Mirae Asset cuts Lotte Chemical target 20.6%; two brokers lower Lotte Shopping targets

Lotte Chemical’s target price fell 20.6% to 50,000 won from 63,000 won in Mirae Asset Securities’ Nov. 9 report, which maintained Neutral. Two brokerages also lowered Lotte Shopping targets after third-quarter results.

For the chemical producer, the brokerage expected weakness to persist in the fourth quarter of 2026, citing weak demand and difficulty passing higher raw-material costs through to customers.

Among the six revisions in the table, LIG Defense & Aerospace had the largest percentage cut at 52%, followed by Hanwha Aerospace at 24.24%. Lotte Chemical’s 20.63% cut was the largest outside defence.

Selected target-price revisions

Company	Brokerage	Previous target	New target	Change (%)
LIG Defense & Aerospace	DS Investment & Securities	1,250,000 won	600,000 won	-52.00%
Hanwha Aerospace	DS Investment & Securities	1,650,000 won	1,250,000 won	-24.24%
Lotte Chemical	Mirae Asset Securities	63,000 won	50,000 won	-20.63%
Lotte Shopping	Hanwha Investment & Securities	200,000 won	170,000 won	-15.00%
Lotte Shopping	Kyobo Securities	150,000 won	135,000 won	-10.00%
Pumtech Korea	IBK Securities	80,000 won	85,000 won	+6.25%

Percentage changes compare each new target with that brokerage’s previous target. The table covers six revisions across five companies.

What drove the defence cuts?

For LIG Defense & Aerospace, DS Investment & Securities’ Nov. 9 report cited lower export-margin assumptions following the won’s appreciation and reduced UAE Cheongung-II missile-system revenue estimates.

The brokerage also lowered Hanwha Aerospace’s earnings estimates to reflect the exchange rate and weak domestic-business margins extending into the first half of 2027. It maintained Buy ratings on both companies in its Nov. 9 reports.

Why did retail targets fall while Pumtech’s rose?

For Lotte Shopping, Hanwha Investment & Securities’ report dated Nov. 6 cut the target to 170,000 won from 200,000 won, citing lower earnings forecasts and a reduced target price-to-book multiple.

A valuation adjustment to reflect slower department-store industry growth drove Kyobo Securities’ Nov. 9 cut to 135,000 won from 150,000 won. Its analysts expected underlying business growth to continue despite one-off costs. Both brokerages maintained Buy.

The increase for Pumtech Korea came in IBK Securities’ Nov. 10 report: its target rose to 85,000 won from 80,000 won, with Buy maintained. Continued beauty-product demand and higher production efficiency supported its assessment. The brokerage applied a target price-to-earnings multiple of 17 times to its 2027 earnings estimate, replacing its previous use of 12-month forward earnings.

Hanwha Aerospace flows

According to Naver Pay Securities, foreign investors were net sellers of 2,144 Hanwha Aerospace shares on Nov. 9, 2026, while institutions were net buyers of 3,511 shares.