24-C-26 24-8-2 LG (5191) 2, BUY () (2) 368-6155 gjbaik@seosec.co.kr () 24-8-2 BUY (58,) 24-6-16 BUY (59,) 24-4-27 BUY (7,) 24-4-14 BUY (7,) 24-2-3 BUY (7,) 24-1-14 BUY (69,) 23-1-29 BUY (65,) 23-9-1 BUY (66,) 22 5,433.1 14.5 516.4 38.2 345.3 99.7 4,724 8.2 4.7 4.8 23 5,672.5 4.4 479.4-7.2 362.1 4.9 4,955 7.9 4.5 5.1 24E 6,942.1 22.4 594. 23.9 52.7 43.8 7,125 5.5 3.2 3.7 25E 7,65.9 1.2 633.4 6.6 56.8 7.7 7,673 5.1 3.1 3.4 26E 7,957.4 4. 722.1 14. 617.9 1.2 8,454 4.6 2.9 3. 58, (7/3, ) 38,95 () 64,425 (/) 365.4 (7/3) 2,711.2 (7/3, ) 37.27% ()LG 3.% % 2 15 1 5 LG Chem to KOSPI Chemicals index to KOSPI 1/1/2-5 1/1/3 1/1/4 (8 2 8). 7 3 2 E-Mail.
2 15 14.6 1 82.3 11.2 85.6 145.8 142.7 157.8 7.1 156.1 98.3 16.9 118. 169.1 133.9 144.7 146.3 5 1Q1 3Q1 1Q2 3Q2 1Q3 3Q3 1Q4 3Q4E : LG, 23 24 Yearly 1Q 2Q 3Q 4Q 1Q 2QP YoY % 3QE YoY % 4QE 24E YoY % 1,371.5 1,434.1 1,349.8 1,517. 1,69.1 1,754.1 22.3 1,778.9 31.8 1,8. 6,942.1 22.4 1,58.8 1,161.9 1,86. 1,27.4 1,256.2 1,434.5 23.5 1,447.8 33.3 1,459.7 5,598.1 24. 312.7 272.2 263.8 39.6 353. 319.6 17.4 331.1 25.5 34.3 1,344. 16. 156.6 173.9 157.5 191.6 183.9 185.7 6.8 186.4 18.9 194. 75.1 1.5 156.1 98.3 16.3 118. 169.1 133.9 36.2 144.7 35.3 146.3 594. 23.9-14.9-13. 46.3-14.4 4.6-4.5 N/M 34.7-24. 36.6 17.4 3,67.8-2.9-2.1-2.2-16. -17.1-19.5 N/M -2.7 N/M -2.7-78. N/M -7.9 14.8 12.5-2.2 23.3 15.2 3. 1.1-18.9 1.1 58.8 N/M 21.3 7.5 69. 47.2 64.9 49.1 55.7 59.4-13.9 61.8 235.2 62.1-7.4-15.3-15. -25.5-3.5-49.3 N/M -14.1 N/M -14.6-18.5 N/M 141.2 85.3 152.6 13.7 29.7 129.4 51.7 179.4 17.6 182.9 71.4 45.3 141.2 85.3 152.6 13.7 29.7 129.4 51.7 179.4 17.6 182.9 71.4 45.3 38.5 21.6 45.5 15. 56.9 31.7 46.4 53.1 16.7 54.1 195.9 62.3 12.7 63.7 17.1 88.7 152.8 97.7 53.5 126.3 17.9 128.7 55.5 39.6 (EPS, ) 1,45 871 1,465 1,213 2,91 1,337 53.5 1,728 17.9 1,761 6,917 39.6 : LG, 1
23 24 Yearly 1Q 2Q 3Q 4Q 1Q 2QP YoY % 3QE YoY % 4QE 24E YoY % 812.8 822. 778.5 866.2 936.6 988.7 2.3 1,23.9 31.5 1,12.3 3,961.5 2.8 () 447.8 449.7 428. 477.7 527.7 556.4 23.7 561.5 31.2 557.9 2,23.6 22.2 () 365. 372.3 35.5 388.5 48.9 432.3 16.1 462.3 31.9 454.4 1,758. 19.1 473.3 526.9 451.1 58.7 491.7 534.2 1.4 486.3 7.8 488.4 2,.5 2.1 151.8 161.6 178.5 27.2 254.7 34.9 88.7 347.4 94.6 38.5 1,287.6 84.2 1,371.5 1,434.1 1,349.8 1,517.1 1,69.1 1,754.1 22.3 1,778.9 31.8 1,8. 