AP System

19,660 won

Not presented

N/R

Expanding into semiconductor equipment such as display equipment RTP and laser debonders. The plan is to increase the proportion of semiconductors, which is currently about 10%, to 30% by 2030, and the key is new equipment customer certification.

Wonik IPS

92,600 won

190,000 won

Buy

Equipment orders and sales recognition after the third quarter are important. Investment resumption by Samsung Electronics and SK Hynix is a growth driver.

Wonik Materials

Not listed

Not listed

Check report

The trend of gradual improvement in the special gas core business along with the recovery of memory operating rate. The data focuses on stable performance accumulation rather than a sharp rebound.

LG CNS

Not listed

92,000 won

Buy (New)

AX capabilities targeting customers outside the group and cloud and smart factory references are strengths. A new buy opinion was presented based on 2027 earnings.

Samsung SDS

Not listed

Not listed

Check report

Based on abundant cash and clear demand for corporate AI, it is judged that AIDC investment will be expanded. Investment execution speed and cloud margin are key.

POSCO DX

Not listed

Not listed

Check report

Orders are recovering, but Physical AI is still closer to option value than performance. We need to see if smart factory orders are converted into actual profits.

Nota

21,000 won

Not presented

N/R

Expansion of devices applying on-device AI lightweighting and optimization technology is key. Confirmation of license repeat sales and blacklisting conversion is needed compared to high expectations.

MakinaRocks

31,900 won

Not presented

N/R

Runway, a closed network Physical AI operating system for manufacturing and defense, is the growth axis. Expanding repeat sales of licenses and maintenance is important.

Kakao

Not listed

Not listed

Check report

The direction is to transform KakaoTalk into a personalized AI agent. The speed at which platform user experience and Talkbiz revenue are connected will determine the revaluation.

NAVER (Valid 5)

Average 213,200 won / 210,000~226,000 won

340,000 won / 290,000~400,000 won

All Buy

Search and commerce core business is solid, but investment in financials and AI data centers is expected to pressure margins in the second half. The strategy of taking both B2C AI and enterprise AI factories together is a strength, and the difference in target price arises from whether investment costs are viewed as short-term expenses or long-term growth assets.

SK Telecom

88,200 won

112,000 won

Buy

Second quarter operating profit exceeded expectations and AIDC is a new growth axis. Communication core business and dividend stability support the downside.

LG Uplus

15,000 won

19,500 won

Buy

Shareholder return expansion intention confirmed after quarterly maximum profit. AIDC and enterprise infrastructure are growth axes, but cash flow due to large-scale investment needs to be checked.

NHN KCP

Not Listed

Not Listed

Strong Buy Intention

Maximum performance in payment core business, low valuation, and stablecoin options are presented simultaneously. Regulations and actual monetization of new businesses are variables.

Hector Innovation

14,460 won

21,000 won (Based on presented data)

Buy 1·N/R 1

Quarterly sales exceeded 100 billion won, with IT information, fintech and healthcare growing together. The target price decrease is more of a nature of adjusting the high gap ratio rather than performance deterioration.

Hector Financial

17,400 won

30,000 won

Buy

Recorded over 500 billion won in sales for three consecutive quarters, and improved profitability is expected in the third quarter. The target price has been lowered due to valuation burden.

GS Retail (5)

28,350 won

35,200 won / 33,000~37,000 won

Buy All

Convenience stores and supermarkets have both improved, with store efficiency, hot weather, and demand from foreigners driving up earnings. Corporate value enhancement and shareholder returns have been added, with five institutions raising or maintaining their target prices.

Lotte Shopping (Valid 6)

99,700~114,500 won

180,000 won / 150,000~210,000 won

Buy All

Earnings fell short of expectations due to one-time expenses such as voluntary retirement and Cultureworks, but department store operations and restructuring effects are positive. While target price cuts are common, there are also opinions that recent adjustments are excessive.

