DOCSLIB.ORG

A Viga Tin G Outh Ore A

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A Viga Tin G Outh Ore A November 28, 2019 Electrical Components KR EV Battery 2020: Momentum to rebuild OREA K ■ We expect Korean battery makers to benefit from competition for new EVs (between global OEMs and Tesla) and the strong EU EV market. ■ Korean EV battery makers should turn profitable in FY20-21F on the back of ~ 60% yoy EV battery sales growth in FY20-21F and margin expansion. OUTH ■ We also highlight Korean cathode and elecfoil producers on strong capacity expansion, with greater demand for key materials from Korean cell makers. S AVIGATING AVIGATING N Analyst(s) John PK PARK T (82) 2 6730 6125 E [email protected] IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE Powered by END OF THIS REPORT. IF THIS REPORT IS DISTRIBUTED IN THE UNITED STATES IT IS DISTRIBUTED BY CGS-CIMB the EFA SECURITIES (USA), INC. AND IS CONSIDERED THIRD-PARTY AFFILIATED RESEARCH. Platform Navigating South Korea Industrial Goods and Services │ Electrical Components │ November 28, 2019 TABLE OF CONTENTS Key Charts .................................................................................................................................... 4 Questions on battery industry (EV/ESS) ................................................................................... 6 Korean EV battery makers at overcapacity? ........................................................................... 6 EV/ESS battery could turn profitable in 2020? ........................................................................ 8 ESS battery fires: can this be resolved? ................................................................................. 9 EV industry outlook .............................................................................................................. 10 EV sales growth to recover from 2H20 .................................................................................. 10 Tighter emission standards fueling electrification .................................................................. 12 New EV models by EU OEMs and Tesla ............................................................................... 15 Strong EU EV sales by subsidy and incentives ..................................................................... 19 EV battery outlook ................................................................................................................. 20 High quality battery sellers’ market for the next three years .................................................. 20 KR battery to benefit from strong EU market ......................................................................... 25 Decline in EV battery price to lead virtuous cycle of EV sales ............................................... 29 Improvement in battery technology to lift demand for EVs .................................................... 30 EV battery materials .............................................................................................................. 31 Cathodes are a crucial component of battery cells ................................................................ 31 Mid-term drivers of cost reduction could come from cathodes .............................................. 34 Anode development with silicon mix ...................................................................................... 37 Elecfoil supplies remain tight.................................................................................................. 38 KR EV battery material plays ............................................................................................... 39 Selective approach for cathode players ................................................................................. 41 Positive on Korean elecfoil players ........................................................................................ 43 Valuation and recommendation ........................................................................................... 44 Korean EV battery players’ P/Es at 2017 levels .................................................................... 44 Company section .................................................................................................................. 