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051910.KRX
LG Chemicals
Materials · Commodity Chemicals

South Korean diversified chemical company producing petrochemicals, advanced materials, batteries for electric vehicles, and life sciences products.

HQ: South KoreaListed: South Korea

Historical AI Opinions

Audit every published iPulse AI forecast batch and immutable historical research document for LG Chemicals.

Historical AI ConsensusHistorical AI Opinions

LG Chemicals (051910.KRX) AI OPINIONS & ADVISOR ANALYSIS

Read and compare the 14 individual AI Advisor deep-dive reports, including their forecast paths, ratings, price targets, and reasoning.

Updated on 20 September 2026Deep analysis 20 September 2026

PublisherRusslan Ramdowar
25 min readAudit All Past Forecasts

1. Investment Thesis — Base Case

The central tension is that investors own a cracker business and a battery empire in one share line, and the market refuses to pay for the second. Base case: petrochemicals bottoms with state-subsidised capacity closure, LGES earnings recover on ESS rather than EVs, and the discount grinds from roughly 75% toward 60% as Korea's governance reform forces disclosure and the first stake tranche is monetised. turns positive around 2028, enabling the reviewed buybacks and a rising dividend [14]. Progress is uneven; the discount narrows in steps around disclosure events, not smoothly.

  • Financial anchor: FY2025 of negative KRW 5.62tn narrows toward breakeven by 2028 as falls to KRW 1.7tn.
  • Valuation link: 0.60x book re-rating toward 0.85-0.95x delivers most of the projected five-year price appreciation.
  • Scale cross-check: LGES stake at KRW 65-78tn versus KRW 18.8tn common cap leaves ample coverage even after a battery de-rating.

Historical prices and published forecast

Historical prices and published forecastObserved prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in KRW.116.25K315.82K515.39K714.96K914.52KSep 2021Mar 2024Sep 2026Mar 2029Sep 2031Forecast starts
  • Observed price
  • Published advisor forecast
Observed prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in KRW.
View chart values
Historical prices and published forecast — published chart values
SeriesDateValue (KRW)
Observed price2021-09-16709,500
Observed price2021-09-28776,000
Observed price2021-10-10772,400
Observed price2021-10-14848,000
Observed price2021-11-03784,000
Observed price2021-11-23740,000
Observed price2021-12-09747,000
Observed price2021-12-17697,000
Observed price2021-12-29628,000
Observed price2022-01-10710,000
Observed price2022-01-14716,000
Observed price2022-01-26643,000
Observed price2022-02-11650,500
Observed price2022-02-27552,750
Observed price2022-03-03558,000
Observed price2022-03-15449,500
Observed price2022-04-04535,750
Observed price2022-04-16504,500
Observed price2022-04-24490,250
Observed price2022-05-10520,000
Observed price2022-05-18503,500
Observed price2022-06-03585,000
Observed price2022-06-07581,800
Observed price2022-06-23548,000
Observed price2022-07-05503,000
Observed price2022-07-21550,500
Observed price2022-07-25565,500
Observed price2022-08-10664,500
Observed price2022-08-18651,000
Observed price2022-08-30611,000
Observed price2022-09-15658,000
Observed price2022-10-01550,200
Observed price2022-10-09591,400
Observed price2022-10-25552,000
Observed price2022-10-29612,500
Observed price2022-11-14726,000
Observed price2022-11-30740,000
Observed price2022-12-12628,000
Observed price2022-12-16645,000
Observed price2023-01-05597,500
Observed price2023-01-09620,250
Observed price2023-01-29683,500
Observed price2023-02-10671,500
Observed price2023-02-18688,500
Observed price2023-02-26659,750
Observed price2023-03-06726,000
Observed price2023-03-30696,000
Observed price2023-04-11806,000
Observed price2023-04-15803,500
Observed price2023-05-05729,200
Observed price2023-05-09722,000
Observed price2023-05-13691,000
Observed price2023-06-02696,000
Observed price2023-06-10741,500
Observed price2023-06-26703,000
Observed price2023-07-12653,000
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Observed price2023-08-05629,000
Observed price2023-08-13606,800
Observed price2023-08-25563,000
Observed price2023-09-06584,500
Observed price2023-09-26502,750
Observed price2023-10-12529,000
Observed price2023-10-20479,000
Observed price2023-10-24492,000
Observed price2023-11-01431,000
Observed price2023-11-25512,500
Observed price2023-12-07468,500
Observed price2023-12-11475,500
Observed price2023-12-19502,000
Observed price2024-01-04481,500
Observed price2024-01-24397,750
Observed price2024-01-28419,875
Observed price2024-02-17504,500
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Observed price2024-03-08443,000
Observed price2024-03-24449,250
Observed price2024-04-05400,000
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Observed price2024-05-03403,500
Observed price2024-05-19391,250
Observed price2024-05-27396,500
Observed price2024-05-31351,500
Observed price2024-06-28346,875
Observed price2024-07-10364,500
Observed price2024-07-14360,875
Observed price2024-08-03303,750
Observed price2024-08-07283,000
Observed price2024-08-27319,000
Observed price2024-08-31330,250
Observed price2024-09-08309,000
Observed price2024-09-24333,750
Observed price2024-10-06357,900
Observed price2024-10-26333,500
Observed price2024-11-07305,500
Observed price2024-11-11304,000
Observed price2024-11-15278,000
Observed price2024-12-09246,500
Observed price2024-12-13268,500
Observed price2025-01-06255,000
Observed price2025-01-14240,500
Observed price2025-01-22240,500
Observed price2025-02-03219,125
Observed price2025-02-15230,375
Observed price2025-02-23253,250
Observed price2025-03-11238,000
Observed price2025-03-27269,000
Observed price2025-04-04229,500
Observed price2025-04-08211,500
Observed price2025-04-28221,000
Observed price2025-05-18197,475
Observed price2025-05-26182,775
Observed price2025-06-11208,500
Observed price2025-06-15206,750
Observed price2025-07-05262,000
Observed price2025-07-09264,250
Observed price2025-07-29309,500
Observed price2025-08-06295,250
Observed price2025-08-18276,000
Observed price2025-09-03270,000
Observed price2025-09-15293,500
Observed price2025-09-23298,500
Observed price2025-10-09279,278
Observed price2025-10-13292,125
Observed price2025-10-29409,250
Observed price2025-11-14415,125
Observed price2025-11-22366,000
Observed price2025-12-04380,750
Observed price2025-12-20340,250
Observed price2026-01-09312,500
Observed price2026-01-13342,500
Observed price2026-01-25351,000
Observed price2026-02-02296,500
Observed price2026-02-10321,000
Observed price2026-02-26402,500
Observed price2026-03-06326,500
Observed price2026-03-14299,000
Observed price2026-04-03304,500
Observed price2026-04-19374,750
Observed price2026-04-27379,500
Observed price2026-05-05427,667
Observed price2026-05-17362,250
Observed price2026-06-06336,500
Observed price2026-06-14356,250
Observed price2026-06-26271,000
Observed price2026-07-04279,833
Observed price2026-07-20253,000
Observed price2026-07-28240,500
Observed price2026-08-09277,333
Observed price2026-08-21252,500
Observed price2026-09-10280,500
Observed price2026-09-17268,000
Observed price2026-09-23252,500
Published advisor forecast2026-09-18267,000
Published advisor forecast2026-12-18275,010
Published advisor forecast2027-03-18291,511
Published advisor forecast2027-06-18279,850
Published advisor forecast2027-09-18293,843
Published advisor forecast2027-12-18305,596
Published advisor forecast2028-03-18320,876
Published advisor forecast2028-06-18311,250
Published advisor forecast2028-09-18329,925
Published advisor forecast2028-12-18346,421
Published advisor forecast2029-03-18360,278
Published advisor forecast2029-06-18371,086
Published advisor forecast2029-09-18356,243
Published advisor forecast2029-12-18374,055
Published advisor forecast2030-03-18389,017
Published advisor forecast2030-06-18400,688
Published advisor forecast2030-09-18388,667
Published advisor forecast2030-12-18404,214
Published advisor forecast2031-03-18416,340
Published advisor forecast2031-06-18424,667
Published advisor forecast2031-09-18437,407

