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March 29, 2024

[EQUITIES] ‘Lotte Chem to miss Q2 market estimates’

PUBLISHED : June 27, 2017 - 14:15

UPDATED : June 27, 2017 - 14:15

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[THE INVESTOR] Lotte Chemical will miss market expectations in the second quarter, said Kyobo Securities on June 27, lowering the target price to 460,000 won (US$404.82) from 510,000 won.




As the price of butadiene plunges and that of ethylene stabilizes, its earnings will decline dramatically, said analyst Son Yeong-ju, adding that the delayed orders of clients pushed down prices.

Its second-quarter operating profit will be slashed to 580.3 billion won, down 234.9 billion won from the previous year and 11.8 percent lower than analysts estimates, according to Son.

Its previous earnings which were below par have returned to normal, explained the analyst estimating that the firm could generate quarterly operating profit between 600 billion won and 650 billion won.

Son suggested a “buy” recommendation saying that its stocks are currently undervalued. 

By Hwang You-mee (glamazon@heraldcorp.com)

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