55 LG Chem ................................................................................................................................ 56 Samsung SDI ......................................................................................................................... 64 SKC ........................................................................................................................................ 72 Iljin Materials .......................................................................................................................... 85 Posco Chemical ..................................................................................................................... 97 2 INITIATION Sector Note Navigating South Korea │ Electrical Components │ November 28, 2019 South Korea Electrical Components Overweight KR EV Battery 2020: Momentum to rebuild Highlighted Companies ■ We expect Korean battery makers to benefit from competition for new EVs LG Chem (between global OEMs and Tesla) and the strong EU EV market. ADD, TP W380,000, W309,000 close ■ Korean EV battery makers should turn profitable in FY20-21F on the back of We see LGC as a key beneficiary of the fierce competition between EU OEMs ~ 60% yoy EV battery sales growth in FY20-21F and margin expansion and Tesla for new passenger EV models ■ We also highlight Korean cathode and elecfoil producers on strong capacity in FY20F/21F. The growing battery cell expansion, with greater demand for key materials from Korean cell makers. size of new passenger EVs will eventually lead to an EV battery earnings Upside potential from increasing battery cell size turnaround and justify LGC’s aggressive capacity expansion, in our view. New passenger EVs by global OEMs in 2020F would need larger battery cell sizes (more than 75kWh vs. our average 60kWh assumption previously) for increased driving ranges Samsung SDI of over 450km to compete against Tesla’s popular Models 3 and Y Long Range. Given an ADD, TP W320,000, W233,000 close increase in the pure EV segment and the larger battery cell size per unit, we expect We believe SDI has the potential to be a global EV battery demand to grow at a fast 53% CAGR in 2019-23F, outpacing the leader in the EV battery market, given its competiveness in high-technology mass EV/PHEV sales CAGR of 34% in 2019-23F. production after the early stages of the EV market. As a high-energy density Strong EU EV sales on supportive policies battery player, we expect SDI’s share The EU has set strict regulations on CO2 emissions for passenger cars at 95g/km in price performance to remain robust as its 2021 (and 81g/km by 2025). The global EV OEMs should be targeting the EU market, large-sized battery (EV/ESS) sales which will be focusing on meeting the emission targets to avoid hefty fines. The major EU increase in earnest from FY20F. OEMs (incl. Volkswagen) are targeting to have EVs form 20-30% of their new model line- SKC ups by 2025F in a bid to wrest the EV market leadership from Tesla. We expect the EU ADD, TP W62,000, W46,050 close EV/PHEV sales to grow at a 38% CAGR in 2020-21F, with subsidies and incentives. SKC is transforming into a battery material (elecfoil) player, as suggested Korean battery cell makers well positioned for 2020-21F by the acquisition of high tech elecfoil Given the increasing new models by EU OEMs and demand for high-energy density EV supplier KCFT. We expect a valuation re- batteries for new passenger EVs from 2020F, we expect Korean EV battery cell makers rating and multiple expansion for SKC (LG Chem (LGC) and Samsung SDI (SDI)) to be well positioned to deliver strong sales given the ~W2tr value of KCFT. on their order backlog. Only LGC, SDI and China’s Contemporary Amperex Technology (CATL) can produce high-quality batteries at competitive costs for the new EU OEM Summary Valuation Metrics models in 2020F, in our view. LGC should be a prime beneficiary of the EU EV battery P/E (x) Dec-19F Dec-20F Dec-21F growth, based on its leading position in EU battery capacity building (from 6GWh in 2018 LG Chem 37.46 16.59 13.27 to 55GWh by 2020F). Samsung SDI 30.05 16.47 13.35 SKC 28.61 12.06 9.82 Korean EV battery makers to turn profitable from 2020F We believe Korean EV battery makers should finally turn profitable in 2020-21F — the P/BV (x) Dec-19F Dec-20F Dec-21F