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Korea Inc. to deliver strong Q1 earnings: Mirae Asset Daewoo

Collected: 2018.03.21

Distributed: 2018.03.22

Source: Go Direct

South Korean companies are expected to report strong earnings for the first quarter of this year with semiconductor manufacturers leading the overall growth and securities, media and healthcare companies buttressing, a local major securities company said in a report.

According to a report by Mirae Asset Daewoo Co. on Tuesday, combined net profit of Korea’s 302 listed companies is estimated at 51.2 trillion won ($47.8 billion) and operating profit at 36.7 trillion won for the first quarter ending March. Each figure is up 10.1 percent and 3.4 percent, respectively, from the same period last year.

Mirae Asset Daewoo expected that the on-year growth in the first-quarter earnings would be mainly led by semiconductor makers thanks to the ongoing boom in the industry. A wide range of other sectors from securities to healthcare, software, and construction are also forecast to enjoy a surge in profits against a year ago period. Information technology (IT) hardware and media industries are anticipated to have made a sharp turnaround in the first quarter this year.

But shipbuilders are expected to log losses over the same period, while net profits of display makers, transportation firms, automakers, and utilities providers would fall sharply compared to a year-ago period.

Mirae Asset Daewoo said it would revise upward earnings estimates of SK Hynix, Samsung C&T, LG Electronics, SK Holdings, Lotte Shopping, E-Mart, Shinsegae, Korea Zinc, Doosan as well as for some securities firms including Kiwoom Securities, Korea Investment Holdings, NH Investment & Securities, and Samsung Securities.

By Moon Il-ho and Cho Jeehyun

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