President Lee: 'Honam Semiconductor, Like Kumamoto' | Battery Cathode Material Firms Post Joint Surplus on ESS | Aftermath of Tax Reform Bill | Ryu Jong-eun, 3PRO TV Coverage Team Leader

Summary

Ryu Jong-eun covers three main topics: the government’s accelerated Honam semiconductor mega-project with power and water infrastructure plans, Korean battery cathode material companies’ mixed Q2 results driven by the pace of LFP ESS transition, and a real estate tax loophole practice among Gangnam luxury apartment owners. The investment implications include potential benefits for power equipment firms like Doosan Enerbility and a clear divergence between cathode makers L&F/Posco Future M and EcoPro BM.

• Honam semiconductor cluster gets fast-track approval with Gwangju military airport site and added ammunitions depot land; first chip production targeted by 2031
• Power supply to rely on LNG, renewables, and ESS; Doosan Enerbility named as prospective equipment supplier
• Battery cathode trio (L&F, Posco Future M, EcoPro BM) all returned to profit in Q2, but gap widened
• L&F and Posco Future M outperformed thanks to rapid LFP cathode conversion for ESS; North America ESS demand up 83% YoY
• EcoPro BM lagged due to slow departure from high-nickel EV cathode; revenue and profit fell, losing market leadership
• Korean battery cell makers continue to lose EV battery share to Chinese rivals, though ESS segment offers some offset
• Gangnam high-end apartment owners exploit 'swap' deals to reset purchase price and reduce future capital gains tax, adding selling pressure to some luxury units