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 lift our target price for LG Innotek by 33% to W480,000 (from W360,000), reflecting: 1) a 36% increase in our 2026F EBITDA for the optics solutions division (amid FX tailwinds and resilient demand from the company’s key North American customer); and 2) an upward revision to our target EV/EBITDA for the substrates division (from 8x to 13x).</li><li>While the North American customer is reportedly delaying the launch of its next standard smartphone model, we believe the impact on earnings will be limited.</li><li>Of note, we raised our ASP assumption for triple camera modules by 15%, given the customer’s expected adoption of a variable aperture system. </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 lift our target price for LG Innotek by 33% to W480,000 (from W360,000), reflecting: 1) a 36% increase in our 2026F EBITDA for the optics solutions division (amid FX tailwinds and resilient demand from the company’s key North American customer); and 2) an upward revision to our target EV/EBITDA for the substrates division (from 8x to 13x).While the North American customer is reportedly delaying the launch of its next standard smartphone model, we believe the impact on earnings will be limited.Of note, we raised our ASP assumption for triple camera modules by 15%, given the customer’s expected adoption of a variable aperture system. 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 Innotek (011070 KS/Buy)Hitting Its Stride

Lg Innotek

LG Innotek (011070 KS/Buy)Hitting Its Stride