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 lower our target price for Lotte Chemical to W63,000 (from W112,000).</li><li>We keep our 12-month forward BPS estimate unchanged at W280,000 but lower our target P/B to 0.23x (from 0.4x) to reflect a lower ROE.</li><li>The revised multiple is broadly in line with the valuation seen in 2024-25, when the company recorded a similarly low ROE. </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 lower our target price for Lotte Chemical to W63,000 (from W112,000).We keep our 12-month forward BPS estimate unchanged at W280,000 but lower our target P/B to 0.23x (from 0.4x) to reflect a lower ROE.The revised multiple is broadly in line with the valuation seen in 2024-25, when the company recorded a similarly low ROE. 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 -  Balance Sheet Improvement Begins Even as Negative Lagging Effects Set In