In today’s briefing:
- Samsung Earnings Call Signals Samsung-Hanmi HBM4 Talks: Catalyst Brewing for Both Stocks
- Samsung 2Q25: Poor Quarter, Poor Outlook for 2H25, Management Bullish on HBM / Foundry Catch Up
- LG CNS: End of Lockup for 67.5% of Outstanding Shares on 5 August
- Wonik’s Governance Angle: A Potential First Target in Korea’s New Legal Playbook
- NH Investment & Securities – Capital Raise of 650 Billion Won
- Hyundai Motor India: All Eyes on a Healthy Festive Sales
Samsung Earnings Call Signals Samsung-Hanmi HBM4 Talks: Catalyst Brewing for Both Stocks
- Samsung confirmed PRA sign-off for 1c HBM4, shipped samples to NVIDIA, went full redesign on base die, and is in talks with vendors like Hanmi for hybrid bonding gear.
- From a trading POV: Samsung pivoting to Hanmi signals “speed over pride”—a clear tell they’re serious about ramping HBM4 fast, even if it means breaking from vertical integration.
- For the move to stick, yields and customer wins matter — but Hanmi’s stepping up, and this could give Samsung’s HBM4 story a real leg up if it plays out.
Samsung 2Q25: Poor Quarter, Poor Outlook for 2H25, Management Bullish on HBM / Foundry Catch Up
- OP pre-announced, the details aren’t inspiring. Margins decline in TV, Semi. Only Smartphone is resilient. 2H25 demand outlook is weak for TV, Smartphone.
- Confident tone on HBM growth, qualifications, ASP increase. Several contradictions: Samsung endorses theory of HBM price pressure (how’s that positive?); HBM3E is already 80% of HBM revenue (where’s the upside?)
- Consensus is revising up slowly, stock is going up sharply. This assumes a large turnaround in memory / HBM / Foundry.
LG CNS: End of Lockup for 67.5% of Outstanding Shares on 5 August
- There will be an end of lock up of 67.5% of LG CNS (064400 KS)’s shares starting 5 August (6 months post IPO).
- The shares subject to the release are those held by the largest shareholder LG Corp (003550 KS) and Crystal Korea (Macquarie).
- We would emphasize on positive developments on LG CNS (solid operating results and stablecoin rollout in Korea) which could be bigger factors than potential selling by the second largest shareholder.
Wonik’s Governance Angle: A Potential First Target in Korea’s New Legal Playbook
- With Korea’s revised Commercial Act live, investors ask who’ll be the first test case — all eyes are on Wonik Holdings amid chatter on new shareholder litigation angles.
- Looks like a typical holdco, but Horizon—a paper company owned by the chairman’s kids—controls Wonik, hiding real power and raising new direct shareholder legal risks under revised rules.
- July 1 triggered Wonik’s 13% surge as bipartisan support for the Commercial Act locked in, with activists quietly gearing up despite fading momentum since.
NH Investment & Securities – Capital Raise of 650 Billion Won
- NH Investment & Securities Co (005940 KS) announced that it plans to raise 650 billion won through a third party paid-in capital allocation.
- Expected price of the capital raise is 20,150 won. Nonghyup Financial Group is expected to fund this capital raise.
- We believe there is likely to be some net selling of the Korean securities companies in the next several months due to disappointing new tax policies (especially for dividends).
Hyundai Motor India: All Eyes on a Healthy Festive Sales
- Hyundai Motor India (HYUNDAI IN) Q1FY26 results saw exports and rural markets as shining stars, offsetting weak domestic urban demand; rural penetration reached an all-time high of 22.6%.
- Gross margin improved QoQ driven by localization gains, better model mix, and increased export contribution despite higher discounting.
- Outlook positive for H2FY26 with festive demand, new product launches, and Pune plant ramp-up, though profitability may be impacted by higher depreciation.
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