first time in 10 years — given: 1) lower fixed costs on economies of scale (we forecast EV LG Chem 1.26 1.20 1.13 battery revenue growth of ~60% yoy in 2020-21); and 2) normalisation of new EU Samsung SDI 1.28 1.19 1.10 capacity production yield. SKC 1.09 1.02 0.94 Prefer Korean cathode and elecfoil producers in materials play Dividend Yield Dec-19F Dec-20F Dec-21F As the low-quality EV battery material market consolidates as a result of the slowdown of LG Chem 1.94% 1.94% 1.62% the Chinese EV battery market, we expect Korean battery material producers that supply Samsung SDI 0.43% 0.43% 0.43% the high-quality nickel cathodes and elecfoil to grow on strong capacity expansion. We SKC 2.17% 2.17% 2.17% highlight Posco Chemical (cathode and anode), Iljin Materials and SKC (elecfoil), to meet the higher demand for key EV battery materials. Insert Figure 1: Competition for new EVs between Tesla and OEMs lifting battery cell size Analyst(s) (kWh) 100 Battery cell size per unit (kWh) Model 3
Load more

Recommended publications
  • FTSE Korea 30/18 Capped
    2 FTSE Russell Publications 19 August 2021 FTSE Korea 30/18 Capped Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) Alteogen 0.19 KOREA Hyundai Engineering & Construction 0.35 KOREA NH Investment & Securities 0.14 KOREA AmoreG 0.15 KOREA Hyundai Glovis 0.32 KOREA NHN 0.07 KOREA Amorepacific Corp 0.65 KOREA Hyundai Heavy Industries 0.29 KOREA Nong Shim 0.08 KOREA Amorepacific Pfd. 0.08 KOREA Hyundai Marine & Fire Insurance 0.13 KOREA OCI 0.17 KOREA BGF Retail 0.09 KOREA Hyundai Merchant Marine 1.02 KOREA Orion 0.21 KOREA BNK Financial Group 0.18 KOREA Hyundai Mipo Dockyard 0.15 KOREA Ottogi 0.06 KOREA Celltrion Healthcare 0.68 KOREA Hyundai Mobis 1.53 KOREA Paradise 0.07 KOREA Celltrion Inc 2.29 KOREA Hyundai Motor 2.74 KOREA Posco 1.85 KOREA Celltrion Pharm 0.24 KOREA Hyundai Motor 2nd Pfd. 0.33 KOREA Posco Chemical 0.32 KOREA Cheil Worldwide 0.14 KOREA Hyundai Motor Pfd. 0.21 KOREA Posco International 0.09 KOREA CJ Cheiljedang 0.3 KOREA Hyundai Steel 0.33 KOREA S1 Corporation 0.13 KOREA CJ CheilJedang Pfd. 0.02 KOREA Hyundai Wia 0.13 KOREA Samsung Biologics 0.92 KOREA CJ Corp 0.11 KOREA Industrial Bank of Korea 0.22 KOREA Samsung C&T 0.94 KOREA CJ ENM 0.15 KOREA Kakao 3.65 KOREA Samsung Card 0.08 KOREA CJ Logistics 0.12 KOREA Kangwon Land 0.23 KOREA Samsung Electro-Mechanics 0.81 KOREA Coway 0.36 KOREA KB Financial Group 1.78 KOREA Samsung Electronics 25.36 KOREA Daewoo Engineering & Construction 0.12 KOREA KCC Corp 0.12 KOREA Samsung Electronics Pfd.
    [Show full text]
  • D2.1 Mapping of the Current Status of Dynamics of Value Chain of European Transport Manufacturing Industry
    Ref. Ares(2018)476363 - 26/01/2018 D2.1 Mapping of the current status of dynamics of value chain of European transport manufacturing industry Arrasate, 26/01/2016 Editor: Gerardo Pagalday [email protected] Authors: All parners Date: 26/01/2018 1 Document change record Version Date Status Author Description 0.1 24/03/2017 Draft Konstantin Konrad Draft document structure 0.2 18/12/2017 Draft Gerardo Pagalday Deliverable version 2 26/01/2018 Deliverable Gerardo Pagalday Deliverable final version Consortium No Participant organisation name Short Name Country 1 VDI/VDE Innovation + Technik GmbH VDI/VDE-IT DE 2 Railenium Railenium FR 3 Cranfield University CU UK 4 Maritime University of Szczecin MUS PL 5 Transportøkonomisk Institutt ( TOI) TOI NO 6 Institute of Shipping Economics and Logistics ISL DE 7 IK4 Research Alliance IK4 ES 8 Intl. Association of Public Transport Operators UITP BE 2 Table of contents 1 Introduction ......................................................................................................................... 23 1.1 Project background ..................................................................................................... 23 1.2 Objectives ................................................................................................................... 24 1.3 Focus Areas for D2.1 Mapping of the current status of dynamics of value chain of European transport manufacturing industry ............................................................... 24 2 Automotive .........................................................................................................................
