Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

LG Chem: To Issue Exchangeable Bonds Worth US$2 Billion

Samsung SDI (006400KS): Controversy on Battery Fire Impacting Reputation and Financial Performance

LGES: Slowing Sales in Europe & A Turning Point in Momentum for Korean Rechargeable Battery Sector?

CATL & BYD's Hybrid Sodium-Ion/ Lithium-Ion Batteries to Take Away Share from Korean Battery Makers

Nationalization of Lithium Industry in Chile - Impact on Korean Rechargeable Batteries Value Chain

A Pair Trade Between LG Chem & LG Energy Solution

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>After the market close on 16 June, it was reported in the local media that LG Chem is close to selling about 2 trillion won worth of LG Energy Solution.</li>
<li>This block deal sale is likely to pose overhang on more stake sales of LG Energy Solution (about 10% stake) in the next 3-5 years.</li>
<li>Our NAV valuation analysis of LG Chem suggests an implied price of 1,057,770 won per share, which is 41% higher than current share price.</li>
</ul>


After the market close on 16 June, it was reported in the local media that LG Chem is close to selling about 2 trillion won worth of LG Energy Solution.
This block deal sale is likely to pose overhang on more stake sales of LG Energy Solution (about 10% stake) in the next 3-5 years.
Our NAV valuation analysis of LG Chem suggests an implied price of 1,057,770 won per share, which is 41% higher than current share price.


LG Chem: Considering a Block Deal Sale of About 2 Trillion Won of LG Energy Solution: A Big Overhang