Korean Financial Market New for?November 27, 2023

1. According to the Kyungin Ilbo, ?rsted won permission for an offshore wind power generation project off the coast of Incheon, Korea after his third attempt. In terms of power generation, it is the largest in the country. ?rsted is pursuing the construction of an offshore wind power complex with a total capacity of 1,600 MW, 800 MW each, in two locations 50 km and 35 km west of Deokjeok Island in Ongjin-gun, Incheon. https://m.kyeongin.com/view.php?key=20231126010005265
2. Analyst’s report - SK Oceanplant: Performance in the second half of 2023 is expected to be weaker than expected due to one-off costs and delayed orders. However, attention should be paid to the momentum of domestic and Taiwanese offshore wind power orders, which is concentrated at the end of the year and the beginning of the year. An agreement has already been signed with Anma Offshore Wind Power, and the final contract is expected in December. Despite rising interest rates, Taiwan is proceeding with its offshore wind power project as usual and is expected to place an order within 1Q of 2024. https://home.imeritz.com/include/resource/research/WorkFlow/20231124163441061K_02.pdf
3. BlueOval SK, a battery joint venture between SK On and Ford, has opened a local recruitment center in the U.S. and is working to secure human resources. Blue Oval SK's actions are dispelling concerns in the local community and industry due to the slowing growth of electric vehicles and Ford's revision of its electric vehicle strategy. This is because it emphasized that Kentucky Plant 1 and Tennessee Plant will operate as planned in 2025, and construction of Kentucky Plant 2 will also continue. https://www.dt.co.kr/contents.html?article_no=2023112602109932049006&ref=naver
4. According to market research firm Counterpoint Research on the 25th, foldable phone sales in China in the third quarter of this year increased 106% compared to the same quarter last year. During the same period, while the overall smartphone market size decreased by 5%, foldable phones doubled. The Chinese foldable phone market had already shipped about 1.2 million units in the previous quarter, accounting for 58.6% of the world's 2.1 million units. Samsung Electronics maintained a 20% market share in foldable phones.https://www.sedaily.com/NewsView/29XDEK4T73
5. As the Hong Kong stock market plummeted, raising concerns about losses on ELS products maturing next year, the Financial Supervisory Service first began a preliminary on-site inspection of KB Kookmin Bank, the largest seller. https://www.news1.kr/articles/5241828
6. According to the Korea Customs Service's import and export trade statistics on the 26th, the export amount of albums from January to October this year was calculated to be $243.814 million. This is a 20.3% increase compared to the same period last year. This also exceeds the total export amount of albums last year. This year, K-pop appears to be continuing its remarkable growth. https://www.sedaily.com/NewsView/29XDXVBAHD
7. According to the city of Elizabethtown, Kentucky on the 24th, the city council approved an ordinance amendment to increase subsidies for Lotte Aluminum Materials USA at a regular meeting held on the 20th (local time). It was increased by 80% from the $250 million approved in December last year to $450 million. It is known that the incentive increase was made at the request of Lotte Aluminum Materials USA due to global inflation and material price increases. https://www.theguru.co.kr/news/article.html?no=62988
8. In the future, investments in offshore financial companies and establishment of overseas branches by Korean financial companies will be converted from ‘pre-reporting’ to ‘post-reporting’. In addition, local offices were allowed to operate within the scope permitted by overseas local laws. The Financial Services Commission explained that the change was made so that domestic financial companies can enjoy the benefits of the local system on an equal basis with local financial companies. https://www.dt.co.kr/contents.html?article_no=2023112602109963077005&ref=naver
9. The Korean duty-free shop industry failed to benefit from the influx of Chinese tourists in the third quarter of this year and recorded poor performance. The sales of Lotte, Shilla, Shinsegae, and Hyundai Duty Free Shops in the third quarter of this year all decreased compared to the same period last year. In particular, Shilla and Lotte Duty Free Shop turned into losses, posting losses of 16.3 billion won and 9.8 billion won, respectively. https://www.news2day.co.kr/article/20231123500199
10. In the first half of this year, investors' interest in ‘K-beauty’ companies is growing as companies such as Manyo Factory and Beauty Skin entered the KOSDAQ market through IPOs. The next candidates mentioned include APR, famous for ‘Kim Hee-sun beauty devices’, and Bmonument, the operator of D’Alba. However, among the companies that have already been listed, some are below the public offering price, so it is unclear whether the enthusiasm will continue in the future. https://economist.co.kr/article/view/ecn202311240035

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