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Shinhan Securities Names Soulbrain Top Pick, Citing Q3 Profitability Rebound
Electronic Technology · Semiconductors · yonhap_finance · 2026-08-31
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Shinhan Securities maintains a 'Buy' rating on Soulbrain, projecting a strong profitability recovery starting in Q3 driven by semiconductor growth and new projects.
What Happened
Earnings Outlook: Shinhan Securities expects Soulbrain to see a significant recovery in profitability starting in the third quarter, following a second-quarter performance that fell short of market expectations. The firm projects strong growth in both revenue and operating profit, potentially surpassing the 200 billion won mark for the first time in four years.
Growth Drivers: The company is benefiting from increased semiconductor volumes and improved pricing power in the second half of the year. Additionally, the upcoming construction of the Taylor plant in the U.S. and rising utilization rates in the secondary battery division are expected to reduce losses and boost overall margins.
Capacity Expansion: Soulbrain has successfully increased its semiconductor production capacity by 20% year-on-year through automation and process optimization. This expanded capacity serves as a solid foundation for consistent, linear growth in output moving forward.
Investment Stance: Analysts maintained a 'Buy' rating and a target price of 554,000 won for Soulbrain. The stock was designated as a top pick in the materials sector, bolstered by long-term growth expectations surrounding the company's glass substrate business slated for 2027.
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