Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<div class="content-highlight"><p><strong>In this insight, we provide an updated SoTP (Sum-of-the Parts) valuation analysis of <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>. We first highlighted a deep valuation gap of this stock in our insight <a href="https://www.smartkarma.com/insights/lg-corp-deep-value-4-key-catalysts" target="_blank" data-smartkarma-citation="insights:45512" rel="noopener">LG Corp: Deep Value + 4 Key Catalysts</a> on 19 November 2020. Since then, LG Corp's shares are up 29%. Although LG Corp's shares have performed really well in the past several weeks, we believe there is further significant upside to current share price.</strong></p></div>

In this insight, we provide an updated SoTP (Sum-of-the Parts) valuation analysis of LG Corp (003550 KS). We first highlighted a deep valuation gap of this stock in our insight LG Corp: Deep Value + 4 Key Catalysts on 19 November 2020. Since then, LG Corp's shares are up 29%. Although LG Corp's shares have performed really well in the past several weeks, we believe there is further significant upside to current share price.

LG Corp: Updated SoTP Valuation Analysis & Timing of Key Upcoming Catalyst Events

Cross Asset Strategy

<blockquote>
<p><strong>“Those who vote decide nothing. Those who count the vote decide everything.”</strong> (Joseph Stalin)</p>
</blockquote>
<p>This insight is titled "<strong><em>Strange Cases of Similarities Between the US Presidential &amp; The South Korean Parliamentary Elections." </em></strong>More than a month has passed since the U.S. Presidential election. Trump has yet to concede this election. Biden has yet to be officially inaugurated as the next U.S. President. This insight is not meant to be a prediction. I do not make an attempt to forecast who will be officially inaugurated as the next U.S. President. Such political predictions is not my expertise.</p>
<p>Nonetheless, the main reason why i am writing this insight is to highlight the numerous cases of similarities of what happened in the US Presidential election in November 2020 and the South Korean Parliamentary election in April 2020. Many of our readers will likely be more familiar with what is happening in the U.S. Presidential election rather than the South Korean Parliamentary election which occurred more than 8 month ago.</p>


“Those who vote decide nothing. Those who count the vote decide everything.” (Joseph Stalin)

This insight is titled "Strange Cases of Similarities Between the US Presidential &amp; The South Korean Parliamentary Elections." More than a month has passed since the U.S. Presidential election. Trump has yet to concede this election. Biden has yet to be officially inaugurated as the next U.S. President. This insight is not meant to be a prediction. I do not make an attempt to forecast who will be officially inaugurated as the next U.S. President. Such political predictions is not my expertise.
Nonetheless, the main reason why i am writing this insight is to highlight the numerous cases of similarities of what happened in the US Presidential election in November 2020 and the South Korean Parliamentary election in April 2020. Many of our readers will likely be more familiar with what is happening in the U.S. Presidential election rather than the South Korean Parliamentary election which occurred more than 8 month ago.

Strange Cases of Similarities Between the US Presidential & The South Korean Parliamentary Elections

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

<ul>
<li>EM fund ownership in POSCO sits towards the lower end of the 12-year range.  Having suffered something of a 2-year ownership bear market from mid 2018 onwards, activity started to reverse from May of this year.</li>
<li>Previous investors are buying back in to POSCO, though ownership levels remain well off the previous highs.</li>
<li>As the fundamentals start to match up for a growing number of managers, rising ownership has the ability to drive prices higher from here</li>
</ul>


EM fund ownership in POSCO sits towards the lower end of the 12-year range.  Having suffered something of a 2-year ownership bear market from mid 2018 onwards, activity started to reverse from May of this year.
Previous investors are buying back in to POSCO, though ownership levels remain well off the previous highs.
As the fundamentals start to match up for a growing number of managers, rising ownership has the ability to drive prices higher from here


