LG Ensol, 6% drop in early market as mandatory commitments were lifted… Operating profit in the first quarter was 24%
LG Energy Solutions plunged more than 6% in the early market on the 27th and fell below 400,000 won. It is interpreted that the stock price fell as the volume of the three-month protection deposit was released in large numbers as of today. LG Energy Solutions ended the market with a decline for the past three consecutive trading days due to such concerns.
Compulsory holding commitment is a system that makes it mandatory for institutional investors to hold stocks of newly listed companies without selling them for a certain period of time. Institutions can receive more IPO shares (preferential allocation of IPO shares) through the mandatory holding commitment. The mandatory holding commitment is set in units of 15 days, 1 month, 3 months, and 6 months, and the 6-month supply is 9,96,365 shares. The six-month mandatory holding contract is expected to be released in July.
At the time of the public offering, LG Energy Solutions had a large amount of compulsory holdings and a small amount of distribution immediately after listing. Of the 23,375,000 shares allocated to institutions by LG Energy Solution, 58.3% (136,29,028 shares) had a mandatory holding commitment. Of these, 1,872,911 shares were released on the market today due to the cancellation of the three-month mandatory holding commitment, accounting for 8.0% of the amount allocated to institutions.
As of 10:45 am, LG Energy Solution was traded at 410,000 won, so the selling institution was able to get a 37% profit from the public offering price of 300,000 won. In fact, on February 28, when the one-month commitment was released, both institutions and foreigners net sold 63.2 billion won and 59.9 billion won, respectively, and closed at 412,000 won, down 1.9% from the previous day.
However, the stock market expected the share price to rise based on the long-term growth potential of LG Energy Solutions. According to FnGuide, a financial information company, the average target price of LG Energy Solution announced by securities companies in the past three months is 543,400 won. Hyundai Motor Securities and Kiwoom Securities offered the highest price of 640,000 won.
Dong-jin Kang, a researcher at Hyundai Motor Securities, said, “As the economic feasibility of electric vehicles has grown due to high oil prices and the cost burden has been easing due to the recent signal of falling lithium prices, LG Energy Solution’s brisk performance will continue into the second quarter.” Baek Young-chan, a researcher at KB Securities, said, “LG Energy Solution is positive for high growth through differentiated technology and aggressive capacity expansion, as well as expansion of synergy with LG Group.” It will outperform,” he explained.
Meanwhile, LG Energy Solution held a performance presentation this morning and announced that it recorded 4.34 trillion won in sales and 258.9 billion won in operating profit in the first quarter of this year. Compared to the first quarter of last year, sales increased by 2.1% and operating profit decreased by 24.1%. The operating profit margin was 6%. As of 11 am, LG Energy Solution is trading at 417,000 won, down 1.53% from the previous day.
[ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]