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

Mirae Asset Securities

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.

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 maintain our Buy rating on LG Chem but lower our target price to W440,000 (from W480,000), reflecting downward revisions to our earnings estimates for the petrochemicals division and higher net debt.</li><li>That said, we expect profitability in advanced materials to continue improving through 4Q26.</li><li>In cathode materials, we expect utilization to recover to 70–80% in 4Q26 on the ramp-up of new projects, while increased separator sales for ESS applications should also support profitability. </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>

We maintain our Buy rating on LG Chem but lower our target price to W440,000 (from W480,000), reflecting downward revisions to our earnings estimates for the petrochemicals division and higher net debt.That said, we expect profitability in advanced materials to continue improving through 4Q26.In cathode materials, we expect utilization to recover to 70–80% in 4Q26 on the ramp-up of new projects, while increased separator sales for ESS applications should also support profitability. 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)Advanced materials rebound underway

LG Chem Ltd

LG Chem (051910 KS/Buy)Advanced materials rebound underway