External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>We maintain our Buy rating on LG Chem and raise our target price to W480,000 (from W360,000), as we revised up our valuation of the company’s equity stake in LG Energy Solution (LGES).</li><li>For LGES, we raised our fair value estimate by 15%, mainly due to a higher valuation for the ESS business.</li><li>While LG Chem plans to sell shares of LGES, reducing its stake from 81.4% to 79.4%, management said that it intends to use the proceeds to improve its finances, invest in new growth engines, and enhance shareholder returns; this announcement led us to reduce the discount applied to its LGES stake from 80% to 75%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our Buy rating on LG Chem and raise our target price to W480,000 (from W360,000), as we revised up our valuation of the company’s equity stake in LG Energy Solution (LGES).For LGES, we raised our fair value estimate by 15%, mainly due to a higher valuation for the ESS business.While LG Chem plans to sell shares of LGES, reducing its stake from 81.4% to 79.4%, management said that it intends to use the proceeds to improve its finances, invest in new growth engines, and enhance shareholder returns; this announcement led us to reduce the discount applied to its LGES stake from 80% to 75%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LG Chem (051910 KS/Buy)Discount applied to LGES stake to narrow gradually

<ul><li>High expectations for battery subsidiaryRaise TP to W360,000 and maintain Buy We maintain our Buy rating on LG Chem and raise our target price to W360,000 (from W290,000)</li><li>Our upward revision reflects: 1) growing expectations for battery subsidiary LG Energy Solution (LGES), especially in the ESS segment; and 2) the rising likelihood that the company will soon sell stakes in certain subsidiaries</li><li>LGES is likely to deliver improved earnings following recent large-scale ESS battery order wins, which should also drive positive momentum for LG Chem</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

High expectations for battery subsidiaryRaise TP to W360,000 and maintain Buy We maintain our Buy rating on LG Chem and raise our target price to W360,000 (from W290,000)Our upward revision reflects: 1) growing expectations for battery subsidiary LG Energy Solution (LGES), especially in the ESS segment; and 2) the rising likelihood that the company will soon sell stakes in certain subsidiariesLGES is likely to deliver improved earnings following recent large-scale ESS battery order wins, which should also drive positive momentum for LG ChemContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LG Chem (051910 KS/Buy)High expectations for battery subsidiary

South Korea

LG Chem Ltd. is a chemical manufacturer.  The Company's products include petrochemicals, plastic resins, and engineering plastics.  LG Chem also produces industrial and electronic materials.

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LG Chem Ltd (051910 KS)

LG Chem (051910 KS/Buy)Discount applied to LGES stake to narrow gradually

We maintain our Buy rating on LG Chem and raise our target price to W480,000 (from W360,000), as we revised up our valuation of the company’s...

Mirae Asset Securities

LG Chem (051910 KS/Buy)High expectations for battery subsidiary

High expectations for battery subsidiaryRaise TP to W360,000 and maintain Buy We maintain our Buy rating on LG Chem and raise our target price to...

Mirae Asset Securities

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