DBS: Tianqi Lithium Corp – H: Buy Target Price HK$95; A: Buy Target Price Rmb135

Poised for robust downstream market growth

• One of the world’s largest and fully integrated lithium producers

• Riding on lithium price uptrend and lithium compound sales expansion

• Superior GPM on self-sufficient spodumene supply from two strategic lithium mines

• Initiate with BUY and TP HK$95 based on 3.0x FY22F P/BV