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>We maintain our Buy rating on LG Chem and raise our target price to W480,000 (from W360,000), as we revised up our valuation of the company’s equity stake in LG Energy Solution (LGES).</li><li>For LGES, we raised our fair value estimate by 15%, mainly due to a higher valuation for the ESS business.</li><li>While LG Chem plans to sell shares of LGES, reducing its stake from 81.4% to 79.4%, management said that it intends to use the proceeds to improve its finances, invest in new growth engines, and enhance shareholder returns; this announcement led us to reduce the discount applied to its LGES stake from 80% to 75%. </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 and raise our target price to W480,000 (from W360,000), as we revised up our valuation of the company’s equity stake in LG Energy Solution (LGES).For LGES, we raised our fair value estimate by 15%, mainly due to a higher valuation for the ESS business.While LG Chem plans to sell shares of LGES, reducing its stake from 81.4% to 79.4%, management said that it intends to use the proceeds to improve its finances, invest in new growth engines, and enhance shareholder returns; this announcement led us to reduce the discount applied to its LGES stake from 80% to 75%. 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)Discount applied to LGES stake to narrow gradually

LG Chem Ltd

LG Chem (051910 KS/Buy)Discount applied to LGES stake to narrow gradually