2. Scenarios & Signals

Bull case

The bull case activates when Seoul's governance reform meets an activist with arithmetic on its side. Final Yeosu approval lands, the board adopts a buyback-in-kind using LGES shares rather than a cash trickle, and ESS demand from AI datacentres keeps LGES earnings climbing. Each element reinforces the next: share count falls at a deep discount, per-share jumps, and the re-rating attracts index and foreign flows into Korea's most obvious value gap. The equity becomes a levered call on discount normalisation, paying multiples of cracker-spread recovery.

Bear case

The bear case begins where the cash flow statement ends. If LGES de-rates on an ESS order pause and clean-energy credit rollback while naphtha spreads stay compressed under Chinese oversupply and $100 oil, the numerator shrinks against fixed petrochemical liabilities and the discount widens rather than closes. Sub-1x interest coverage then forces either distressed stake sales or an equity raise at 0.6x book. at trough prices permanently impairs per-share value, and the holdco discount becomes self-justifying.

Current crowd narrative

The consensus treats 051910 as a broken petrochemical cyclical that happens to own batteries. Sell-side keeps a Buy with a KRW 422,200 mean target [6], yet the stock sits at 0.60x book and 0.41x sales, implying the crowd anchors on cracker spreads and dismisses the LGES stake as permanently trapped. The settled belief: holdco discounts in Korea never close.

Alpha-gap assessment

The crowd underestimates these shares, but not for the usual reason. The market correctly prices petrochemical impairment and correctly distrusts a monetisation plan that pledges only 10% of proceeds [14]. What it underweights is the combination: Korea's governance-reform regime, an activist with a filed AGM proposal [16], and state money actually paying for capacity closure [17]. Discount normalisation from ~75% toward 60% is worth more than any plausible cracker-spread recovery, and it requires no operational miracle.

Convergence catalyst

Final MOTIE approval of the Yeosu integration, followed by the first LGES block sale and disclosure of where the other 90% of proceeds goes [14][19]. That single disclosure converts an opaque holdco into a quantifiable cash story. First sign of repricing: LG Chem outperforming LGES on an up day.

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