6,942.1 22.4 85.5 25.3 52.8 64.6 11.1 85.6 238.3 85.7 62.4 85.5 366.9 6.8 () 56.1 23.9 39.4 47.8 83.7 71.7 2. 69.8 77.1 69.4 294.6 76.2 () 29.4 1.4 13.4 16.8 26.4 13.9 892.9 15.9 19. 16.1 72.3 18.6 5.3 49. 31.3 32.8 4. 31. -36.7 32.2 2.8 27.1 13.3-2.3 21. 24.9 22.8 27.5 19. 17.3-3.5 26.8 17.5 33.7 96.8.6 156.8 99.2 16.9 118. 169.1 133.9 35. 144.7 35.3 146.3 594. 23.5 1.5 3.1 6.8 7.5 11.8 8.7 8.4 8.4 9.3 () 12.5 5.3 9.2 1. 15.9 12.9 12.4 12.4 13.4 () 8.1.4 3.8 4.3 6.5 3.2 3.4 3.5 4.1 1.6 9.3 6.9 6.4 8.1 5.8 6.6 5.6 6.5 13.8 15.4 12.8 13.3 7.5 5.7 7.7 8.8 7.5 11.4 6.9 7.9 7.8 1.5 7.6 8.1 8.1 8.6 (). : 2
US$/MT 1 US$/MT 14 8 PVC prices (FE Asia) 12 1 ABS prices (FE Asia) 6 8 4 Spreads 1 () 2 Spreads 2 (LG) 1/1/1 1/1/2 1/1/3 1/1/4 6 Spreads 1 (SM ) 4 2 Spreads 2 (SM ) 1/1/1 1/1/2 1/1/3 1/1/4 () Far East Asia. US$/MT 12 1 LDPE prices (FE Asia) 8 6 Spreads 1 () 4 2 Spreads 2 ( ) 1/1/1 1/1/2 1/1/3 1/1/4 () Far East Asia $/MT 2, 1,8 1,6 1,4 1,2 1, 8 6 4 2 9.1 92.1 94.1 96.1 98.1 2.1 22.1 24.1 3
4
24E 6,633.1 1,335.8 61.5 769.6 554.1 7,582 6,942.1 1,355. 594. 723.2 52.7 7,125 4.7 1.4-2.7-6. -6. -6. 22.4 17. 23.9 49.8 43.8 43.8 25E 7,452.1 1,462.3 644.7 799.8 575.8 7,879 7,65.9 1,478.4 633.4 778.9 56.8 7,673 2.7 1.1-1.8-2.6-2.6-2.6 1.2 9.1 6.6 7.7 7.7 7.7 26E 7,879.8 1,554.4 689.3 84.2 64.9 8,277 7,957.4 1,64.8 722.1 858.2 617.9 8,454 1. 3.2 4.8 2.1 2.1 2.1 4. 8.6 14. 1.2 1.2 1.2 : 5
% 7, 52 (24.1.28) 64,2 6, 48 LG () 5, 44 39.73 4, 4 32,65 3, 36 () 2, 32 Won 9, 8, 7, 6, 5, 4, 3, 2, Share prices PCR = 6.5x 5.5x 4.5x 3.5x 2.5x 1, 27.17 (23.11.2) 1/1/1 1/1/2 1/1/3 1/1/4 28 24 1, 1/1/9 1/1/92 1/1/94 1/1/96 1/1/98 1/1/ 1/1/2 1/1/4 1/1/6 6
() () 22 23 24E 25E 26E 22 23 24E 25E 26E 5,433.1 5,672.5 6,942.1 7,65.9 7,957.4 862.7 1,18.9 1,239.4 1,324.5 1,376.3 1,446.3 1,559.4 1,914.5 1,995.5 1,96.7 53.7 729.9 774.3 811.9 843.1 1,356. 1,412.7 1,688.2 1,784.6 1,691.2 149.5 257.4 28.3 191.3 198.9 2,182. 2,1.5 2,42.9 1,989.9 1,941.5 311.1 392.9 475.5 524. 545. 448.8 698.9 1,296.4 1,88.9 2,418.1 7. 77.8 89.4 95.5 98.1 4,313.9 4,514.2 5,587.1 6,172.5 6,352.6 332. 379. 465.1 512.6 533.1 1,119.2 1,158.3 1,355. 1,478.4 1,64.8 2,983.4 3,652.9 4,141.3 4,449.3 4,728.2 62.8 678.9 761. 845. 882.7 586.5 1,32.1 1,334. 1,565. 1,762. 