    [Show full text]
  • In the United States District Court for the District of Delaware
    Case 1:19-cv-00776-UNA Document 1 Filed 04/29/19 Page 1 of 65 PageID #: 1 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE LG CHEM, LTD. and ) LG CHEM MICHIGAN INC., ) ) Plaintiffs, ) ) v. ) C.A. No. _________________ ) SK INNOVATION CO., LTD. and ) JURY TRIAL DEMANDED SK BATTERY AMERICA, INC., ) ) Defendants. ) COMPLAINT Plaintiffs LG Chem, Ltd. (“LG Chem”) and LG Chem Michigan, Inc. (“LGCMI”) (collectively “LGC” or “Plaintiffs”), by and through their undersigned counsel, hereby file the following Complaint for trade secret misappropriation under the Defend Trade Secrets Act under 18 U.S.C. § 1836, et seq. (“DTSA”) and the Delaware Uniform Trade Secrets Act (“DUTSA”), tortious interference with a prospective business opportunity, unfair competition in violation of Delaware’s Deceptive Trade Practices Act, 6 Del. C. §§ 2532 et seq., conversion, and unjust enrichment against Defendants SK Innovation Co., Ltd. (“SKI”), and SK Battery America, Inc. (“SKBA”) (collectively “Defendants”), and allege as follows: INTRODUCTION 1. Defendants have systematically stolen LGC’s intellectual property and technology concerning LGC’s lithium-ion batteries, battery cells, battery modules, and battery packs, including components thereof and related production and testing systems and processes therefor. These products, systems, and processes are used in the rapidly-growing and highly-competitive Electric Vehicle (“EV”) industry. Through diligent work and heavy investment over the course of many years, LGC became a leading developer of EV batteries and related technologies. Defendants, Case 1:19-cv-00776-UNA Document 1 Filed 04/29/19 Page 2 of 65 PageID #: 2 on the other hand, have avoided the arduous, time-consuming, and expensive process of developing their own EV battery technologies.
    [Show full text]
  • 2014 ESG Integrated Ratings of Public Companies in Korea
    2014 ESG Integrated Ratings of public companies in Korea Korea Corporate Governance Service(KCGS) annouced 2014 ESG ratings for public companies in Korea on Aug 13. With the ESG ratings, investors may figure out the level of ESG risks that companies face and use them in making investment decision. KCGS provides four ratings for each company which consist of Environmental, Social, Governance and Integrated rating. ESG ratings by KCGS are graded into seven levels: S, A+, A, B+, B, C, D. 'S' rating means that a company has all the system and practices that the code of best practices requires and there hardly exists a possibility of damaging shareholder value due to ESG risks. 'D' rating means that there is a high possibility of damaging shareholder value due to ESG risks. Company ESG Integrated Company Name Code Rating 010950 S-Oil Corporation A+ 009150 Samsung Electro-Mechanics Co., Ltd. A+ 000150 DOOSAN CORPORATION A 000210 Daelim Industrial Co., Ltd. A 000810 Samsung Fire & Marine Insurance Co., Ltd. A 001300 Cheil Industries Inc. A 001450 Hyundai Marine&Fire Insurance Co., Ltd. A 005490 POSCO. A 006360 GS Engineering & Construction Corp. A 006400 SAMSUNG SDI Co., Ltd. A 010620 Hyundai Mipo Dockyard Co., Ltd. A 011070 LG Innotek Co., Ltd. A 011170 LOTTE CHEMICAL CORPORATION A 011790 SKC Co., Ltd. A 012330 HYUNDAI MOBIS A 012450 Samsung Techwin Co., Ltd. A 023530 Lotte Shopping Co., Ltd. A 028050 Samsung Engineering Co., Ltd. (SECL) A 033780 KT&G Corporation A 034020 Doosan Heavy Industries & Construction Co., Ltd. A 034220 LG Display Co., Ltd.
    [Show full text]
  • SK TELECOM CO., LTD. and SUBSIDIARIES Condensed Consolidated Interim Financial Statements (Unaudited)
    SK TELECOM CO., LTD. AND SUBSIDIARIES Condensed Consolidated Interim Financial Statements (Unaudited) June 30, 2019 and 2018 (With Independent Auditors’ Review Report Thereon) Contents Page Independent Auditors’ Review Report 1 Condensed Consolidated Statements of Financial Position 3 Condensed Consolidated Statements of Income 5 Condensed Consolidated Statements of Comprehensive Income 6 Condensed Consolidated Statements of Changes in Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to the Condensed Consolidated Interim Financial Statements 10 Independent Auditors’ Review Report Based on a report originally issued in Korean To the Board of Directors and Shareholders SK Telecom Co., Ltd.: Reviewed financial statements We have reviewed the accompanying condensed consolidated interim financial statements of SK Telecom Co., Ltd. and its subsidiaries (the “Group”), which comprise the condensed consolidated statement of financial position as of June 30, 2019, the condensed consolidated statements of income and comprehensive income for the three and six- month periods ended June 30, 2019 and 2018, the condensed consolidated statements of changes in equity and cash flows for the six-month periods ended June 30, 2019 and 2018, and notes, comprising a summary of significant accounting policies and other explanatory information. Management’s responsibility Management is responsible for the preparation and fair presentation of these condensed consolidated interim financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No.1034, Interim Financial Reporting, and for such internal controls as management determines is necessary to enable the preparation of condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ review responsibility Our responsibility is to issue a report on these condensed consolidated interim financial statements based on our reviews.