Hyundai Department Store (Excluding Duplicates 1)

Not Listed

160,000 won

Buy

Department stores and duty-free shops are sailing smoothly, but Jinus has slowed down. The bottoming out of Jinus and operational efficiency improvement are key to the next earnings.

Hyundai JF Holdings

12,190 won

20,000 won

Buy

Discount reduction rationale is based on external growth and profitability improvement, interim dividends, share buybacks, and expansion of subsidiary stakes.

Lotte Wellfood (6)

116,900 won

175,000 won / 165,000~200,000 won

Buy All

Second quarter operating profit of 64.7 billion won significantly exceeded expectations. The consensus is that it's a structural turnaround driven by domestic SKU, promotion, production efficiency improvement, and high growth in India and Kazakhstan.

Gyochon F&B

3,780 won

6,300 won

Buy

Domestic franchise recovery and overseas store growth are expected to continue. The key is the per-store revenue and profit conversion of overseas businesses.

Coway

Not Listed

Not Listed

Check Report

The possibility of entering the J curve with Thailand business has been presented based on the stability of domestic rentals. Early marketing cost recovery and overseas customer growth are key.

Titan Company

Not Listed

Not Listed

Check Report

India's consumption growth and jewelry market share expansion are the basis for structural growth. Gold prices and economic cycle fluctuations are risk factors.

Kumho Petrochemical (Valid 4)

129,600 won

171,750 won / 160,000~180,000 won

All Buy

Profit is expected to slow down due to the reversal in the third quarter after a surprise in the second quarter. Long-term cycle recovery and shareholder returns such as dividends and treasury stock are supporting the downside.

Lotte Chemical (4)

61,000 won

100,750 won / 63,000~134,000 won

Buy 3·Neutral 1

Geopolitical supply disruptions and raw material time lag effects were significant in the first half. There are conflicting opinions that expect a return to profit in 2027 through restructuring, and neutral opinions that worry about reversal and oversupply in the second half.

EcoproBM

Not Listed

Not Listed

Report Confirmation

The Hungarian plant and nickel internalization are key to long-term cost competitiveness. European demand and initial operating rate need to be confirmed.

POSCO Future M

155,800 won

226,000 won

Buy

New anode material volume is expected to be added from the third quarter, and full operating rate recovery is expected to begin in earnest in 2027. Customer-specific ramp-up is more important than short-term.

Kooyoung Co., Ltd.

Not Listed

Not Listed

Report Confirmation

New mPPO and CPI film were presented as new growth axes in the second half. Mass production schedule and yield are key to performance conversion.

Ilantech

Not Listed

Not Listed

Report Confirmation

Improvement in IT component and battery pack performance is expected for this small and medium-sized stock. Customer concentration and new product mass production are variables.

Sanil Electric (Confirmed 3)

157,300 won

276,667 won / 220,000~360,000 won

Buy All

Recorded maximum sales for five consecutive quarters and an operating profit margin in the 37% range. Orders have started to exceed performance. North American transformers and mold transformers are strengths, but there is a large difference in target prices.

Hyosung Heavy Industries

2,495,000 won

4,200,000 won

Buy

The target price was lowered to reflect interest rates and the realization period, but profit prospects and order backlog have actually increased. Power equipment fundamentals are still strong.

CS Wind (6)

43,850 won

78,000 won / 74,000~81,000 won

Buy All

US wind power demand is stronger than expected and competition reduction has improved volume, margin, and bargaining power. Policy changes are less direct a factor for profit than supply reductions.

Korea Gas Corporation (2)

Not Listed

Not Listed

Report Confirmation

2nd quarter operating performance and resource development profit improvement appeared quickly. Oil prices, exchange rates, and bad debt recovery policies are valuation variables.

ConocoPhillips

Not Listed

Not Listed

Report Confirmation

Waiting for new projects to start up compared to existing production. Sensitive to oil prices and project schedules.

