iM Securities projected on the 31st that a turnaround for SK IE Technology, which has been suffering from large-scale losses, would not be possible until at least 2027. iM Securities maintained a neutral (Hold) investment opinion on SK IE Technology with a target price of 29,200 won, which is about 15% lower than the previous closing price of 29,200 won.
SK IE Technology recorded a revenue of 82.7 billion won and an operating loss of 53.8 billion won in the second quarter of this year (April to June), falling short of market expectations. Jeong Won-seok, a researcher at iM Securities, noted that "the recovery in the utilization rate of European factories and the approximately 57% increase in sales of separators compared to the first quarter is positive," but "intensified competition with Chinese companies has led to a decline in separator sales prices, and fixed cost burdens have resulted in significant losses."
Jeong noted that for SK IE Technology to improve its performance, an increase in utilization rates supported by a recovery in separator sales is essential. This is because the proportion of depreciation costs in the manufacturing cost of separator products is significant.
The concern is that starting in 2026, SK IE Technology may face increased fixed cost burdens as it begins operations at its second plant in Poland. Additionally, the Donald Trump administration plans to early terminate the electric vehicle tax credit benefits starting in October, raising the possibility of a prolonged electric vehicle chasm.
Jeong stated, "It is positive that SK IE Technology is gradually reducing its dependence on SK On and may secure new supply contracts in the second half of this year," but added that given the projection that turnaround may not occur until at least 2027, the potential for stock price increases is likely to be limited for the time being.
He added, "Given that the valuation of SK IE Technology is not considered attractive, it is recommended to approach from a mid- to long-term perspective."