实时全球研报

SOUTH KOREA FIRST TO MARKET

发布日期: 2026-07-14研究机构: JPMorgan报告页数: 5原文语言: English证据页码: 1

研报英文原文证据摘录

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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