Korea Electric Power Technology (3)

101,900 won

193,333 won / 160,000~220,000 won

Buy All

The view that the 2nd quarter sales decrease is temporary is dominant. Domestic and overseas nuclear power plant and SMR directions are maintained, but target price differences are large due to uncertainty about order timing.

GS Construction

Not Listed

43,000 won

Buy

Presented as a construction stock intersection that combines domestic housing cost stabilization, data centers, nuclear power plants, and overseas projects.

Sam표 Cement

Not Listed

Not Listed

Report Confirmation

Cement business is recovering, but there was a warning not to excessively reflect the value of the Seongsu-dong site.

LIG Defense & Aerospace (Valid 2)

702,000~741,000 won

1,145,000 won / 990,000~1,300,000 won

Buy All

Production capacity expansion and the shortage of global interceptor missiles are becoming more important than in the second quarter. The increase in order volume until 2028 is expected to support growth, and the possibility of follow-up export contracts has increased.

Hanwha Aerospace

1,037,000 won

1,860,000 won

Buy

It is expected that the performance will be stronger in the second half than in the first half, and in the fourth quarter than in the third quarter. Large-scale order placement is key.

Korea Carbon

23,100 won

49,000 won

Buy

The LNG ship insulation business is good, but the target price has been lowered due to concerns about short-term growth rate. It is judged that the valuation attractiveness has increased due to stock price adjustment.

DN Automotive

47,600 won

59,000 won

Buy

Stable cash flow from dustproof parts and battery business, profitability is stronger than competitors. The target price has also increased along with the upward revision of performance estimates.

Pamarysearch (Valid 4)

378,500 won

530,000 won / 450,000~620,000 won

Buy all

Recorded sales of 178.7 billion won and operating profit of 66.5 billion won in the second quarter. The power of LiJRan and cosmetic brands is strong, but the domestic growth rate target and applied multiple differences result in a large target price deviation.

Hugel

Not recorded

350,000 won

Buy

Operating profit was good in the first half, but direct sales in the US and sales volume/ASP in the second half are key to the next evaluation.

Celltrion

Not recorded

Not recorded

Check report

Earnings surprises for two consecutive quarters confirmed the recovery of the main business. The sustainability of non-COVID-19 product growth is important.

Alteogen

Not recorded

Not recorded

Check report

QLEX is sailing smoothly and the scope of application for subcutaneous injection platforms is expanding. Partner clinical trials/approval schedules are stock price variables.

Samsung Epis Holdings

Not recorded

Not recorded

Check report

Next-generation biosimilars and new drug pipelines are being concretized. We need to look at the launch of new products and R&D costs together.

Cosmax NBT (2)

Not recorded

Not recorded

Check report

K-Wellness exports and customer diversification are growth drivers. The profitability improvement of Australian/US subsidiaries is important.

WYG Entertainment (4)

₩41,550

₩60,750 / ₩60,000~₩63,000

Buy All

Baby Monster's MD sales exceeded expectations and Big Bang's 20th anniversary and new boy group launch will act as catalysts. Although the target price has been lowered due to valuation adjustments, the performance outlook is positive.

SM

Not Listed

Not Listed

Check Report

The strength lies in the long-term IP and strong growth visibility for 2027. Artist activity schedules, MD and concert sales are key.

CJ CGV

₩5,560

₩7,000

Buy

Expect audience recovery driven by the summer peak season and content lineup. Low audience numbers compared to pre-pandemic levels and debt burden remain.

Paradise (2)

Not Listed

Not Listed

Check Report

It is assessed that the stock price has already reflected a significant portion of the poor performance and concerns about tax rate hikes. Recovery conditions include the recovery of VIPs in China and Japan, and normalization of costs.

Hyosung

₩148,300

₩200,000

Buy

The discount on the holding company could decrease due to the increase in subsidiary value and performance surprises. Key factors are the value of unlisted subsidiaries and shareholder returns.