Shinhan Financial Investment announced on the 3rd that Hansol Chemical will maintain its investment opinion "buy" and target stock price of 350,000 won.
Hansol Chemical's third-quarter sales are expected to exceed the consensus (operating profit of 60.1 billion won) with 205 billion won (+.5% QoQ, +24.5% YoY) and operating profit of 61.5 billion won (+14.2% QoQ, +19.9% YoY). It is predicted that sales of hydrogen peroxide for semiconductors and displays will increase, sales of QD OLED materials will begin, and sales of anode materials binder for secondary batteries and its subsidiary Tapax will lead the performance.
As a result, Shinhan Investment is expected to significantly improve its performance compared to the previous year with fourth-quarter sales of KRW 225 billion (+ 9.7% QoQ, + 41.3% YoY) and operating profit of KRW 58.5 billion (-4.9% QoQ, + 118.2% YoY).
Considering that one-off costs such as bonuses usually occur in the fourth quarter, it can be estimated that it is a significant improvement in performance.
Recently, Hansol Chemical decided to invest 85 billion won in the secondary battery silicon cathode material business. In the second half of 2022, Samsung SDI plans to mass-produce batteries for automobiles equipped with silicon cathode materials, and global secondary battery makers are expected to join.
"The target price will remain at 350,000 won considering the estimated operating profit of 226 billion won and the formalization of investment in the secondary battery silicon cathode material business," Shinhan Financial Investment stressed. "We believe that it is a comfortable stock for mid- to long-term investors.".
Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
