Source Facts: IBK Securities / 2026. 06. 25
Investment Rating & Target Price: BUY (Maintained) / 20,000 KRW
Key Momentum: Expansion of mobile P-OLED shipments and fundamental business improvements through restructuring centered on OLED.
📊 1. [Valuation and Investment Indicator Analysis]
- Investment Rating: BUY (Maintained)
- Target Price: 20,000 KRW (Maintained)
- Financial Facts (2026F):
- Operating Profit: 1.2 Trillion KRW (YoY +132.9%)
- EPS: 191 KRW
- PER: 63.8x
- PBR: 0.9x
- EV/EBITDA: 3.7x
🚀 2. [Market Opportunity (TAM) and Detailed Earnings Estimates]
- Drivers for Second-Half Performance:
- 3Q26 Revenue is estimated at 7.0 trillion KRW (YoY +0.6%) with an operating profit of 510.9 billion KRW (YoY +18.6%).
- Mobile P-OLED shipments are projected to hit a record high of over 80 million units.
- Expectations include a seasonal peak due to upcoming client product launches and a competitive edge over Chinese panel manufacturers.
- Business Transformation:
- Reductions in losses are expected through IT OLED Fab optimization and a shift toward high-profit LCD products.
- Continued capital expenditure for new facilities is planned to defend market share with North American clients.
📝 Editor’s Comment (by K-STOCK Editor)
In the short term, LG Display is expected to record an operating loss of 115.5 billion KRW in the second quarter due to one-off costs related to restructuring and voluntary retirement. However, if these non-recurring factors are excluded, the underlying operating profit is clearly trending toward recovery. The most notable takeaway is that the target of achieving an annual operating profit in the trillion-won range for the first time in five years remains intact. The expansion of mobile P-OLED volume in the second half will serve as the core engine for performance improvement, and the key observation point will be whether the company can solidify its position in the high-end market as its transition to an OLED-centric business model accelerates.
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