NC not energy, biogas power generation sector growth expected this year - one geumtu

[Korea hyerin nine financial newspaper reporter] was assessed that a full-scale financial investment in the growth of the Year biogas power generation sector expectations about how NCsoft energy per day. Thus BUY rating with a target price of ₩ 13,300 remained.

Hana Financial had expected earnings to invest one hundred million won 1303 Sales (YoY, + 12.4%), operating profit of 14.8 billion won (YoY, + 22.9%) year if the energy of the NC.

Li Zhengji Institute of brokerage is' 2016 standard if NCsoft energy was operating a total of four biogas plants, 2017 will operate an additional plant in 2 locations the first half, said, "increasing the number of biogas plants this year and SMP and REC prices to a two year full-scale biogas power generation sector growth is expected 'he said.

In addition, estimates were used as a basis to improve the product mix improved earnings capacity of the gas turbine generator orders increased.

In addition, the reasons for maintaining the target price of the researchers described as "cheap electricity, high-quality IT infrastructure, according to national geographical and industrial characteristics, because to benefit from increased investment by domestic IDC expects global IT companies.



Financial Daily Economic News FNTIMES - unauthorized reproduction for commercial purposes in accordance with the Copyright Act, No copying, distribution,
Copyright ⓒ Korea's financial newspaper & FNTIMES.com

Uncertainty decreases as Hanwha, Hanwha International eliminate risk - Shinhan geumtu

Kept the [financial newspaper goyounghun Korea News] Shinhan Investment Corp. Hanwha Hanwha elimination of risk due to foreign price target to reduce uncertainty BUY saying is ₩ 47,000 for 24 days.

Hanwha surplus transition to the fourth quarter of last year, the operating profit of 155.8 billion won, but fell short of consensus of 287.7 billion won.

Shinhan Financial Investment imhuiyeon researchers "Hanwha solar and other sectors operating losses and Hanwha Life of variable life insurance guarantee reserves 178 billion won additional accrual, scale 70 billion won of Hanwha one-time costs associated with conservative accounting treatment for such a poor performance factors "and" While manufacturing and trading business were in line with estimates of sales 1.4 trillion won, operating profit of 50.9 billion won, "he said.

Im researchers "Hanwha has three years but also positive to overseas risks relieve overseas plant delay compensation reduction phase a successful turnaround in," said "the second half of the year reflect the Mara Hanwha is expected the peak and Yanbu 2 Completion delay compensation is estimated at about 72 billion won, "he said.

This was also diagnosed dwaetdago ensure revenue recognition visibility of nearly 12 trillion won to collect the new town construction in Iraq Mayan service payments $ 560 million (approximately 680 billion won) by 2020.

He added, "The stable sales in Saudi Arabia related to delayed compensation for reduction of the Hanwha and Iraq bis Mayan New City Corporation payment collection, etc. is expected" and "earnings of major subsidiaries such as record-high profits of Hanwha Chemical in accordance with the flagship product prices are forecast "he said.



Financial Daily Economic News FNTIMES - unauthorized reproduction for commercial purposes in accordance with the Copyright Act, No copying, distribution,
Copyright ⓒ Korea's financial newspaper & FNTIMES.com

Hanwha life, far from the only way to go negative margin risk mitigation expectations - Shinhan geumtu

It was [Korea goyounghun financial newspaper reporter] Shinhan Investment far only way to go for 24 days Hanwha Life negative margin is expected doendamyeo risk mitigation target price of short-term BUY recommendation is to keep 7300 won.

4Q11 Earnings Hanwha individual life lasted a deficit pretax profit -403 million. Net income was also lower than both our estimate and the consensus -303 million.

Shinhan Investment hands unknown researcher "Suicide claims paid one-off costs of dwaeteumyeo additional variable insurance guarantee reserves that are commonly reflected in the end the industry annually earn reflects 178 billion won bonus payment of about 350 billion and approximately 20 billion won was also there," said "Last year 10 risk of negative margin thanks to a life insurance company to a global rebound since March has entered the interest rate easing trend, "said diagnosis.

If interest rates are kept at the current level it is expected later this year will reduce variable insurance guarantee reserves earn additional burden.

Was hand-researcher "negative margin risks of October last year after thanks to global interest rates rebound life insurer has entered the easing trend" and "solvency ratio (RBC) regime headwinds last year, the third quarter of 289.8% of the enhanced interest rates and a rebound RBC He explained that the review of the rate hybrid capital securities of the scale corresponding to 500 billion won to 200.4 percent plunge into the end of the year. "

He continued to consider including "The recent trend increases the possibility the United States in March rate hike are mitigated negative margin risk as interest rates rebound is positive," said "negative spread burden is still serious, but two shareholder stake possibility of a Deposit Insurance Corporation were reiterate, "he said.



Financial Daily Economic News FNTIMES - unauthorized reproduction for commercial purposes in accordance with the Copyright Act, No copying, distribution,
Copyright ⓒ Korea's financial newspaper & FNTIMES.com