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LG Electronics: Unlike Earnings, Shares To Go Low In 1H And High In 2H

Summary

Maintain BUY and our six-month-forward target price of KRW143,000.

LGE’s 2Q18 consolidated sales will come in at KRW15.8tn, similar to our previous estimate.

Structural growth of margins will continue, because product quality and energy efficiency are key criteria for consumers when they purchase home appliances with long product cycles.

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