In-depth Analysis of Mirae Asset Securities, CJ CGV, and SFA

Mirae Asset Securities projected an estimated net profit of approximately 62.8 billion won for the third quarter. The sensitivity to a drop in SpaceX stock price is analyzed as a loss of 27 billion won per dollar, but this must be considered in the context of maintaining SpaceX's first-half profit of 2.55 trillion won.

The actual average investment price for SpaceX is $34, currently recording more than four times the profit.

Both IMA investment product No. 1 and No. 2 launched by Mirae Asset Securities have been completely sold out. The scale of IMA product contract agreements this year is expected to be around 600 billion won.

The company anticipates achieving a shareholder return rate of over 35% this year, with specific details to be disclosed at the third-quarter earnings announcement in November.

Specific details related to this are expected to be announced soon.

This strategy highlights the profitability of the wealth management division, with stock prices expected to rebound after an adjustment from their peak.

Audience numbers also increased by over 30% to exceed 87.26 million, and are expected to surpass 100 million annually.

This performance improvement is attributed to major domestic and international blockbusters such as 'Wangsan-nam', 'Odyssey', 'Spider-Man', 'The Roundup', and 'Hope'.

CJ CGV's consolidated revenue for the third quarter surged 19% year-on-year to 692.4 billion won. Operating profit significantly improved, growing 102% to 47.1 billion won.

This achievement is the result of scaling down underperforming stores over the past 2-3 years and reducing the number of screens while enhancing the quality of its own theaters through a premium strategy. Diversifying snack bar menus and increasing advertising revenue also contributed to the improved performance.

CJ CGV's ScreenX technology is being exported overseas, utilized in 3D movies such as 'Spider-Man'. These technology exports contribute to increasing the company's corporate value.

The target price based on SOTP (Sum-of-the-parts) valuation is set at over 8,000 won, with multiples of 6x for domestic theaters and 3-4x for overseas theaters applied. It was suggested to consider staggered purchases during adjustments.

Manager Chosun Il revised his portfolio strategy in July, increasing the proportion of oil-related stocks. This was based on the forecast that the upward trend in international oil prices would continue until the US midterm elections scheduled for November 3. The expansion of the war zone in Iraq is also acknowledged by the US side.

Driven by these rising international oil prices, Heung-goo Petroleum is expected to see growth in sales and operating profit, and the secondary target price has been raised to 16,000 won. Considering the supply wall, it is analyzed that there is potential for an increase up to 25,000 won.

From June to July, a strategy of reducing semiconductor stock holdings and securing cash was adopted. When Samsung Electronics and SK Hynix announced their share buybacks, it was anticipated that institutional and foreign investors would sell existing holdings to purchase treasury shares at a lower price.

After the share buyback announcement two days ago, actual selling by institutions and foreigners was observed, and these funds are now moving towards materials, parts, and equipment (Soo-Boo-Jang) stocks.

As Samsung Electronics focuses on investing in high-bandwidth memory (HBM), existing general-purpose DRAM and NAND flash lines are being relocated from Korea to the Philippines. SFA, already having corporate infrastructure in the Philippines, is expected to benefit from large-scale contracts due to this move by Samsung Electronics.

The company is diversifying its business into robot logistics, inspection systems, and fuel cells, and is expected to see improved sales and operating profit due to the possibility of turnkey contracts.

A market open strategy was recommended for SFA. The first target price was set at 28,000 won, and the stop-loss level at 17,000 won.