[Click eStock] "EcoPro BM, Continued Earnings Slump... Investment Opinion 'Neutral'·Target Price Down"
Yuanta Securities lowered its investment opinion on EcoPro BM to 'Neutral (HOLD)' on the 30th and also revised the target price down from 340,000 KRW to 252,000 KRW.
EcoPro BM is estimated to record sales of 1.7 trillion KRW and an operating profit of 28.3 billion KRW in the fourth quarter. Compared to the same period last year, sales decreased by 15%, and operating profit sharply dropped by 70%. Due to the decline in lithium prices leading to a decrease in the average selling price (ASP) and inventory adjustments by customers in the fourth quarter, poor performance is expected to continue in the fourth quarter following the third quarter.
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Demand uncertainty remains high for next year. Researcher Anna Lee of Yuanta Securities stated, "Profitability is expected to be weak due to the slowdown in customer demand in 2024 and the decline in ASP caused by falling lithium prices," adding, "The current stock price is trading at a high valuation."
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