[Click eStock] "OCI Holdings, Expecting Stronger Demand and Better Performance Next Year"
Mirae Asset Securities analyzed on the 6th that the key to OCI Holdings' second-half performance lies in the depletion period of U.S. solar inventory, and expects strong demand to boost next year's results.
Lee Jin-ho, a researcher at Mirae Asset Securities, stated in a report on the same day, "OCI Holdings' valuation applied a 12-month forward price-to-earnings ratio (PER) of 5, which is 50% discounted from the peer average of 10 times considering market conditions," adding, "The valuation is still at an absolutely undervalued level."
Researcher Lee Jin-ho said, "The Malaysian subsidiary OCIM (polysilicon) performed well with a high operating rate of 90% in April and May," and "In the third quarter, OCI Holdings is expected to record an operating profit of 104 billion KRW, a 16% increase from the previous quarter, by selling solar projects to Hyundai Engineering."
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However, it is analyzed that OCIM's profitability is likely to slightly decline as the operating rate is expected to remain around 60% until the end of the second half when U.S. inventory is depleted.
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