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[Alpha Biz=(Chicago) Reporter Paul Lee] Hyundai Motor Securities decided on the 21st that LG Innotek is seeing a significant drop in market returns due to concerns over exaggerated iPhone 15 sales. The target stock price dropped from 360,000 won to 318,000 won, and the investment opinion 'buy' was maintained.
Hyundai Motor Securities estimated that LG Innotek's operating profit for optical solutions fell 29.2% year-on-year last year. However, operating profit of optical solutions in the second half of the year when the iPhone 15 was released increased by 21.6% year-on-year. In the second half of 2023, iPhone sell-out shipments topped the list for the first time, beating Samsung Electronics, and iPhone shipments in the Chinese market in the fourth quarter increased by 48.0% compared to the previous quarter.
Hyundai Motor Securities pointed out that the iPhone's excess growth is still underway. He judged that concerns that the iPhone is sluggish are exaggerated, given that Sony, which exclusively supplies image sensors (CIS) to Apple, raised its CIS sales forecast by 0.7% based on FI.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
