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Tue, February 7, 2023 | 00:50
Tech
Shares of battery makers soar on positive outlook
Posted : 2018-09-19 16:33
Updated : 2018-09-19 18:39
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By Jun Ji-hye

Shares of LG Chem and Samsung SDI have been going up as brokerage houses rush to issue positive outlooks for the electric vehicle (EV) market.

LG Chem and Samsung SDI operate electric vehicle battery plants in Korea, China and other countries.

Samsung SDI's share price rose 0.59 percent to 256,500 won ($229), Wednesday, showing an upward trend for four consecutive days. The KOSPI closed at 2308.46, down 0.52 points, or 0.02 percent, from the previous day.

LG Chem also saw a surge in its stock price for five consecutive days Tuesday, with its share price rising 3.67 percent to 367,000 won. On Wednesday, the share price fell slightly to 360,000 won.

Kim Hyun-soo, an analyst from Hana Financial Investment said an increase in stock prices of battery makers and related businesses is expected to continue for a while, saying, "Profits will be created in earnest as the EV market grows."

Kim said Samsung SDI and LG Chem, which are in the upper ranks of global companies, are expected to accelerate the improvement of their performance by expanding production of medium- and large-sized batteries in response to rapidly growing demand.

Sohn Young-joo, an analyst with Kyobo Securities, noted that a decrease in prices of source material for batteries and the improvement of production efficiency will promote favorable profitability of battery makers.

"Considering its growth potential, the stock price of Samsung SDI seems to be undervalued now," Sohn said.

The analyst also said, "Value of the EV battery business will be reflected in the stock price of LG Chem to the maximum."

Meanwhile, an official from LG Chem said the firm will continue to nurture its EV battery business, saying, "We are seeking to achieve 8 trillion won in sales in the battery unit alone when the EV market is expanded further with the release of third-generation EVs in 2020."


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