    [Show full text]
  • Holdings-Report.Pdf
    The Fund is a closed-end exchange traded management Investment company. This material is presented only to provide information and is not intended for trading purposes. Closed-end funds, unlike open-end funds are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. Changes to investment policies, current management fees, and other matters of interest to investors may be found in each closed-end fund's most recent report to shareholders. Holdings are subject to change daily. PORTFOLIO HOLDINGS FOR THE KOREA FUND as of July 31, 2021 *Note: Cash (including for these purposes cash equivalents) is not included. Security Description Shares/Par Value Base Market Value (USD) Percent of Base Market Value SAMSUNG ELECTRONICS CO 793,950 54,183,938.27 20.99 SK HYNIX INC COMMON 197,500 19,316,452.95 7.48 NAVER CORP COMMON STOCK 37,800 14,245,859.60 5.52 LG CHEM LTD COMMON STOCK 15,450 11,309,628.34 4.38 HANA FINANCIAL GROUP INC 225,900 8,533,236.25 3.31 SK INNOVATION CO LTD 38,200 8,402,173.44 3.26 KIA CORP COMMON STOCK 107,000 7,776,744.19 3.01 HYUNDAI MOBIS CO LTD 26,450 6,128,167.79 2.37 HYUNDAI MOTOR CO 66,700 6,030,688.98 2.34 NCSOFT CORP COMMON STOCK 8,100 5,802,564.66 2.25 SAMSUNG BIOLOGICS CO LTD 7,230 5,594,175.18 2.17 KB FINANCIAL GROUP INC 123,000 5,485,677.03 2.13 KAKAO CORP COMMON STOCK 42,700 5,456,987.61 2.11 HUGEL INC COMMON STOCK 24,900 5,169,415.34 2.00 SAMSUNG 29,900 4,990,915.02 1.93 SK TELECOM CO LTD COMMON 17,500 4,579,439.25 1.77 KOREA INVESTMENT 53,100 4,427,115.84
    [Show full text]
  • Korean Multinationals Show Solid Recovery After Global Crisis
    Korean multinationals show solid recovery after global crisis Report dated November 16, 2010 EMBARGO: The contents of this report must not be quoted or summarized in the print, broadcast or electronic media before November 16, 2010, 10:00 a.m. Seoul; 1 a.m. GMT, and 9:00 p.m. November 15, 2010, New York. Seoul and New York, November 16, 2010 The Institute of International Affairs of the Graduate School of International Studies (GSIS) at Seoul National University in Seoul, and the Vale Columbia Center on Sustainable International Investment (VCC) at Columbia University in New York, are releasing the first annual report on leading Korean multinationals. The research for this report was conducted in 2010 and covers the period 2007 to 2009. 1 Highlights The Republic of Korea (henceforth ‘Korea’), the 11 th largest economy in the world, has now become one of the leading investors abroad. The number and the size of the corporate giants that dominate the economy have increased over the years, boosting and diversifying their investments around the world. Korea’s multinational enterprises ranked by their foreign assets (see table 1 below) show about USD 93 billion in assets held abroad. 2 Samsung Electronics Co., Ltd. (SEC), a member of a leading Korean conglomerate, ranked 1 st with slightly over USD 18 billion, followed by another top conglomerate member, LG Electronics, with over USD 10 billion dollars. Hyundai Heavy Industries Co., Ltd, and DSME Co., Ltd, had foreign assets of over USD 8 billion each and LG Display had over USD 6 billion. The top five firms together accounted for just over half of the total foreign assets of the top 20 companies.
