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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>We lower our target price for Lotte Chemical to W63,000 (from W112,000).</li><li>We keep our 12-month forward BPS estimate unchanged at W280,000 but lower our target P/B to 0.23x (from 0.4x) to reflect a lower ROE.</li><li>The revised multiple is broadly in line with the valuation seen in 2024-25, when the company recorded a similarly low ROE. </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 lower our target price for Lotte Chemical to W63,000 (from W112,000).We keep our 12-month forward BPS estimate unchanged at W280,000 but lower our target P/B to 0.23x (from 0.4x) to reflect a lower ROE.The revised multiple is broadly in line with the valuation seen in 2024-25, when the company recorded a similarly low ROE. 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.

Lotte Chemical (011170)Balance Sheet Improvement Begins Even as Negative Lagging Effects Set In

Lotte Chemical -  Balance Sheet Improvement Begins Even as Negative Lagging Effects Set In

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Mitsui Kinzoku Company / Equity Bottom-Up

<ul>
<li>An AI bottleneck that has handed back most of its gains and is now regaining momentum</li>
<li>Of the two main products, one has no real competitor at the leading edge, and the other has a moat that holds for at least two more years.</li>
<li>It also contains a metals kicker that is still to come – if you believe gold/silver/copper move up from here.</li>
</ul>


An AI bottleneck that has handed back most of its gains and is now regaining momentum
Of the two main products, one has no real competitor at the leading edge, and the other has a moat that holds for at least two more years.
It also contains a metals kicker that is still to come – if you believe gold/silver/copper move up from here.


Tactical Trading – 5706.T - The Copper Foil in Every AI Server

<ul><li>We raise our target price for Lotte Chemical from W89,000 to W112,000.</li><li>We revised up our 12-month forward BPS estimate from W250,000 to around W280,000 and also increased our target P/B from 0.36x to 0.4x, reflecting a likely recovery in ROE.</li><li>Supply shortages stemming from the Middle East conflict have driven broad-based strength in chemical product prices; with prices likely to remain elevated at least through end-2026, we now expect annual earnings to improve meaningfully relative to our previous forecast. </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 raise our target price for Lotte Chemical from W89,000 to W112,000.We revised up our 12-month forward BPS estimate from W250,000 to around W280,000 and also increased our target P/B from 0.36x to 0.4x, reflecting a likely recovery in ROE.Supply shortages stemming from the Middle East conflict have driven broad-based strength in chemical product prices; with prices likely to remain elevated at least through end-2026, we now expect annual earnings to improve meaningfully relative to our previous forecast. 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.

Lotte Chemical (011170 KS) Earnings Likely to Improve in 2Q, but Negative Lagging Effects Lie Ahead

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In response to this severe downturn in the petrochemical sector, the South Korean government approved the first petrochemical restructuring deal on 25 February.</li>
<li>This petrochemical industry restructuring project will offer a support package worth more than 2 trillion won ($1.4 billion) to help companies to weather a prolonged sector downturn.</li>
<li>This is likely to positively impact Lotte Chemical (011170 KS), HD Hyundai (267250 KS), and LG Chem Ltd (051910 KS). </li>
</ul>


In response to this severe downturn in the petrochemical sector, the South Korean government approved the first petrochemical restructuring deal on 25 February.
This petrochemical industry restructuring project will offer a support package worth more than 2 trillion won ($1.4 billion) to help companies to weather a prolonged sector downturn.
This is likely to positively impact Lotte Chemical (011170 KS), HD Hyundai (267250 KS), and LG Chem Ltd (051910 KS). 


Positive Impact from Korean Government's Approval of the First Petrochemical Restructuring Deal

South Korea

Lotte Chemical Corporation manufactures a wide range of petrochemical products such as high density polyethylene, polypropylene, and ethylene glycol. The Company's products are used in manufacturing general housewares, pipes, films, fabrics, bottles, containers, and automotive parts.

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Lotte Chemical (011170 KS)

Lotte Chemical (011170)Balance Sheet Improvement Begins Even as Negative Lagging Effects Set In

We keep our 12-month forward BPS estimate unchanged at W280,000 but lower our target P/B to 0.23x (from 0.4x) to reflect a lower ROE.

Mirae Asset Securities

Lotte Chemical - Balance Sheet Improvement Begins Even as Negative Lagging Effects Set In

We keep our 12-month forward BPS estimate unchanged at W280,000 but lower our target P/B to 0.23x (from 0.4x) to reflect a lower ROE.

Mirae Asset Securities

Tactical Trading – 5706.T - The Copper Foil in Every AI Server

An AI materials play that fell for both stock-specific catalysts and the general AI sell-off is starting to turn, the valuation is more supportive,...

Rikki Malik