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 SK Innovation and raise our target price to W156,000 (from W116,000), reflecting upward revisions to our earnings forecasts for both the refining and battery businesses as well as a decline in net debt.</li><li>Refining margins have been showing notable strength, reaching their highest level since Sep. 2023, and are expected to remain strong through the winter heating season.</li><li>Meanwhile, we expect the battery business to strengthen its overall business portfolio through ESS order wins. </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 SK Innovation and raise our target price to W156,000 (from W116,000), reflecting upward revisions to our earnings forecasts for both the refining and battery businesses as well as a decline in net debt.Refining margins have been showing notable strength, reaching their highest level since Sep. 2023, and are expected to remain strong through the winter heating season.Meanwhile, we expect the battery business to strengthen its overall business portfolio through ESS order wins. 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.

SK Innovation (096770 KS/Buy)Battery portfolio to strengthen on ESS orders