LG Corp. (003550.KS), mcap=KWR 12.9T, price KWR 80300 vs KWR 78900

$003550.KS pitch:
– LG Corp – holding company at 67% discount to SoTP of listed subs.
– Something like 29 trading for 12.5.
– The listed subs are cheap at single-digit PEs.
– The key asset is LG Chem, which owns LG Energy Solutions – the second largest auto electric battery manufacturer – a highly prized global business.
– But this is in Korea where the sum of the parts valuations go to die.
– Still, there is a chance this will reverse to something like a 25% discount typical for Europe.

Valuation: Trades at a 67% discount to the sum of the parts. Holding company discounts in Europe and other places are 10-30%.

Exp. gain: Not specified.

Full 003550.KS write-up (free guest account required):

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