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Shinhan Securities Cuts Vitzrocell Target Price Amid Profitability Concerns
Electronic Technology · Electronic Components · yonhap_finance · 2026-09-03
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Shinhan Securities lowered its target price for Vitzrocell to 45,000 KRW, citing potential profitability headwinds from currency volatility and a warehouse fire.
What Happened
Target Price Adjustment: Shinhan Securities has revised its target price for Vitzrocell downward from 70,000 KRW to 45,000 KRW, citing growing concerns over second-half profitability. Despite the cut, the firm maintained a 'Buy' rating, noting that the stock has undergone a significant correction from its recent highs.
First-Half Performance: Vitzrocell reported first-half revenue of 144.4 billion KRW and an operating profit of 39 billion KRW, meeting market expectations. Growth was primarily driven by core products such as high-temperature batteries and ampoule/thermal batteries, despite some one-off labor costs in the second quarter.
Risk Factors: Analysts identified the recent battery warehouse fire and ongoing foreign exchange volatility as key risks for the latter half of the year. While the firm noted that there is no major disruption to production schedules, these factors remain critical variables for future earnings.
Growth Outlook: The research team suggested that the current valuation reflects a loss of new business premiums, signaling a need for a more sustainable business model. They believe that if the company can demonstrate revenue contributions from its 'rising star' product lines, it will regain investor confidence and valuation premiums.
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