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【出版时间及名称】：2010年4月韩国电子材料行业研究报告
【作者】：Mirae Asset
【文件格式】：pdf
【页数】：31
【目录或简介】：
Unhindered growth track
We expect LG Chem and Cheil Industries, Korea’s largest electronic material companies, to continue outperforming the market backed by several growth drivers. Electronic materials demand is rising steadily with growing demand in upstream LCD/semiconductor industries, further backed by government policy. Meanwhile the market pie is expanding as Japanese competitors shift their focus to rechargeable battery and solar cell materials. Keep an eye out for widening short-term demand and increased visibility in long-term growth potential for our two picks. We raise our 12-month target prices for LG Chem to W330,000 and for Cheil Industries to W87,000.
Stocks for action See the last page of this report for important disclosures
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High upstream demand driving growth in related materials
An advent of new applications like iPad has been driving memory demand while LCD TV globally is set to post a 12.4% CAGR through 2013 buoyed by strong growth in Asia and emerging markets. Demand growth in the above industries will stimulate demand growth for electronic materials such as polarizer film and glass substrate, going forward.
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Korea’s growing dominance in memory/LCD to benefit exclusive materials suppliers
Korean companies’ growing competitiveness in global memory, LCD panel and TV markets should greatly benefit their exclusive or vertically integrated materials suppliers. We see Cheil’s polarizer film business rising to W2tn on increased supply to Samsung Electronics and Taiwanese panel makers, while LG Chem’s glass substrate unit should reach W3tn (equal to its captive market) on increased annual parts purchasing by LG Display.
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Government policy backing – WPM could be a key catalyst
The Ministry of Knowledge Economy announced an investment of W1tn in world premier materials (WPM) by 2018 and W200bn in 20 key parts materials. In chemicals, watch membrane materials, plastic substrate (for flexible display), rechargeable battery materials, longer term; and the photoresist market (for semiconductors), near to mid term.
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Re-rating of electronic material majors to continue
We stay long-term overweight on LG Chem and Cheil Industries and expect their valuation premiums to sustain in the foreseeable future backed by 1) the persistent demand upswing in related upstream industries and 2) the immense growth potential of the rechargeable battery and glass substrate industries which are still in their initial stages.
CONTENTS
Unhindered growth track 1
High demand in upstream industries driving growth in related materials 3
Diverse applications to further drive memory demand 3
Improved semis outlook to continue benefiting materials makers 4
Global LCD TV market on the cusp of rapid growth 5
Growth at Korea’s tech majors to benefit exclusive domestic material suppliers 6
Close ties with material makers key to memory/LCD/TV manufacturers’ competitive edge 6
LCD materials market still has room to grow 7
Shift in Japanese peers’ focus to energy materials is an opportunity 8
Government policy backing – WPM a new catalyst 11
Massive investment announced in Korea’s materials sector 11
Watch electronics materials, short term; energy materials, long term 11
Electronics material majors’ re-rating to continue 12
Valuation premium to peers is justified by high growth potential 12
COMPANY SECTION
LG Chemical (Target price raised; BUY): Long-term growth more visible 14
Target price upgraded to W330,000 from W250,000 14
1Q10 operating profit at W652.4bn, net profit at W517.7bn 15
Expect to see a turnaround in petrochemicals 15
GM Volt to spark strong momentum in the battery market in 2H10 15
Cheil Industries (Target price raised; BUY): New chapter in the electronic parts business 21
Target price raised to W87,000 from W74,000 21
1Q10 operating profit to reach W74.8bn 21
Electronic parts business’s lofty premium to sustain 22
Polarizer film market share to rise to 15-20% 22
Steady memory market growth to drive materials demand 23
Analyst team profile 29
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