[Click eStock] "LG Innotek, Second Half Performance Improved Compared to First Half"
Daishin Securities Report
Daishin Securities analyzed on the 23rd that LG Innotek's stock price could rise thanks to increased sales of the new iPhone model scheduled for release this year. The investment opinion 'Buy' and the target price of 380,000 KRW were maintained.
Park Kang-ho, a researcher at Daishin Securities, stated, "LG Innotek's closing price on the previous day rose 9.3% compared to the end of last month, showing a relatively higher increase compared to other major IT companies," and added, "Considering the increase in Apple’s iPhone 15 sales and automotive-related component sales in the second half of this year, the stock price could rise further."
Park explained, "Sales in the second half of this year are expected to reach 12.9 trillion KRW, and operating profit 934.7 billion KRW, increasing by 66.9% and 948% respectively compared to the first half," and added, "Sales for the initial launch of the iPhone 15 are pre-reflected, so performance is likely to improve more than other IT companies such as semiconductor and display sectors."
LG Innotek plans to newly supply Apple with folded zoom cameras and optical image stabilization (OIS) components for the production of the iPhone 15 series. OIS sales are estimated at 455.2 billion KRW this year and 916 billion KRW next year.
He said, "Operating profit from automotive components turned positive in the first quarter of this year," and added, "Orders for motor sensors and vehicle communication parts targeting automobiles are steadily increasing, so further profitability improvement is expected."
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He also added, "Based on LG Innotek’s earnings per share this year, the PER (price-to-earnings ratio) is 9.3 times, which is low compared to other IT companies," and said, "Considering the expansion of sales in the automotive sector and the prospect of turning profitable, the corporate value attractiveness is high."
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