[KR-2차전지] 10/28 Korea Market Insights

As a senior equity analyst, I evaluate the recent news flow for **LG Energy Solution (LG엔솔)** as predominantly positive, driven by technological diversification and structural earnings growth.

Key drivers include the strategic preparation for mass production of next-generation batteries utilizing (affordable manganese) to enhance price competitiveness, alongside major commercial wins such as supplying batteries to (Mercedes-Benz). Furthermore, robust performance in the (Energy Storage System – ESS) sector is alleviating concerns over the automotive EV slowdown, prompting upward revisions in forward earnings estimates.

As a senior equity analyst, I evaluate the recent news flow surrounding (Ecopro BM) with a balanced outlook. The company has secured vital supply contracts for major European OEMs like BMW and Mercedes-Benz through its partnership with Samsung SDI, highlighting solid long-term fundamentals and European market demand. However, these positive catalysts are tempered by the impending execution of a massive (rights offering) valued at approximately 886.1 billion KRW, with the final issue price set at 89,500 KRW. While the subscription rate and potential (oversubscription) will serve as critical near-term indicators of investor sentiment amid North American market sluggishness, the upcoming Q3 earnings announcement will also be pivotal in determining short-term stock price direction.

As a senior equity analyst, I evaluate the recent strategic developments for (POSCO Future M) as a major turning point for its portfolio diversification and long-term earnings growth.

The company has successfully secured a massive (6 trillion KRW, 6-year LFP cathode supply contract) with (Samsung SDI), validating its technological competitiveness in the affordable battery segment. Furthermore, with the scheduled (year-end mass production of LFP cathodes) and strategic expansion in (Vietnam’s anode material facilities), POSCO Future M is effectively mitigating reliance on high-end NCM chemistry and strengthening its supply chain resilience amid evolving global EV market dynamics.

As a senior equity analyst, the recent strategic developments for L&F present a compelling investment thesis for a potential turnaround.

The most critical catalyst is (LG Energy Solution contract) for trillion-won scale (LFP cathode materials), which diversifies the company’s product portfolio beyond its traditional high-nickel chemistries. This move mitigates reliance on high-end EV segments and aligns with the surging demand for affordable EV batteries. Furthermore, L&F’s pioneering (High-nickel technology), combined with recovering demand from (Tesla) and new growth drivers in the (Energy Storage System – ESS) market, positions the company well to overcome current profitability pressures and re-accelerate top-line growth.

As a senior equity analyst, I evaluate Samsung SDI’s recent news flow as a net positive catalyst for the company’s near-term outlook. Despite macroeconomic uncertainties in the global electric vehicle (EV) sector, Samsung SDI is demonstrating resilience supported by robust Q3 earnings expectations and strategic product diversification.

The primary driver is the company’s expanding portfolio, highlighted by the first-time public unveiling of its (cylindrical LFP batteries) [1]. This move allows Samsung SDI to target the high-growth, cost-sensitive entry-level EV segment effectively. Furthermore, strong demand for (Energy Storage Systems, ESS) is acting as a crucial buffer, successfully offsetting the temporary EV demand slowdown and driving positive Q3 earnings momentum alongside key clients like BMW and Mercedes-Benz [2, 4].