摩根斯坦利：韩国汽车电池行业研究报告2009年9月

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September 22, 2009
Korean Auto Batteries
HEV/EV Opens New Era for
Battery Makers
What's Changed
LG Chem
Rating: From EW to OW
PT: From W140,000 to W310,000
Samsung SDI
Rating: From EW to OW
PT: From W99,000 to W210,000
We upgrade LG Chem and Samsung SDI to
Overweight. Green car batteries are being highlighted
as an alternative energy source around the globe.
Automobile companies have either rolled out hybrid
electric vehicles (HEVs)/electric vehicles (EVs) or plan
to launch them in the near future. Automakers are
selecting battery makers as strategic partners; earnings
upside is promising, given the potential growth of battery
demand. We believe the current share prices for LG
Chem and Samsung SDI do not fully reflect potential
value from auto batteries. Our new price targets offer
40% and 28% upside potential, respectively. LG Chem
is our top pick among the battery-related stocks, based
on earnings visibility and more compelling valuation.
What's new: We project a 52% CAGR for global auto
battery demand from 2012 to 2018, and view LG Chem
and SDI as the main beneficiaries. Both have developed
lithium ion batteries for HEV/EVs and have already
signed sales contracts with major automakers. LG
should enjoy first-mover advantage, followed by SDI.
They should capture significant global market share.
Where we differ: Despite strong recent share price
performance, we see further upside in both LG Chem
and SDI given the potential from their HEV/EV battery
businesses. Our price targets for both are now among
the highest on the Street; we cite our greater assumption
for the size of the HEV/EV battery market.
What’s next: As there are a limited number of proven
lithium ion battery makers, LG Chem and SDI are likely
to sign additional contracts with global automakers in the
near term. This should provide another trigger for
additional share price outperformance.

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