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>Minimal US EV exposure and clear ESS growthLift TP to W180,000 (from W110,000) We raise our target price on L&amp;F to W180,000 and retain the stock as our top pick in the battery materials sector</li><li>Given the diverging demand trends between the EV and ESS segments, we believe it is reasonable to value these businesses separately and have thus switched to an SOTP-based valuation</li><li>We value the high-nickel cathode materials (EV-related) business at W5tr and the LFP cathode materials (ESS-related) business at W1</li></ul><p><em>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.</em></p>

Minimal US EV exposure and clear ESS growthLift TP to W180,000 (from W110,000) We raise our target price on L&amp;F to W180,000 and retain the stock as our top pick in the battery materials sectorGiven the diverging demand trends between the EV and ESS segments, we believe it is reasonable to value these businesses separately and have thus switched to an SOTP-based valuationWe value the high-nickel cathode materials (EV-related) business at W5tr and the LFP cathode materials (ESS-related) business at W1Content 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.

L&F (066970 KS/Buy)Minimal US EV Exposure and Clear ESS Growth

South Korea

L&F Co., Ltd. develops and manufactures battery materials. The Company produces and sells cathode active materials, anode materials, electrolyte, separator, and other products. L&F markets its products throughout Korea.

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L&F (066970 KS)

L&F (066970 KS/Buy)Minimal US EV Exposure and Clear ESS Growth

Minimal US EV exposure and clear ESS growthLift TP to W180,000 (from W110,000) We raise our target price on L&F to W180,000 and retain the stock as...

Mirae Asset Securities

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