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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  SK Hynix Inc    A000660   KR7000660001

SK HYNIX INC

(A000660)
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What trade war? Chinese companies wow with third-quarter report card

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11/19/2019 | 05:25am EST
A man walks on a bridge in the financial district of Pudong in Shanghai

The top 200 Chinese companies spanning consumer, technology, industrial, property and financial industries reported September quarter earnings well ahead of market expectations, setting them up for a strong showing next year, analysts said.

These companies mostly beat lowered market expectations as consumer spending remained strong, boosted by Chinese shoppers who opted to buy at home than to travel abroad, as a weaker yuan inflated travel costs.

Profits at Chinese companies grew 10% in the July-September period, beating the 2% growth rate analysts had predicted, and ahead of China's slowing economic growth rate. Only companies with a market capitalization of over $1 billion and tracked by at least three analysts are covered in this analysis.

To view a graphic on Asian firms profit in September by country, click https://fingfx.thomsonreuters.com/gfx/mkt/12/8860/8774/Asian%20firms%20Sep%20profit%20growth%20by%20Country.jpg

"The sectors that were expected to suffer from the U.S.-China trade conflict — the tech hardware exporters, textiles and sports goods exporters — have largely outperformed consensus expectations," said Manishi Raychaudhuri, head of equity research at BNP Paribas Asia Pacific.

To view a graphic on Asian firms profit in September by sector, click https://fingfx.thomsonreuters.com/gfx/mkt/12/8861/8775/Asian%20firms%20Sep%20profit%20growth%20by%20sector.jpg

Raychaudhuri added that earnings growth at Asian companies, excluding Japan, is likely to bounce back in 2020, partly as trade concerns recede.

To view a graphic on profir growth rate for Asian firms in September quarter, click https://fingfx.thomsonreuters.com/gfx/mkt/12/8862/8776/Pforit%20growth%20for%20Asian%20firms.jpg

Below is a report card of the third quarter for Asian companies and expectations for next year.

** Online retail giants Alibaba Group Holding Ltd and JD.com Inc posted strong sales as people bought baby products and sports gear. Western luxury and mass-market consumer companies had a good quarter as well.

** Overall, profitability at 1,625 Asian firms fell 5%, versus an expected 6% decline, according to a Reuters analysis of Refinitiv data. Results outperformed estimates for the first time in five quarters.

** Hong Kong-listed firms are not included in this analysis, as most of them announce earnings results on a semi-annual basis.

** Profits at 346 South Korean firms nearly halved, dragged down by lower chip prices and a fluctuation in commodity prices.

** Profit at Samsung Electronics Co Ltd fell 56%. Smaller rival SK Hynix Inc posted its lowest profit in three years. Steelmaker Posco earnings plunged by a third as iron ore prices rose.

** Profits at 201 Indian firms rose 29.5%, led by consumer staples, financial and healthcare firms and helped by a corporate tax cut.

** Profits at 673 Japanese firms which exclude SoftBank Group Corp, fell 1%, in line with estimates, as the yen firmed and demand fell for export items such as cars and machinery.

** The top three Japanese steelmakers and carmakers Suzuki Motor Corp and Mitsubishi Motors Corp have reduced their annual profit forecasts.

** Analysts expect profits at Asian firms to jump 13% in 2020, versus a 5% estimated increase this year, helped partly by recovering global demand as trade worries ease further.

(Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Edited by Sayantani Ghosh and Shounak Dasgupta)

By Patturaja Murugaboopathy and Gaurav Dogra

Stocks mentioned in the article
ChangeLast1st jan.
HONDA MOTOR CO., LTD. 3.47% 3221 End-of-day quote.15.04%
JD.COM, INC. 0.53% 34 Delayed Quote.62.45%
MITSUBISHI MOTORS CORPORATION 3.63% 485 End-of-day quote.-15.21%
POSCO End-of-day quote.
SAMSUNG ELECTRONICS CO LTD End-of-day quote.
SK HYNIX INC End-of-day quote.
SUZUKI MOTOR CORPORATION 1.83% 4728 End-of-day quote.-11.91%
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Financials (KRW)
Sales 2019 26 786 B
EBIT 2019 2 940 B
Net income 2019 2 436 B
Debt 2019 5 065 B
Yield 2019 1,53%
P/E ratio 2019 26,0x
P/E ratio 2020 13,4x
EV / Sales2019 2 245x
EV / Sales2020 2 017x
Capitalization 60 124 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 36
Average target price 98 180,56  KRW
Last Close Price 87 900,00  KRW
Spread / Highest target 30,8%
Spread / Average Target 11,7%
Spread / Lowest Target -34,0%
EPS Revisions
Managers
NameTitle
Seok-Hee Lee President, Chief Executive Officer & Director
Tae-Won Chey Chairman-Executive Board
Kwon Hong Managing Director & Head-Finance
Sang-Seon Lee Senior MD & Head-Production and Technology
Tae-Hoon Kim Managing Director & Head-Technology
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