[Featured Stock] Powernet Rises on Prime Minister Chung's Statement "Wi-Fi to Be Installed in Schools Nationwide"

[Asia Economy Reporter Minwoo Lee] Powernet's stock price is on the rise. The news that Prime Minister Jeong Seyeon announced at an event held in Russia that Wi-Fi will be established in South Korea's elementary, middle, and high schools appears to have acted as a positive factor.

As of 11:22 AM on the 21st, Powernet's stock price recorded 5,450 KRW, up 6.03% from the previous day. After Prime Minister Jeong attended Russia's largest innovation event, the 'Open Innovation Forum,' as the chief representative of neighboring countries and made remarks about establishing nationwide school Wi-Fi, the stock price seems to have gained attention once again. Earlier, at the end of last month, Powernet's stock price surged when the government announced that, amid the normalization of remote classes due to the novel coronavirus disease (COVID-19), it would establish gigabit wireless networks in all elementary, middle, and high schools nationwide by the first half of next year.

At that time, the Ministry of Education and metropolitan and provincial offices of education announced that they would invest a total of 370.7 billion KRW in national and local funds to install wireless routers (APs) in approximately 209,000 classrooms in elementary, middle, and high schools nationwide by the first half of next year. Wireless routers are key devices that connect campus networks and mobile terminals via wireless signals.

Powernet is a specialist in power conversion devices and acquired Mercury, a wired and wireless communication equipment company, last year. It plans to promote wired and wireless businesses linked to 5G, artificial intelligence (AI), and various Internet of Things (IoT) technologies.

Currently, it is developing an 'embedded Wi-Fi module' to realize smart home appliances. It has already developed and is supplying an integrated product that combines power conversion devices and mainboards. It also plans to provide standardized products optimized for the smart home era, equipped with Wi-Fi and Bluetooth functions.