    [Show full text]
  • 2017 Annual Report.Pdf
    International Energy Agency Technology Collaboration Programme on Hybrid and Electric Vehicles (HEV TCP) Hybrid and Electric Vehicles The Electric Drive Chauffeurs September 2017 www.ieahev.org Technology Collaboration Programme on Hybrid and Electric Vehicles (HEV TCP) functions within a framework created by the International Energy Agency (IEA). Views, findings, and publications of HEV TCP do not necessarily represent the views or policies of the IEA Secretariat or of all its individual member countries. HEV TCP was previously known as the Implementing Agreement for co-operation on Hybrid and Electric Vehicle Technologies and Programmes (IA-HEV). The labelling changed in 2016. Cover Photo: Electric taxi by Chinese automaker BAIC BJEV. Beijing’s fleet of 70,000 taxis will gradually be replaced by EVs. (Image Courtesy: private) The Electric Drive Chauffeurs Cover Designer: Anita Theel (Digital Media Designer) ii International Energy Agency Technology Collaboration Programme on Hybrid and Electric Vehicles (HEV TCP) Annual Report Prepared by the Executive Committee and Task 1 over the Year 2016 Hybrid and Electric Vehicles The Electric Drive Chauffeurs Editor: Gereon Meyer (Operating Agent Task 1, VDI/VDE Innovation + Technik GmbH) Co-editors: Jadranka Dokic, Heike Jürgens, Diana M. Tobias (VDI/VDE Innovation + Technik GmbH) Contributing Authors: René-Pierre Allard Natural Resources Canada Canada James Barnes Barnes Tech Advising United States Martin Beermann Joanneum Research Austria Graham Brennan SEAI Ireland Jens Brokate DLR Germany Carol Burelle Natural Resources Canada Canada Pierpaolo Cazzola IEA France Cristina Corchero IREC Spain Meally Declan SEAI Ireland Andreas Dorda BMVIT Austria Julie Francis Allegheny Science & Technology United States Halil S. Hamut TÜBITAK MRC Turkey David Howell U.S.
    [Show full text]
  • Changes and Continued Growth of Foreign Investment
    The Top 20 Korean Multinationals: Changes and Continued Growth of Foreign Investment Seoul and New York, March 5, 2015 Graduate School of International Studies at Seoul National University in Seoul, and the Columbia Center on Sustainable Investment (CCSI), a joint center of the Columbia Law School and the Earth Institute at Columbia University in New York, are releasing the results of their survey of Korean multinationals today. The survey, conducted during 2014, is part of a long-term study of the rapid global expansion of multinational enterprises (MNEs) from emerging markets.1 The research for this report was conducted in 2014 and covers the period from 2011 to 2013.2 Highlights In 2013, the top 20 Korean multinationals, ranked by their foreign assets (See Table 1), jointly held US$68.9 billion assets abroad.3 Most firms were subsidiaries of Korea’s eight leading business groups (or chaebols), including Samsung, POSCO, LG, Hyundai Heavy Industries, Hyundai-Kia Motors, SK, Lotte, and Hyosung Group. Five out of the 20 multinationals were also included in UNCTAD’s “Top 100 non-financial TNCs from developing and transition economies” in 2012.4 The average age of the top 20 firms is about 47 years, which is two times the average age of Korea’s top 1,000 firms (ranked in terms of total assets). There is a high concentration by the top players in the list in terms of foreign assets. Among the top 20 companies, Samsung Electronics, POSCO, and Hyundai Motor Company ranked in the top three in that order. There was a significant difference between first and second place, with the foreign assets of Samsung Electronics more than doubling that of POSCO.
