of expectations due to the effect of deferred earnings, but orders of 4.2 trillion won and a backlog of 15.1 trillion won were described as solid.
-The report pointed to a higher North America share and the value of HVDC-related business and the Memphis plant, arguing that a high valuation is justified amid a global power-infrastructure boom.
◆Major disclosures after the close (24th)
▷LS Cable & System and Marine Solution terminate Anma offshore wind contract worth 271.1 billion won
▷Bukwang Pharmaceutical: “Acquired 30.0 billion won worth of Korea Union Pharmaceutical shares; stake 75%”
▷Aekyung Chemical: “Invested 82.4 billion won in subsidiary Aekyung Chemical Works”
▷Dong-A Socio Holdings Q1 operating profit 19.1 billion won, down 6%
▷Unitrontech: “Additional purchase of affiliate GPI shares for 11.3 billion won”
▷A-Lux: “Additional purchase of subsidiary ER shares worth 8.0 billion won; stake 100%”
▷NGeneBio to raise 22.0 billion won via rights offering and public sale of unsubscribed shares
◆Fund flows (as of the 24th, excluding ETFs)
Domestic equity funds: 37.3 billion won
Overseas equity funds: -8.8 billion won
◆Today (Tue) key events
South Korea: Bank of Korea monetary policy meeting minutes
United States: Home prices (February), consumer confidence (April), M2 (March)
Japan: BOJ Gov. Ueda; Japan monetary policy meeting
* This article has been translated by AI.
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