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LG Chemical: Major Turnaround Likely In 2H19


We believe 2Q19 earnings were slightly below consensus, but improved from 1Q19.

Battery shipments, of all types, are likely to increase in 2H19, driving both top- and bottom-line growth.

We maintain BUY and our target price of KRW490,000. LG Chem continues to be our top pick alongside Hanwha Chemical.

LG Chem Korea chemical battery car

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

Additional disclosure: Hyundai Motor Company is a passive shareholder in our bank.