[Special Stock] LG Chem Posts Strong Q3 Results... Up Over 4%

[Asia Economy Reporter Kwon Jaehee] LG Chem is showing strong performance in the early trading session. This is interpreted as the stock price rising due to strong third-quarter earnings despite a sluggish market environment.

As of 9:24 AM on the 1st, LG Chem is trading at 654,000 KRW on the KOSPI, up 4.47% compared to the previous trading day.

The main reason behind LG Chem's stock price increase is its strong third-quarter performance this year. LG Chem announced in a disclosure yesterday that it recorded sales of 14.1777 trillion KRW and an operating profit of 901.2 billion KRW. This represents a 34% and 24% increase respectively compared to the previous year.

LG Chem CFO (Chief Financial Officer) Cha Dongseok stated, "There was an impact on profitability due to the worsening petrochemical market conditions caused by the global economic downturn. Nevertheless, we achieved solid consolidated results by increasing sales and profitability in new growth engines such as advanced materials and energy solutions."

Accordingly, the securities industry is also raising its outlook on LG Chem. On the same day, Samsung Securities raised LG Chem's target stock price from 710,000 KRW to 780,000 KRW, and DB Financial Investment also raised its target price to 830,000 KRW.

Han Seungjae, a researcher at DB Financial Investment, said, "We are raising the target price to 830,000 KRW reflecting the upward revision of profit estimates for advanced materials and the increase in market capitalization of LG Energy Solution. The profit scale of advanced materials has surpassed that of chemicals, and mid- to long-term growth is expected to remain solid, while chemicals are expected to gradually rebound from the worst market conditions."

This content was produced with the assistance of AI translation services.