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 lift our target price for LG Energy Solution (LGES) to W610,000 (from W530,000).</li><li>For the ESS business, we raised our 2027 North American shipment forecast by 15% (from 39GWh to 45GWh).</li><li>Accordingly, we increased our ESS revenue forecast for 2027 to W13.5tr, which is higher than our projection for EV batteries. </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 lift our target price for LG Energy Solution (LGES) to W610,000 (from W530,000).For the ESS business, we raised our 2027 North American shipment forecast by 15% (from 39GWh to 45GWh).Accordingly, we increased our ESS revenue forecast for 2027 to W13.5tr, which is higher than our projection for EV batteries. 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 Energy Solution (373220 KS/Buy)ESS Revenue Likely to Exceed EV-Related Revenue in 2027

<ul><li>2026 ESS revenue forecast raised by 55%. Maintain TP at W530,000 We maintain our target price of W530,000 for LG Energy Solution (LGES)</li><li>For the ESS business, we raised our 2026 revenue estimate by 55% to W8</li><li>6tr and our operating profit estimate by 53% to W1</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.

2026 ESS revenue forecast raised by 55%. Maintain TP at W530,000 We maintain our target price of W530,000 for LG Energy Solution (LGES)For the ESS business, we raised our 2026 revenue estimate by 55% to W86tr and our operating profit estimate by 53% to 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.

LG Energy Solution (373220 KS/Buy)2026 ESS Revenue Forecast Raised by 55%

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 14th. The aggregated holding was USD813.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,793mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Celltrion, Alteogen, Samsung Electronics, KB Financial.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 14th. The aggregated holding was USD813.3bn.
We estimate that foreign flows to be inflows of USD1,793mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Celltrion, Alteogen, Samsung Electronics, KB Financial.


KRX Foreign Holding Weekly (Nov 14th): SK Hynix, Celltrion, Alteogen, Samsung Electronics

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>LG Energy Solution has been on a dark, long tunnel in the past two and half years. However, there is finally some light showing post its excellent 2Q 2025 results.</li>
<li>LG Energy Solution reported much better than expected operating profit in 2Q25. It had operating profit of 492.2 billion won (up 152% YoY) and 56.3% higher than consensus in 2Q25.</li>
<li>The company is showing initial signs of a turnaround, with a significantly better than expected operating profit in 2Q 2025.</li>
</ul>


LG Energy Solution has been on a dark, long tunnel in the past two and half years. However, there is finally some light showing post its excellent 2Q 2025 results.
LG Energy Solution reported much better than expected operating profit in 2Q25. It had operating profit of 492.2 billion won (up 152% YoY) and 56.3% higher than consensus in 2Q25.
The company is showing initial signs of a turnaround, with a significantly better than expected operating profit in 2Q 2025.


LG Energy Solution: Light At the End of the Tunnel?

Event-Driven

<ul>
<li>On 15 May, LG Chem announced that it plans to issue foreign currency exchangeable bond worth US$1 billion using shares of its subsidiary LG Energy Solution as the underlying asset.</li>
<li>The purpose of this EB issue is to repay the amount of EB issued two years ago. </li>
<li>The exchange price premium was lowered from 130% in 2023 to 110-115% this time, and the maturity has been shortened from 7 years to 3 years.</li>
</ul>


On 15 May, LG Chem announced that it plans to issue foreign currency exchangeable bond worth US$1 billion using shares of its subsidiary LG Energy Solution as the underlying asset.
The purpose of this EB issue is to repay the amount of EB issued two years ago. 
The exchange price premium was lowered from 130% in 2023 to 110-115% this time, and the maturity has been shortened from 7 years to 3 years.


LG Chem: To Issue Exchangeable Bond Worth US$1 Billion

South Korea

LG Energy Solution produces and sells batteries. The Company manufactures and sells automobile batteries, small batteries, energy storage system batteries, and other products. LG Energy Solution markets its products worldwide.

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LG Energy Solution (373220 KS)