I hate the delay in interest rate cuts?

I hate the delay in interest rate cuts?

0. Strong dollar, high oil price, high interest rate triple kill. Macro environment that has been at a disadvantage since it reached 1x KOSPI PBR at the end of March. Samsung Electronics is waiting for earnings announcement at 1.6x and 2.3x SK Hynix (Trailing). Foreigners are focusing on buying Samsung Electronics, which has room for valuation (Samsung Electronics -1.1 percent, SK Hynix -3.8 percent). We have detected many signs of the “Semiconductor Spring” including the Taiwan earthquake. This month’s earnings of electronics and Knicks determine the KOSPI level

1-1. Tesla (-4.9%) Q1 vehicle deliveries were 386,810 vehicles (YoY -8.5%), one more below the already sufficiently lowered eye level. It is the second time ever that quarterly deliveries have fallen year-on-year. Supply bottlenecks such as disruptions to the Fremont plant and the German plant and the Red Sea crisis were mentioned, but concerns were raised about a slowdown in demand as they were already known bad news

1-2. Nth drop in secondary battery. (In chronological order: LG Energy Solution -4.3%, Samsung SDI -5.5%, LG Chem -4.9%, EcoPro BM -6.1%, POSCO Future M -5.6% and EcoPro -7.2%). On the other hand, new meme stocks including Nchem (+21%) have a discriminatory strength (Gwangmu +5.7%). Electrolyte (Solbrain Holdings +8.3%), all-solid/lithium sulfide (Lake Materials +12%, Isu Special Chemical +4.7%)

2-1. Resolution of board of directors on the transfer of subsidiaries and material division of some businesses. Hanwha was divided into three divisions: construction/global/momentum. (tentative name) Hanwha Momentum specializes in secondary battery equipment business, and solar energy equipment business is transferred to Hanwha Solution. Offshore wind power business and global plant business will be transferred to Hanwha Ocean, a shipbuilding subsidiary acquired two years ago. Hanwha will be in charge of construction and global business only. The reorganization of business structure will be based on “new plan centered on Vice Chairman Kim Dong-kwan” (Hanwha +7.3%, Hanwha Woo +2.3%, Hanwha 3WOB +2.7% / Hanwha Solution -0.9%, Hanwha Ocean -1.8 %)

2-2. Promise to ban listing of Hanwha Momentum within 5 years in order to minimize negative perception of material division. No plans to buy back or retire treasury stocks. Hanwha Aerospace -5.4 percent, which rose on the previous day due to expectations of division of labor. However, the company reported that the decision on division of labor at Hanwha Airlines is likely to be made as early as 4/5. Currently, the company plans to divide its business divisions into six major categories, including aviation, radiation, aerospace, security, industrial equipment, and IT services, into three. The plan is to focus on aviation, radiation, and aerospace, and the newly established corporation takes charge of the remaining non-dissolved businesses (Hanwha Precision Machinery and Hanwha Vision, etc.)

3-1. Hyundai GF Holdings (+9.5%) reported a tender offer for 64,200 won per share, an increase of +20% from the previous day’s closing price of 3 million shares of Hyundai Home Shopping (+14%) common stock (25% of the total number of issued shares). According to the Monopoly Regulation and Fair Trade Act (Article 18), a holding company is required to meet the requirements for holding a stake in its subsidiaries (30% listed companies and 50% unlisted companies) in accordance with the requirements for restricting the holding company’s activities. After the tender offer, Hyundai GF Holdings’ stake in Hyundai Home Shopping increased to 25% → 50%

3-2. Hyundai GF Holdings says it does not plan additional tender offer or price increase even if the tender offer rate falls short of the target quantity. It also said it does not plan to voluntarily delist Hyundai Home Shopping after the tender offer. Hyundai Home Shopping’s stock price closed at 60,900 won, lower than the tender offer price. Today’s weighted average stock price is 60,800 won, with upside +5.6% up to 64,200 won. However, 3 million shares account for 46% of Hyundai Home Shopping’s 6,544,819 floating shares (54.54% floating share ratio). The number of tender offer applications exceeded 3 million on April 22, reflecting the possibility that some of the shares I applied for will be refunded

