普通外文研报
J.P. Morgan South Korea FTM 13 Jul 26 Korea Energy; Nanya Technology; Global EV & Battery Update; Korea Data Watch and More
研报英文原文证据摘录
J.P. Morgan South Korea FTM 13 Jul 26 Korea Energy; Nanya Technology; Global EV & Battery Update; Korea Data Watch and More
Asia Pacific Equity Research
South Korea First to Market 13 July 2026
Top Stories
Korea Energy (Parsley Ong)
2Q likely to beat on lubricants, with W4.2trn refiner compensation fund a 4Q tailwind; retain OW, but
change pecking order to SK Inno > S-Oil
On 7 July, local media reported that the Korean government is proceeding with the W4.2tn settlement to compensate refiners’
domestic losses, despite a prosecutor’s indictment related to alleged price collusion among domestic refiners. MOTIE has
asked industry participants to submit refinery cost details by August, to serve as the basis for compensation calculations.
Official commentary suggested that the W4.2trn fund will be sufficient to cover all losses incurred by domestic refiners - where
S-Oil/SKI accounts for 19%/34% of total capacity (3.5mbd). We remain positive on refiners going into results, and forecast 2Q
OP of W1.8trn / W1.1trn for SK Innovation and S-Oil, 77%/30% above street respectively (see S-Oil Corp: Golden age of
refining. Raise EPS/PT and upgrade to OW). However, given S-Oil has outperformed SK Innovation by 60% YTD, we change
our pecking order to SK Innovation > S-Oil, and move SK Innovation to top pick for K-Energy. We continue to see favorable
risk-reward for SK Innovation, which has halted its cash burn on batteries, is selling/optimizing battery assets and,
riding on the coattails of refining and lubricant strength, will likely deliver the highest 2026-2027 NP to shareholders
out of the K-Battery trio.
Nanya Technology (Jay Kwon) (2408 TT, OW)
2Q26 a slight beat; rising server mix coupled with favorable LTAs to bode well for mid-long term
earnings; reiterate OW
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