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/country-garden-services-holdings-company-limited" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">Country Garden Services Holdings (6098 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (HK) (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> and <a href="https://www.smartkarma.com/entities/netease" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> and <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a>. Shorts increased on Industrials, Consumer Discretionary and Real Estate, and decreased on Financials and Information Technology names.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>, <a href="https://www.smartkarma.com/entities/kao-corp" target="_blank" data-smartkarma-citation="entities:12933:1" rel="noopener">Kao Corp (4452 JP)</a>, <a href="https://www.smartkarma.com/entities/central-japan-railway-co" target="_blank" data-smartkarma-citation="entities:13520:1" rel="noopener">Central Japan Railway Co (9022 JP)</a> and <a href="https://www.smartkarma.com/entities/bridgestone-corp" target="_blank" data-smartkarma-citation="entities:8914:1" rel="noopener">Bridgestone Corp (5108 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a>, <a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a>, <a href="https://www.smartkarma.com/entities/toto-ltd" target="_blank" data-smartkarma-citation="entities:11028:1" rel="noopener">Toto Ltd (5332 JP)</a> and <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a>. Sectorally, shorts increased on Consumer Discretionary, Information Technology, Consumer Staples and Industrials, and decreased on Health Care names.</p></div><div><p>In Korea, there were large short positions put on in <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>.</p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a>, <a href="https://www.smartkarma.com/entities/chung-hsin-electric-machinery-mfg-corp" target="_blank" data-smartkarma-citation="entities:3380:1" rel="noopener">Chung Hsin Electric &amp; Machinery Mfg (1513 TT)</a> and <a href="https://www.smartkarma.com/entities/innolux-corp" target="_blank" data-smartkarma-citation="entities:4509:1" rel="noopener">Innolux Corp (3481 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/walsin-technology-corp" target="_blank" data-smartkarma-citation="entities:11084:1" rel="noopener">Walsin Technology (2492 TT)</a>, <a href="https://www.smartkarma.com/entities/epistar-corp" target="_blank" data-smartkarma-citation="entities:6849:1" rel="noopener">Epistar Corp (2448 TT)</a> and <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>.   </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Country Garden Services Holdings (6098 HK), JD.com (HK) (9618 HK), China Mobile (941 HK) and NetEase (9999 HK) while there was short covering on Ping An Insurance (H) (2318 HK), Tencent Holdings (700 HK), Xiaomi Corp (1810 HK) and Semiconductor Manufacturing International Corp (SMIC) (981 HK). Shorts increased on Industrials, Consumer Discretionary and Real Estate, and decreased on Financials and Information Technology names.In Japan, stocks that saw the most shorts were Honda Motor (7267 JP), Kao Corp (4452 JP), Central Japan Railway Co (9022 JP) and Bridgestone Corp (5108 JP) while shorts decreased on M3 Inc (2413 JP), Takeda Pharmaceutical (4502 JP), Toto Ltd (5332 JP) and Casio Computer (6952 JP). Sectorally, shorts increased on Consumer Discretionary, Information Technology, Consumer Staples and Industrials, and decreased on Health Care names.In Korea, there were large short positions put on in LG Chem Ltd (051910 KS), Samsung Electronics (005930 KS), Celltrion Inc (068270 KS) and SK Hynix (000660 KS).Stocks in Taiwan that saw the highest increase in shorts were Largan Precision (3008 TT), Unimicron Technology (3037 TT), Chung Hsin Electric &amp; Machinery Mfg (1513 TT) and Innolux Corp (3481 TT) while shorts were covered on TSMC (2330 TT), Walsin Technology (2492 TT), Epistar Corp (2448 TT) and Novatek Microelectronics Corp (3034 TT).   

Asia Short Interest: JD, NetEase, Xiaomi, SMIC, M3, Toto, LG Chem, Celltrion, Largan, TSMC

