OCI Holdings Target Price Raised to 460,000 KRW as Long-Term Supply Contracts Boost 2029 Visibility

According to Mirae Asset Securities, OCI Holdings received an upgraded target price to 460,000 Korean won from 320,000 won today on July 24, as expanded U.S. solar supply chain contracts enhance medium-term earnings visibility. The brokerage maintained its buy rating, citing long-term supply agreements (LTA) with take-or-pay conditions that provide revenue certainty through 2029. OCI Holdings plans to expand polysilicon production capacity to 70,000 tons from 35,000 tons and wafer capacity to 11.5 GW from 2.7 GW by 2029, with approximately 3.8 trillion Korean won in total investment, about one-third funded by customer prepayments.
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