    [Show full text]
  • 2004Rcreport
    2004 RCReport Environmental Report Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Contents Introduction Report Overview 1 Profile 23 Vision & Core Values 45 CEO’s Message 6 Message from the Chairman of RC Committee 7 Management By Principle 8 Business Overview 9 Global Network 1011 Environmental Management Environmental Policy 14 Environmental Goals 15 Environmental Management System 16171819 Emergency Response System 2021 Environmental Impact and Performance Environmental Accounting 24 Environmental Performance Evaluation 25 Air Quality Management 2627 2004 Water Quality Management 2829 RCReport Waste Management 3031 Energy Management 3233 Toxic Chemicals Management 34 Soil Pollution Management 35 Safety & Health 3637 LCA ( Life-Cycle Assessment ) 38 Environment-Friendly Products 394041 Certifications 42 Awards 43 Society-Contributing Activities Outreach Program 46 Environmental Preservation Activities 47 Community Activities 48 Company History 49 Report Overview Report Period This report is published to provide information on the policies, performances, major improvements, and sustainable management of LG Chem in the fields of environment, safety, health and energy to all the stakeholders including clients, communities and NGOs. Scope and Standard This report covers 8 plants of LG Chem in Yeosu, Cheongju, Ochang, Ulsan, Onsan, Naju, Iksan, Daesan and Research Park in Daejeon. The report standard is based on the " Environmental Report Guideline 2003 " of the Ministry of Environment, and also has consulted " GRI Guideline ". We also plan to publish a " Sustainability Report " to provide our sustainable management activity performances to all the stakeholders through expanding the scope to economic, social and environmental aspects.
    [Show full text]
  • China Autos Asia China Automobiles & Components
    Deutsche Bank Markets Research Industry Date 18 May 2016 China Autos Asia China Automobiles & Components Vincent Ha, CFA Fei Sun, CFA Research Analyst Research Analyst (+852 ) 2203 6247 (+852 ) 2203 6130 [email protected] [email protected] F.I.T.T. for investors What you should know about China's new energy vehicle (NEV) market Many players, but only a few are making meaningful earnings contributions One can question China’s target to put 5m New Energy Vehicles on the road by 2020, or its ambition to prove itself a technology leader in the field, but the surge in demand with 171k vehicles sold in 4Q15 cannot be denied. Policy imperatives and government support could ensure three-fold volume growth by 2020, which would make China half of this developing global market. New entrants are proliferating, with few clear winners as yet, but we conclude that Yutong and BYD have the scale of NEV sales today to support Buy ratings. ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016. Deutsche Bank Markets Research Asia Industry Date China 18 May 2016 Automobiles & China
    [Show full text]
  • Powering the Electric Vehicle with a Dynamo Using Wind Energy
    JOURNAL OF CRITICAL REVIEWS ISSN- 2394-5125 VOL 7, ISSUE 19, 2020 POWERING THE ELECTRIC VEHICLE WITH A DYNAMO USING WIND ENERGY Mr. Kamalpreet Singh1, Dr. Harbinder Singh2, Dr. Harpal Singh3, Dr. Mohit Srivastava4 1Computer Science Engineering, Chandigarh Engineering College, Landran, Mohali, India. 2,3,4Electronics and Communication Engineering Department, Chandigarh Engineering College, Landran, Mohali, India. E-mail: [email protected], [email protected], [email protected], [email protected] Received: 14 March 2020 Revised and Accepted: 8 July 2020 ABSTRACT: The main objective of this paper is to represent a method for powering the electric car with a dynamo using wind energy. We want to solve the major disadvantage faced by an electric vehicle that is the discharge of the battery in case there is no power source. In case there is no power station nearby then electric vehicle can’t reach its desired destination. To solve this problem dynamo can be used. Dynamo is a device that converts mechanical energy into electric energy. Hence by using this property of a dynamo, this problem can be solved. The description of this technique is placing a dynamo behind the radiator and fan in front of the radiator. A hole is created at the centre of the radiator to connect the dynamo with the fan using a shaft. Due to locomotion of a car fan will rotate and current will be produced with the help of a dynamo. This technique has one more benefit that is efficiency of heat dissipation from the radiator will increase with the help of a fan.
    [Show full text]