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

<p>LG Chem's minimum yr-end dividend is ₩10,000 for ord. That is, we have ₩10,500 for 1P, which delivers a 2.64% div yield.</p><ul><li>December 29, Tuesday, is the ex-rights.</li></ul><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Yield"}'>Yield</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2017}'>2017</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2018}'>2018</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2019}'>2019</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"2020E"}' data-sheets-numberformat='[null,2,"#,##0",1]'>2020E</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Common - DPS"}'>Common - DPS</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩6,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩6,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩2,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩10,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Price"}'>- Price</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":405000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula='=index(googlefinance(Table!R5C2, "price", date(2017,12,27)), 2,2)'>₩405,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":347000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula='=index(googlefinance(Table!R5C2, "price", date(2018,12,27)), 2,2)'>₩347,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":317500}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula='=index(googlefinance(Table!R5C2, "price", date(2019,12,29)), 2,2)'>₩317,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":800000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[20]C[-3]">₩800,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Common - dividend yield"}'>Common - dividend yield</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.014814814814814815}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]">1.48%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.01729106628242075}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]">1.73%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.006299212598425197}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]">0.63%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0125}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]">1.25%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1P - DPS"}'>1P - DPS</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6050}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-3]C[0]+(Table!R26C2*0.01)">₩6,050</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6050}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-3]C[0]+(Table!R26C2*0.01)">₩6,050</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2050}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-3]C[0]+(Table!R26C2*0.01)">₩2,050</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10050}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-3]C[0]+(Table!R26C2*0.01)">₩10,050</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Price"}'>- Price</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":249000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula='=index(googlefinance(Table!R9C2, "price", date(2017,12,27)), 2,2)'>₩249,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":195500}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula='=index(googlefinance(Table!R9C2, "price", date(2018,12,27)), 2,2)'>₩195,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":173000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula='=index(googlefinance(Table!R9C2, "price", date(2019,12,29)), 2,2)'>₩173,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":377000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[19]C[-3]">₩377,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1P - dividend yield"}'>1P - dividend yield</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.024297188755020082}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]">2.43%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.030946291560102302}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]">3.09%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.011849710982658959}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]">1.18%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.026657824933687003}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]">2.67%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Difference"}'>- Difference</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"0.94%p"}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=left(((R[-1]C[0]-R[-4]C[0])*100), 4)&amp;"%"&amp;"p"'>0.94%p</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"1.36%p"}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=left(((R[-1]C[0]-R[-4]C[0])*100), 4)&amp;"%"&amp;"p"'>1.36%p</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"0.55%p"}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=left(((R[-1]C[0]-R[-4]C[0])*100), 4)&amp;"%"&amp;"p"'>0.55%p</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"1.41%p"}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=left(((R[-1]C[0]-R[-4]C[0])*100), 4)&amp;"%"&amp;"p"'>1.41%p</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Difference/1P div yield"}' data-sheets-numberformat='[null,2,"#,##0",1]'>- Difference/1P div yield</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.39026629935720847}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-2]C[0]-R[-5]C[0])/R[-2]C[0]">39.03%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.44125562674161045}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-2]C[0]-R[-5]C[0])/R[-2]C[0]">44.13%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.46840791242558094}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-2]C[0]-R[-5]C[0])/R[-2]C[0]">46.84%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5310945273631841}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-2]C[0]-R[-5]C[0])/R[-2]C[0]">53.11%</td>
</tr>
<tr><td colspan="5" rowspan="1" data-sheets-value='{"1":2,"2":"Source: SEIBro &amp; FnGuide"}' data-sheets-numberformat='[null,2,"#,##0",1]'>Source: SEIBro &amp; FnGuide</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Dividend condition (₩B)"}'>Dividend condition (₩B)</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Type"}'>Type</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Cash"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>Cash</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Frequency"}'>Frequency</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Annually"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>Annually</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date"}'>Record date</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"December 30"}'>December 30</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ex-rights"}'>- Ex-rights</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"December 29 (Tuesday)"}'>December 29 (Tuesday)</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

LG Chem's minimum yr-end dividend is ₩10,000 for ord. That is, we have ₩10,500 for 1P, which delivers a 2.64% div yield.December 29, Tuesday, is the ex-rights.









Yield
2017
2018
2019
2020E


Common - DPS
₩6,000
₩6,000
₩2,000
₩10,000


- Price
₩405,000
₩347,000
₩317,500
₩800,000


Common - dividend yield
1.48%
1.73%
0.63%
1.25%


1P - DPS
₩6,050
₩6,050
₩2,050
₩10,050


- Price
₩249,000
₩195,500
₩173,000
₩377,000


1P - dividend yield
2.43%
3.09%
1.18%
2.67%


- Difference
0.94%p
1.36%p
0.55%p
1.41%p


- Difference/1P div yield
39.03%
44.13%
46.84%
53.11%

Source: SEIBro &amp; FnGuide







Dividend condition (₩B)

Type
Cash


Frequency
Annually


Record date
December 30


- Ex-rights
December 29 (Tuesday)

Source: DART



South Korea

LG Chem Ltd. is a chemical manufacturer.  The Company's products include petrochemicals, plastic resins, and engineering plastics.  LG Chem also produces industrial and electronic materials.

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LG Chem Ltd (051910 KS)

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LG Chem 1P Dividend Play: What to Watch

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