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 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><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 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