LG Energy Solution ranked 1st in individual net selling last month
Stock price jumps nearly 20%… Performance outlook is cloudy
Individual investors who dumped LG Energy Solution in large quantities on the stock market last month are smiling bitterly. They hastily dumped stocks due to concerns over fires following the electric vehicle chasm (temporary slowdown in demand), but the stock price rose nearly 20% last month alone, showing the opposite of expectations.
According to the Korea Exchange on the 2nd, individual investors sold a net 337.9 billion won worth of LG Energy Solution stocks last month. This is the largest net seller during this period.
As of the first half of this year, individuals have purchased 586.5 billion won worth of LG Energy Solution stocks. They also recorded net purchases for four consecutive months from March to June.
However, in the second half of the year, individuals began to net sell LG Energy Solution. After showing a slight net selling trend in July, they fiercely threw their stocks, ranking first in net selling last month.
There are growing concerns that the slump of battery companies, including LG Energy Solution, in the electric vehicle chasm may last longer than expected, and investor sentiment was significantly damaged when an electric vehicle explosion and fire occurred at an apartment in Cheongna, Incheon on the 1st of last month.
Coincidentally, when individuals switched to net selling, LG Energy Solution’s stock price began to catch fire. LG Energy Solution’s stock price continued to rise from 326,500 won to 324,000 won in July, but then rose sharply, approaching 400,000 won last month. The stock price increase rate last month was 19.75%. Considering that KOSPI plunged from 2,770 to 2,670 during the same period, it is evaluated that the stock price movement was relatively remarkable.
In particular, the average selling price of individual investors who sold LG Energy Solution last month was 355,578 won, which is significantly lower than the previous trading day’s closing price of 388,000 won. If they had held onto the stocks without selling them last month, they would have currently been earning a profit of over 9%.
Meanwhile, the securities industry predicts that LG Energy Solution’s performance estimates will inevitably be lowered for the time being due to the slowdown in demand for electric vehicles this year, but that sales and profitability will rebound in the third quarter as customers’ demand for inventory accumulation increases.
Jeon Hye-young, a researcher at Daol Investment & Securities, said, “LG Energy Solution’s third quarter sales and operating profit are expected to increase 11.7% and 170.7% quarter-on-quarter to KRW 6.8 trillion and KRW 528.9 billion, respectively.” She added, “Shipments in the third quarter are expected to decrease slightly compared to the previous quarter, but a performance rebound is expected as re-stocking demand from European customers increases and the operating rate of the Polish plant recovers.”
Lee Yong-wook, a researcher at Hanwha Investment & Securities, also predicted, “LG Energy Solution plans to begin mass production of 4680 batteries from the end of the third quarter, and is also responding quickly to the fast-growing LFP ESS (lithium-phosphate-iron energy storage system) market.” He added, “Given its high exposure to low-cost electric vehicles, the company’s performance recovery will likely be faster than that of its competitors when the business environment rebounds.”
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2024-09-02 11:45:17