REAL-TIME GLOBAL RESEARCH
SOUTH KOREA FIRST TO MARKET
Research evidence excerpt
SOUTH KOREA FIRST TO MARKET
Asia Pacific Equity Research
South Korea First to Market 15 July 2026
Top Stories
Samsung SDI (Sonny Lee) (006400 KS, OW)
2Q preview: Likely ending the OP loss streak after six quarters
Samsung SDI (SDI) is likely to end its six-quarter OP loss streak with a return to positive OP in 2Q driven by: 1) robust BBU
(battery back up unit) earnings (management guides +70% y/y growth this year, momentum continuing in 2Q); 2) stronger EU
EV recovery, supporting a Hungary plant UTR rebound; and 3) FX tailwinds. IEEPA (International Emergency Economic
Powers Act) tariff refunds are a swing factor: SDI has filed for refunds and we estimate ~W120bn potential cash recovery for
tariffs since 2Q25, not in our model yet. Maintain Overweight but cut PT to W630,000 as we roll to 2028E and shift to a 12x mid-
cycle EV/EBITDA; upside remains from BBU/UPS, US ESS growth, and Korea policy support for ESS battery tenders.
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