4. According to an article, AMD has started to build a supply chain to introduce glass substrates to semiconductor manufacturing. Multiple sample tests are being conducted with multiple companies, and key suppliers are being identified. Japanese Shinko, Taiwan Unimicron, Austria’s AT&S, and Korea’s Samsung Electro-Mechanics will participate in the AMD glass substrate test. Glass substrates are suitable for high-performance computing (HPC) chips as they can be made thinner and smoother than plastic materials used in semiconductor substrates. AMD aims to apply glass substrates before 2025-26 and Intel aims to apply them before 2030. Reactions are made by related materials (YChem +15 percent), parts (HB Technology +7.5 percent), and equipment (Philoptics +18 percent, Iotechics +9.1 percent) rather than Samsung Electro-Mechanics (-4.5 percent), SKC (-4.5 percent). Other individual stocks (DI +17 percent), Zaram Technology +8.2 percent, and Padu +5.5 percent)

5-1. Healthcare is missing again today, but low price -4.1% → closing price +0.3%, forming doji, a sign of reversal of trend, HLB is low price -11% → closing price -3.6%, making a long hammer with lower tail, attempting to rebound due to over-fall perception. HLB Therapeutics (+2.8%), which is not a direct beneficiary of riboceranib, is out of the Celon sphere of influence and is up again today

5-2. Bridge Biotherapeutics +24% (acquired meaningful non-clinical findings on aortic valve stenosis), Curacle +19% (World’s first ocular treatment, development of new macular degeneration drugs). Non-face-to-face treatment is also allowed in public health centers and public health centers, and stocks related to telemedicine rise (Lingnet +14%, personality information +6.1%, Opasnet +4.7%, Snet +3.2%, and Alsupport +3.1%)

5-3. IBMDX +177% newly listed today. Alpha Liquid 100 is a cancer-related company that tests various cancer-related genes through blood tests at once. Genomic Tree +17%, the same diagnostic theme, has been acquired from the American Medical Association (AMA) by a non-invasive urine-based bladder cancer diagnostic test called Early Tech-BCD. To provide diagnostic test services in the U.S., you need to charge test fees using a specific code. Code effectiveness starts on July 1st

6. Beauty equipment was originally good, but it’s further strengthened with China’s PMI turnaround (OneTek +8.0%, JVM +7.6%), Jsis Medical +5.8%, Pharma Research +4.7%, T&L +4.5% (micropatch), Hyronic +3.1% and Biol +2.8%). VT +15% (new 52-week high), Beauty (Leaders Cosmetics +4.5%, Hugel +4.1%), Travel/Duty Free (Korea Airport +7.0% and Global Tex Free +5.5%) Strong
7. Korea’s consumer price index YoY +3.1%, especially the fresh food index, rose MoM +1.3%, YoY +19.5% in March. Food prices rose after a long time due to falling indices and signs of inflation (Pulmuwon +5.3%, CJ Freshway +4.7%, Dongwon F&B +4.1%, CJ Cheil Jedang +4.1%, Daesang +2.9%, Orion +2.2% / Lotte Chilsung +3.2%)
8. Samsung Engineering & Construction (+2.6 percent) and GS Engineering & Construction (+4.3 percent) have won orders to build a gas plant in Saudi Arabia worth a total of 72.2 billion dollars. It is the third largest overseas construction project ever, following the Barakah nuclear power plant in the United Arab Emirates (UAE) (2009, $19.1 billion) and the new town of Bismaya in Iraq (2012, $7.7 billion). Three out of four packages have been won by Saudi oil company Aramco. Samsung Engineering & Construction (8 trillion won) plans to build a gas treatment facility, Package No. 4, which creates utilities and auxiliary facilities, and GS Engineering & Construction (1.6 trillion won) plans to build a sulfur recovery treatment facility, Package No. 2. BMT +18 percent that obtained certification for fitting and valve for gas plants from Aramco
9. Iran declared retaliation for Israel’s bombing of its consulate in Syria, escalating geopolitical risks, and strengthening logistics following yesterday (Heunga Shipping +22%, Eastern +7.5%, Taewoong Logics +5.2%, and Korean Shipping +3.7%)
10. Individual shares: [Meme Stock/E-cigarette] EMTEC +5.5%, [Korea-listed Chinese company/NASDAQ listed] Wing-i-Food upper limit, [Earthquake/Reconstruction] Sambutogun +7.5%, Gangnam Jevisco +6.8%, SG +4.2%, Dong-A Geology +4.1%, SY +3.4%, Special Construction +3.2%, [Ali/Logistics] ESR Kendall Square REITs +2.2% and 52-week reported price, [Selling headquarters] DL +3.2%

(자료) https://tinyurl.com/5n7wkwkj

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