KOREA ALPHA

Industrials

LS ELECTRIC expands AI data-center power infrastructure with a KRW 181.2 billion 345kV high-voltage transformer contract covering nine substations.

LS ELECTRIC’s AI data-center power infrastructure spans transmission, substations and distribution as electricity demand moves further up the grid.

LS ELECTRIC reports KRW 7.0 trillion in power-equipment backlog, including KRW 3.345 trillion in high-voltage transformers, alongside an 11.3% second-quarter 2026 operating margin.

LS ELECTRIC’s investment case depends on converting power-equipment orders and production capacity into revenue, margins and repeat AI data-center orders.

Industrials

Can LS ELECTRIC Turn AI Data-Center Orders Into Higher-Margin Growth?

October 1, 2026 · 10 min read

Hyundai Movex scales smart logistics with a KRW 72 billion Kumho Tire contract and an order backlog exceeding KRW 400 billion.

Hyundai Movex integrates factory automation, AGVs and AMRs, control software and AI-based logistics control into a single smart-logistics system.

Hyundai Movex has an order backlog exceeding KRW 400 billion while its first-half 2026 operating margin remains at 1.5%.

Backlog, revenue, margin and repeatability are the key proof points for Hyundai Movex to demonstrate scalable operating leverage.

Industrials

Can Hyundai Movex Turn Smart Logistics Into Scalable Robotics Earnings?

October 1, 2026 · 10 min read

U.S. solar module prices rising from USD 0.27 to USD 0.38 per watt

Section 232 raises the U.S. minimum import price for covered solar modules to USD 0.38 per watt

Hanwha Qcells U.S. solar manufacturing facility and 8.6 GW module capacity target

Hanwha Qcells solar module production line and KRW 166.4 billion renewable energy operating profit

Industrials

Can U.S. Solar Trade Barriers Reset Hanwha Solutions’ Earnings Power?

September 28, 2026 · 10 min read

S-OIL earnings rebound with KRW 965 billion operating profit in 2Q26

S-OIL refining and lubricants generated KRW 532 billion and KRW 477 billion in 2Q26 operating profit

S-OIL Shaheen Project and its KRW 9.26 trillion petrochemical expansion

S-OIL 2026 and 2027 operating profit estimates showing peak and normalized earnings

Industrials

Can S-OIL Turn a Refining Boom Into a Structural Earnings Upgrade?

September 28, 2026 · 10 min read

AI data center infrastructure alongside a nuclear power plant, illustrating rising U.S. electricity demand and nuclear power’s role in supporting AI growth.

U.S. map, AI data center and nuclear power plant illustrating rising electricity demand driven by AI infrastructure and the growing need for reliable power generation.

Nuclear power plant and AI data center illustrating nuclear energy’s role in providing reliable, around-the-clock electricity for growing U.S. AI infrastructure.

Nuclear power infrastructure illustrating the investment path from rising U.S. AI electricity demand to potential opportunities for Korea’s nuclear supply chain.

Industrials

The U.S. AI Power Build-Out Could Become Korea’s Next Nuclear Export Market

September 10, 2026 · 8 min read

Hanwha Ocean naval export growth opportunity featuring a naval vessel and shipyard

Hanwha Ocean naval vessels with global defense export markets highlighted across the U.S., Europe, Middle East and Asia

Hanwha Ocean naval vessel at a shipyard highlighting the potential earnings impact of expanding naval exports

Hanwha Ocean naval export outlook highlighting contract wins, key markets, partnerships and execution milestones

Industrials

Hanwha Ocean’s Next Growth Engine May Be Naval Exports

September 9, 2026 · 8 min read

Foreign buying returns to Korean equities while KOSPI market breadth remains concentrated

Foreign investors return to Korean equities while buying remains concentrated in AI and semiconductor stocks

Samsung Electronics and SK hynix together account for more than half of KOSPI market capitalization

Korea equity market needs broader earnings growth beyond semiconductors for a more sustainable re-rating

Industrials

AI Needs Power. Does It Need Doosan Enerbility?

September 8, 2026 · 8 min read

Korea’s defense industry is turning record order backlogs and global demand into earnings growth

Global rearmament is driving higher defense spending and record order backlogs across Korea’s major defense companies

Korea’s defense industry is entering a multi-year growth cycle as record backlogs, capacity expansion and operating leverage drive stronger earnings

Key factors to watch as Korea’s defense companies convert record order backlogs into sustainable earnings growth

Industrials

K-Defense Is Becoming an Earnings Story

September 3, 2026 · 9 min read