Netmarble, Hanwha Solutions, KB Financial, Celltrion | Cha Young-ju, Director of Wise Economic Research Institute

넷마블•한화솔루션•KB금융•셀트리온 | 차영주 와이즈경제연구소 소장 [집중 오늘의 주식]

Watch on YouTube ↗ | February 06, 2026 at 10:25 | 39:31 | 3PRO TV (삼프로TV)

Speakers

Cha Young-joo — Director, Wise Economic Research Institute

Summary

Cha Young-ju, Director of the Wise Economic Research Institute, reviewed daily brokerage reports on Netmarble, Hanwha Solutions, KB Financial, and Celltrion. The episode focused on new-game momentum and valuation for Netmarble, a solar-driven loss-to-profit turnaround for Hanwha Solutions, strong capital returns and NIM for KB Financial, and biosimilar/CMO growth for Celltrion. It also used financial-statement examples to explain game-company cost accounting, provisions, EBITDA, and capex/depreciation links.

Netmarble: H1 new titles and undervaluation weighed against weak game-sector sentiment and target-multiple cuts.
Hanwha Solutions: U.S. solar recovery, customs normalization, and AMPC credits support a loss-to-profit turnaround.
Solar sector: U.S. power demand and expected 2026 installation recovery improve the industry outlook.
KB Financial: Q4 beat, NIM resilience, provision reversal, and buyback/dividend plans support re-rating.
Korean banks: Policy-rate cuts have not yet compressed loan yields, keeping NIM and interest income strong.
Celltrion: Rising Zymfentra prescriptions and U.S. CMO volume support margin and revenue growth.
Pharma/biotech: Heavy R&D spending makes the sector sensitive to rate cuts.
The speaker also explained financial-statement mechanics for game and solar/biotech companies.

Ideas

Cha Young-joo Director, Wise Economic Research Institute 1:38

Watch Netmarble; new-title momentum and undervaluation.

Netmarble has the strongest new-title momentum among Korean game companies and is undervalued even after considering its stakes in NCSoft, Hybe, and Coway, with stabilized cash generation and shareholder returns. However, broker target prices diverge because weak sector interest is compressing the P/E multiple; a re-rating depends on H1 new-title execution and renewed investor interest in game stocks.

Cha Young-joo Director, Wise Economic Research Institute 2:44

Trade game/entertainment stocks on new-release momentum.

Game and entertainment stocks are hit-driven rather than durable compounders: past hits do not guarantee the next release will succeed. Investors should treat them tactically, buying around new game launches or music releases and reducing exposure once the momentum fades.

Cha Young-joo Director, Wise Economic Research Institute 18:16

Loss-to-profit turnaround tied to U.S. solar.

Hanwha Solutions is a loss-to-profit turnaround: one-off maintenance costs have ended, spreads are improving, U.S. customs issues are normalizing, and AMPC tax credits can scale with U.S. solar investment. Its integrated U.S. wafer-to-cell supply chain should benefit as U.S. solar installations recover, with broker targets in the mid-40,000 won range.

Cha Young-joo Director, Wise Economic Research Institute 20:15

U.S. solar recovery on power demand.

U.S. power demand is forcing upward revisions to solar installation plans, while polysilicon prices have been stagnant and supply-side conditions are expected to improve in 2026. This creates a cyclical recovery setup for the solar sector, supported by policy incentives and its role as a bridge while nuclear capacity takes longer to build.

Cha Young-joo Director, Wise Economic Research Institute 28:17

Earnings beat, capital return support re-rating.

KB Financial reported better-than-expected Q4 earnings with resilient net interest margin, as deposit rates fell faster than loan rates despite rate cuts. The reversal of a large ELS-related provision reduced uncertainty, and its buyback/dividend plan plus a target 52% shareholder return ratio support a re-rating; Shinhan Securities raised its target to 165,000 won.

Cha Young-joo Director, Wise Economic Research Institute 28:47

Rate cuts still expand Korean bank margins.

Korean banks are benefiting from a new NIM dynamic: policy rates have fallen, but loan rates have not fallen as quickly, so interest income and NIM are expanding. This gives a more constructive perspective on bank stocks even in a rate-cutting cycle.

Cha Young-joo Director, Wise Economic Research Institute 32:33

Biosimilar and CMO momentum lift Celltrion.

Celltrion is entering a biosimilar and CMO growth phase: Zymfentra prescriptions are rising despite doctors' liability concerns, product mix and margins are improving, and the U.S. plant restart plus Eli Lilly CMO volume should lift revenue. Shinhan Securities raised its target to 290,000 won on expanding biosimilar penetration and CMO momentum.

Cha Young-joo Director, Wise Economic Research Institute 37:07

Rate cuts help R&D-heavy pharma/biotech.

Pharma and biotech companies have heavy R&D spending needs, so a rate-cut environment would lower funding costs and become one supporting axis for the sector. The speaker cites this as a reason to watch pharma/biotech alongside company-specific biosimilar and CMO drivers.

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This 3PRO TV (삼프로TV) video, published February 06, 2026, features Cha Young-joo discussing 251270.KS, Korean game and entertainment stocks, 009830.KS, TAN, 105560.KS, KBE, 068270.KS, XBI. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Cha Young-joo · Tickers: 251270.KS, Korean game and entertainment stocks, 009830.KS, TAN, 105560.KS, KBE, 068270.KS, XBI