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    A032830   KR7032830002

SAMSUNG LIFE INSURANCE CO., LTD.

(A032830)
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LG Energy Solution seeks nod for IPO that IFR says may raise $10-$12 billion

06/09/2021 | 04:19am EDT

SEOUL (Reuters) - Auto battery maker and Tesla Inc supplier LG Energy Solution (LGES) applied for preliminary approval of an initial public offering (IPO) that publication IFR said could raise $10 billion-$12 billion in South Korea's biggest ever listing.

LGES and the Korea Exchange announced the application for approval of the previously flagged IPO on Tuesday, without mentioning its size. IFR reported the potential size earlier in June, citing people close to the deal.

LGES, wholly owned by LG Chem Ltd from which it was carved out last year, said the IPO was planned for 2021. A spokesperson declined to comment on the IPO size on Wednesday and said it will be decided taking into account the company's future capital expenditure and financial structure.

A $10 billion-$12 billion IPO would be more than double the current biggest ever listing in South Korea - the 2010 IPO of Samsung Life Insurance, which was worth 4.9 trillion won ($4.39 billion).

It would also come in a banner year for listings of companies operating in South Korea that has already seen the $4.6 billion U.S. IPO of Coupang and the $2 billion domestic float of SK IE Technology Co Ltd.

LGES is one of the world's top electric vehicle (EV) battery makers, supplying Tesla and General Motors Co.

The IPO plan comes as global sales of battery-powered electric cars are expected to have reached nearly 2.5 million in 2020 and are set to rise by 70% in 2021, according to IHS Markit.

"With automakers racing towards electrification and investors seeing it as the auto industry's next big growth opportunity, LGES' IPO will likely attract strong demand," said Cho Hyun-ryul, an analyst at Samsung Securities.

LGES said it plans to use the proceeds of the IPO to secure business competitiveness and expand its facilities in response to the growing market demand for EVs.

Analysts said the funds could be used especially for its investment in battery production in the United States.

In March, LGES announced plans to invest more than $4.5 billion in its U.S. battery production business by 2025.

($1 = 1,115.6000 won)

(Reporting by Heekyong Yang; Additional reporting by Joyce Lee; Editing by Kirsten Donovan, Louise Heavens and Muralikumar Anantharaman)

By Heekyong Yang and Joyce Lee


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COUPANG, INC. -0.81% 39.41 Delayed Quote.0.00%
GENERAL MOTORS COMPANY -2.20% 58.76 Delayed Quote.41.11%
IHS MARKIT LTD. -2.34% 108.19 Delayed Quote.20.44%
LG CHEM, LTD. -1.56% 822000 End-of-day quote.-0.24%
LG CORP. -0.48% 103500 End-of-day quote.7.83%
SAMSUNG ELECTRONICS CO., LTD. -0.49% 80500 End-of-day quote.-0.62%
SAMSUNG LIFE INSURANCE CO., LTD. -1.48% 80000 End-of-day quote.1.14%
SAMSUNG SECURITIES CO., LTD. -1.00% 44700 End-of-day quote.10.51%
SK IE TECHNOLOGY CO., LTD. 1.28% 158000 End-of-day quote.0.00%
TESLA, INC. 1.09% 623.31 Delayed Quote.-11.67%
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Financials
Sales 2021 18 454 B 16,3 B 16,3 B
Net income 2021 1 796 B 1,58 B 1,58 B
Net Debt 2021 - - -
P/E ratio 2021 8,26x
Yield 2021 4,86%
Capitalization 14 366 B 12 646 M 12 671 M
Capi. / Sales 2021 0,78x
Capi. / Sales 2022 0,79x
Nbr of Employees 5 122
Free-Float 36,1%
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Technical analysis trends SAMSUNG LIFE INSURANCE CO., LTD.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 19
Average target price 102 842,11 KRW
Last Close Price 80 000,00 KRW
Spread / Highest target 62,5%
Spread / Average Target 28,6%
Spread / Lowest Target -6,25%
EPS Revisions
Managers and Directors
NameTitle
Young-Muk Jeon President, Chief Executive Officer & Director
Kyung-Bok Lee Managing Director, Head-Finance & Economy
Jong-Wook Jung Senior MD, Head-Legal & Compliance Support
Kyung-Wook Heo Independent Director
Yun-Gu Kang Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
SAMSUNG LIFE INSURANCE CO., LTD.1.14%12 646
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METLIFE, INC.24.17%51 037
PRUDENTIAL FINANCIAL, INC.25.04%38 462
MANULIFE FINANCIAL CORPORATION6.31%37 488