We forecast SKC’s elecfoil (for battery) sales to increase 40% yoy in 1Q22F and 42% in FY22F on the back of client diversification and higher run rates. Current share price is based on 100ktpa elecfoil capacity by 2023F, in our view. SKC will expand its elecfoil capacity to 250ktpa by 2025-26F. We expect robust elecfoil OPM of 11-12% in 2022-23F, due to less impact from recent metal price hikes. Reiterate Add, with TP unchanged at W190k.