Our stock market

1.  Our stock market is in normal business at the beginning of the year

-KOSPI Valuation Succeeds To Rebound From Preceding P/E 8X Low; Supply & Demand Vacancy Filled By Domestic Institutions, Internal Factors Improve

-External factors will limit further gains. The implementation of Trump's policy adversely affects the U.S. economy. If not, the policy momentum will be disappointed

-If the domestic stock market falls in the first half of the year, it can be bought, and if it surges, it can realize some profit and see another opportunity. Industries are more cyclical than leading stocks

2. USD-Won plunges, trend shift or temporary phenomenon

-Dollar-Won plunge background: Controversy over Trump's tariff policy retreat, National Pension Service exchange hedge volume, foreigners' net buying of domestic stocks at the beginning of the year

-Considering various uncertainty risks at home and abroad, it is too early to discuss the trend decline

-Only when internal and external uncertainties are eased through the first quarter will the dollar-won exchange rate fall in earnest

3. Samsung Biologics, 4Q24 Pre: Taking a breather for a moment

-(+)Exchange Rate & Epis Milestone, (-)Logic Short-Term Profitability Declines> This slowdown in profitability is expected to normalize from the first quarter of this year as high demand for consignment production leads to a rapid ramp-up of plant 4

-25 Year Outlook and Points to Note: 5/6 Factory, Competition Status, Biosecurity Act

-What needs attention over short-term performance is the realization of the ramp-up of 4/5 plants and competitors, and the long-term narrative of the Biosecurity Act remains in effect

□Head line news
-New York Stock Exchange dumps tech stocks due to NVIDIA disappointment...Nasdaq closed 1.89% lower (Union)> US artificial intelligence semiconductor company NVIDIA's disappointment with new technology caused technology dumping. While the U.S. service industry index remained expanding, there was also an aftermath that the price index exceeded expectations

-Samsung's HBM, which is delayed in delivery of Nvidia... "Originally, Nvidia's first HBM was a Samsung product," CEO Hwang Jensen-Hwang said. "They (Samsung Electronics) have to design a new design, and they can do it."

-Korea Investment & Securities Co. said, "Considering the KOSPI's gradual upward trend.. Time to consider expanding its weight">"Many bad news have not disappeared yet, but we should keep in mind that the KOSPI has also become more resistant," adding, "Even if there is a low probability, the market can rise quickly if good news comes out."

-"Hyosung Heavy Industries will continue to benefit from strengthening its global power supply this year" (IBK)> "The lead time has been prolonged for more than two years as the supply of ultra-high-pressure transformers continues to be difficult to keep up with demand. It is also positive that exports of ultra-high-pressure transformers in Korea are on the rise based on the Korea Customs Service in the fourth quarter of last year," he said. "When the Changwon plant is completed in the first half of this year, the production of ultra-high-pressure transformers in Korea will increase by 10% and annual sales will expand to about 800 billion won."

-LS Marine Solution Accelerates Growth With Large Offshore Wind Project (SK)> "Anma Offshore Wind is expected to be signed in the first half of this year and Taean Offshore Wind is expected to be signed in the second half of this year," he said. "This is a larger project than the Jeonnam Offshore Wind Complex 1 (96MW) carried out by the company, and it is likely to be recognized as a new project this year."

-HD Hyundai Heavy Industries Continues to Increase Orders Due to Strong Business (KB)> Rising Dry Line Due to Improvement of Product Mix, Stabilization of Downward Raw Material Prices, Mitigation of manpower shortage, and Rising Exchange Rate Will Positively Affect Q4 Earnings

-SK Innovation, E&S Merger Prospects for Recovery in Earnings (Yuanta)> "There are two hurdles left in the stock price," he said. "How much the U.S. administration will reduce battery subsidies, and whether SK Innovation's stake in its subsidiary will decrease due to the listing of SK NMove."

-"Samsung Bio is expected to drive growth due to the full operation of factories 1 to 3 and the increased operation rate of factories 4," he said. "As Samsung Bio is expanding its contract with global pharmaceutical companies, it is expected to improve the operation rate of plant 5 and accelerate the construction of plant 6 in the second quarter."

-Hanwha System raises multiple orders to reflect new orders> "The deficit should be reflected when the acquisition of Philly Shipbuilding is completed on December 20, 2024, and it is a short-term bad news, but after 2026, it is expected to turn into a surplus and synergy in the combat system with the company."

□Trend of sale on the previous day (excluding ETF)

[Foreigner buying]
Hanwha Ocean > Hanwha Aerospace > Samsung Biologics > Hyundai Rotem > Samsung Heavy Industries
[Cosmic institution net purchase]
SK Hynix>SK Biopharmaceuticals>LG Energy Solution>HD Hyundai Electric>LG Electronics
[Foreigners buying on KOSDAQ]
JYP Ent>Rainbow Robotics>Alteogen>Tech Wing>Samcheondang Pharmaceutical Co
[Net purchase of KOSDAQ institutions]
Riga Chembio>Samcheongdang Pharmaceutical>JYP Ent>Rainbow Robotics> D&D Pharmatech