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Innox Advanced Materials (034220.KS)

Summary

We initiate coverage on Innox Advanced Materials with BUY and a target price of KRW79,000.

The key investment points are: 1) OLED materials still remain the company’s key earnings driver.

2) the declining dependence on FPCB, which has been weighing on overall margins, should lead to growth in both the top and bottom lines.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.