2,259.8 2,461.6 2,617.4 2,665.5 2,719.5 516.4 479.4 594. 633.4 722.1 137.2 159.1 189.9 218.9 246.7 15.5 28.1 381.1 376. 36.2 3,846.1 4,761.7 5,38.7 5,773.9 6,14.5 9.3 8.9 1.6 9.1 8.9 38.4 31.5 75.5 34.5 33.7 1,773.1 1,459. 1,61.8 1,952.2 1,747.1 42.3 145.1 242.4 249.3 26.2 45.2 612.6 547. 6.3 61.2 6.4 22.7 52.7 83.1 111.4 762.7 348.5 499.4 739.9 5.3 187.8 24.7 251.9 23.4 224.2 65.1 497.9 555.4 612.1 636.6 96.8 86. 93.4 91.3 78.2 615.9 1,488.1 1,579.2 1,2.5 1,265. 3.3 32.3 34.9 37.1 4.2 521.3 1,339.1 1,339.3 865. 847.2..... 94.6 149. 239.9 335.5 417.8 6.7 86.4 123.5 12.1 15.8 2,389. 2,947.1 3,181. 3,152.7 3,12.1 479.1 482.8 723.2 778.9 858.2 1,457.2 1,814.6 2,199.7 2,621.2 3,92.5 479.1 482.8 723.2 778.9 858.2 365.4 365.4 365.4 365.4 365.4 133.8 12.7 22.5 218.1 24.3 738.8 739.1 739.1 739.1 739.1 31.3 663.4 1,48.5 1,47. 1,941.2 345.3 362.1 52.7 56.8 617.9 51.7 46.7 46.7 46.7 46.7 (EPS, ) (4,724) (4,955) (7,125) (7,673) (8,454) 3,846.1 4,761.7 5,38.7 5,773.9 6,14.5 () (,, %, ) 22 23 24E 25E 26E 22 23 24E 25E 26E 678.6 593.6 52.8 761.1 836.1 4,724 4,955 7,125 7,673 8,454 345.3 362.1 52.7 56.8 617.9 8,277 8,661 12,116 12,745 13,647 / 259.6 27.9 364.8 37.7 379.6 18,61 22,651 27,499 32,869 38,936 11.7-138.5-355.5-164.7-152.3 1,5 1,75 1,85 1,9 2, -3.3-81.7-82.6-48.5-21. ( (31.8%) (35.3%) (26.%) (24.8%) (23.7%) -78.2-46.9-86.1-47.5-2.5 99.7 27.4-65.6 53.2 9.9 PER 8.6 11.1 5.5 5.1 4.6-37. 99. -9.2-5.6-9. PCR 4.9 6.4 3.2 3.1 2.9 PBR 2.2 2.4 1.4 1.2 1. -319.6-834. -683.6-54.2-514.1 EV/EBITDA 4.8 6.4 3.7 3.4 3. -281.6-52.5-54.4-44.6-42.8 98.9 46.1... 2.6 2.4 19.5 19.3 2.2-97.1-339.2-132.3-56.4-52.7 9.5 8.5 8.6 8.3 9.1-39.7-38.3-46.9-43.2-4.6 8.8 8.5 1.4 1.2 1.8 6.4 6.4 7.5 7.3 7.8 Free cash flow 359. -24.4-162.9 256.9 322.1 EOE 25.3 22.1 25.9 23.3 21.6-34.3 348.2 113.7-273.9-314.4 ROA 9. 7.6 9.7 9.7 1.1-55.2-11.1-128.3-135.6-139.3-282.9 43.6 151.1-233.9-257.4 14.5 4.4 22.4 1.2 4...3... 38.2-7.2 23.9 6.6 14. 33.9 54.4 91. 95.6 82.3 93.5.8 49.8 7.7 1.2 99.7 4.9 43.8 7.7 1.2 54.7 17.9-49.2-17. 7.7 94.9 149.5 257.4 28.3 191.3 EBITDA 86.3 816.5 1,161.7 1,22.8 1,295.6 149.5 257.4 28.3 191.3 198.9 2,769.8 3,755.6 2,711.2 2,711.2 2,711.2 1,134.5 1,43.2 1,63.5 1,413.6 1,148.5 (EV) 3,94.4 5,185.8 4,341.6 4,124.7 3,859.7 23.6.26 3,. 24.7.3 38,95. 7