We maintain BUY and our six-month-forward target price of KRW110,000 (1.3x 2018F BPS
attributable to controlling interest).LGE reported consolidated preliminary sales of KRW15.2tn for 3Q,
beating our estimate by 2.7%, and its operating profit was 14.2% above our forecast at KRW516.1bn.
The stronger-than-anticipated sales have to do with higher-than-expected home appliance
shipments and TV set ASP. Home appliance sales jumped 10.9% YoY to KRW4.7tn.
LG Electronics Co. is a holding company that operates through three companies: Digital Display, Digital Appliance, and Digital Media. Co. is engaged in electronics and telecommunications operations. Co. focuses on Digital TV, CD-RW, DVD, CD-ROM, DVD-ROM Drives, PCs, Monitors, Mobile Handsets, CRTs and PDPs.
Hyundai Motor Investment & Securities is the investment banking arm of the Hyundai Motor Group. The company offers stock brokerage and advisory services; derivative products brokerage and advisory services; wrap account portfolio management services; and VIP wealth management and tax planning, institutional equities, derivatives, and futures brokerage services, as well as sells investment and institutional products. It also provides equity offering, ABS, real estate PF and real estate PF securitization, offshore SOC, structured financing, asset securitization, real estate sales, IPO advisory, and private equity fund and fund management services; and CMA/RP portfolio management and fixed income based investments, as well as involved in the issuance, management, and brokerage of OTC derivatives. In addition, the company offers research services, including macro economic forecasts and stock market outlook, industry overviews and forecasts, fixed income strategies, corporate credit analysis, and valuation analysis. Further, it offers a range of retirement and pension services for individuals and corporate members; portfolios and asset allocation consulting and marketing services; proposing retirement pension plans; contract and payment management services; pension plan advisory and actuarial services; and system development and implementation services, as well as operates call centers for retirement pension services, etc.
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