[Click eStock] "Enox Advanced Materials Benefits from OLED TV Volume Recovery... Target Price Up"
IBK Investment & Securities announced on the 2nd that it has raised the target price for Inox Advanced Materials from 50,000 KRW to 60,000 KRW.
Inox Advanced Materials recorded sales of 120.4 billion KRW in the second quarter. This represents a 48.2% increase compared to the previous quarter, but a 15.8% decrease compared to the same period last year. Operating profit was 20.1 billion KRW, which also increased by 354.1% from the previous quarter but decreased by 37.7% year-on-year.
IBK Investment & Securities expects Inox Advanced Materials' third-quarter sales to increase by more than 20% compared to the previous quarter. This is because sales related to OLED, which are highly seasonal, are projected to increase by more than 30% compared to the second quarter.
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Kim Unho, a researcher at IBK Investment & Securities, said, "We expect benefits from the recovery of OLED TV volumes, and new customer volumes are expected to increase significantly in 2024. Although it is still just anticipation, we also expect positive impacts on future stock price direction from expectations regarding Inox Lithium, and we believe the current stock price has room for further growth."
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