Samsung SDI: Rights Offering Capital Raise Amount Lowered by 14% to 1.7 Trillion Won

• Samsung SDI (006400 KS) has lowered the rights offering capital raise amount by 14% to 1.7 trillion won, mainly due to the recent carnage in the global equity markets.

• The expected rights offering price has been lowered to 146,200 won, which is 14.9% lower than current price.

• We remain negative on Samsung SDI's rights offering capital raise mainly due to shares dilution risk. We also remain concerned that the weak demand for EVs globally could last longer.