2.7x Increase in 7 Months... EcoProBM Ranks 8th in KOSDAQ Market Cap

[Asia Economy Reporter Koh Hyung-kwang] The upward trend of EcoPro BM, a secondary battery material company, is steep. Its stock price has risen more than 60% in the past two weeks. Its market capitalization has surpassed 2.46 trillion KRW, entering the top 10 in KOSDAQ market capitalization rankings.

On the 27th, as of 9:50 AM, EcoPro BM was trading at 121,500 KRW on the KOSDAQ market, up 3.4% from the previous trading day. It has risen for four consecutive trading days, continuously hitting new highs. Since the 13th, it has increased for 10 out of 11 trading days consecutively. The rise during this period reached 64.5%. Compared to the yearly low of 44,550 KRW on October 8 last year, it surged 172.7% in about seven months.

Based on the closing price the previous day, its market capitalization is 2.4632 trillion KRW, ranking 8th in KOSDAQ. Since mid-October last year, it jumped 17 ranks from 25th due to the rapid stock price increase. It pushed out major KOSDAQ companies such as Genexine (12th) and Hugel (13th), entering the top 10.

EcoPro BM specializes in producing cathode materials necessary for manufacturing electric vehicle batteries and holds the second-largest global market share in NCA cathode materials. NCA is a cathode material made by combining nickel, cobalt, and aluminum, and has been mainly supplied to Samsung SDI. Since February, it has also started supplying another cathode material, NCM, to SK Innovation.

Anna Lee, a researcher at Ebest Investment & Securities, explained, "Recently, interest in secondary battery-related stocks has increased as Samsung SDI and Hyundai Motor formed a partnership. Since EcoPro BM’s stock price is highly correlated with Samsung SDI, it is attracting attention."

Moreover, interest has further increased with the possibility of supplying to the global electric vehicle company Tesla. Jumin Woo, a researcher at Meritz Securities, forecasted, "If Samsung SDI supplies 21700 cylindrical batteries for Tesla’s ESS, the cathode material for those batteries will be NCA made by EcoPro BM. Considering that Samsung SDI is currently testing the 21700 battery format, there is a high possibility that it will actually supply ESS batteries to Tesla."