Hana Securities raised its target price for Lotte Rental by 29.6% to 57,000 won from 44,000 won and maintained a Buy rating, citing expectations of much higher dividend payouts after U.S. private equity firm TPG takes control. The call followed Korea Fair Trade Commission approval for TPG affiliate Lexicon Korea Holdco to buy the 61.2% stake held by Hotel Lotte and Busan Lotte Hotel at 59,000 won per share, or 1.3105 trillion won (about $956 million), with closing expected in October. Analyst Ahn Do-hyun lifted the target price-to-earnings multiple from 10 times to 13 times on 12-month forward EPS of 4,350 won and said most of this year's 3,623 won EPS forecast could be paid as dividends, well above the prior aim of returning more than 40% of net income, because fleet purchases are debt-financed. He argued the No. 1 car-rental operator should keep its market lead, faces limited rate-driven profitability risk given pricing power and funding flexibility, and merits revaluation as South Korea's largest holder of vehicle data for autonomous-driving training. The FTC found no competition concerns, unlike the earlier Affinity Equity Partners bid blocked over SK Rent-a-Car overlap. Lotte plans to use the proceeds to repay hotel-unit borrowings and invest in its hotel business, while TPG aims to lift competitiveness and corporate value drawing on global mobility experience; Daishin Securities has separately kept a Buy rating and 60,000 won target.