In today’s briefing:
- Toshiba – Special Dividend Not Enough To Offset Negatives
- Top 20 Best Performers in the Korean Stock Market (Week of 13 May)
- Silergy (6415.TT): 1Q22 Review-Clients Are Asking to Solve Supply Shortage and Even to Add Prices.
- Celltrion (068270 KS): Muted Q1 2022 Performance Reflects Continuing Biosimilars Pricing Pressure
Toshiba – Special Dividend Not Enough To Offset Negatives
- Toshiba reported results on Friday which were just a touch above their revised February guidance at ¥3.35trn in revenue and ¥159bn in OP.
- Guidance was poor with revenue of ¥3.3trn below consensus ¥3.4trn and OP of ¥170bn noticeably below consensus’ ¥202bn.
- The nomination of directors was also postponed and some segments showed a marked deterioration in profitability.
Top 20 Best Performers in the Korean Stock Market (Week of 13 May)
- This is the second weekly series on the “Top 20 Best Performers in the Korean Stock Market Adjusted for Trading Value & Mkt Cap.”
- Starting this weekly, we include stocks in both KOSPI and KOSDAQ. All the stocks in KOSPI and KOSDAQ are ranked, adjusted for market cap and trading value.
- Among the top 20 performers, NCSoft, Hyundai Motor, Kia Motors, Dohwa Engineering, DB Hitek, SK Telecom, and KT Corp were included.
Silergy (6415.TT): 1Q22 Review-Clients Are Asking to Solve Supply Shortage and Even to Add Prices.
- The 1Q22 revenue/GM/OPM was US$215mn/55%/36% respectively, with revenue growing 50% YoY and -2.6% QoQ. Silergy considers its own business will grow quarter by quarter in 2022.
- Silergy expects to see ~3% revenue contribution for Automotive in 2022, which means it should grow over 3% by the end of 2022.
- Silergy’s order visibility is extended from 3 quarters to over 6~8 quarters now. Meanwhile, Silergy aims to split the share to let more retail investors to hold their shares.
Celltrion (068270 KS): Muted Q1 2022 Performance Reflects Continuing Biosimilars Pricing Pressure
- Celltrion Inc (068270 KS) reported muted Q1 results, with revenue, operating profit, and net profit declining quarter-over-quarter. Its biosimilar products in the EU are facing price competition.
- Celltrion has recalled its COVID-19 rapid antigen test kits in the U.S. in April, which marks its third such recall in less than two months.
- Celltrion shares plunged 15% since I published bearish insight on the company on March 8. Bear thesis of biosimilar competition still holds good for the company.
Related tickers: Toshiba Corp (6502.T), NCSOFT Corp (036570.KS), Silergy Corp (6415.TW), Celltrion Inc (068270.KQ)
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