KB Securities analyzed on the 19th that Samsung SDI's stock price will decline due to a limited rebound in electric vehicle battery performance and a decrease in per-share value caused by a capital increase. The target price was lowered from 280,000 won to 240,000 won, and the investment opinion remains 'buy.'
Lee Chang-min, a researcher at KB Securities, noted, 'Even considering the U.S. advanced manufacturing production tax credit (AMPC), we have expanded the estimated losses due to per-share value dilution from the capital increase and weak demand in Europe and North America.'
KB Securities estimated that Samsung SDI's second-quarter sales would decline by 21% year-on-year to 3.5 trillion won, while operating profit is expected to turn into a loss, projecting an operating loss of 193.8 billion won. The researcher assessed, 'While better than the worst performance recorded in the first quarter, the rebound is limited compared to market expectations.'
He added, 'The point at which Samsung SDI's quarterly performance turns to profit is estimated to be in the fourth quarter of 2025, when demand for prismatic electric vehicle (EV) batteries expands in Europe, and maximum quarterly energy storage system (ESS) performance is expected.'