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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

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