[Asia Economy Reporter Ji Yeon-jin] On the 1st, Hyosung Chemical is showing a strong rise exceeding 10%. The stock price appears to have surged following a report predicting that the company's Q2 earnings will surpass market expectations.
As of 10:45 AM on the same day, Hyosung Chemical was trading at 387,500 KRW on the KOSPI market, up 10.43% (36,000 KRW) compared to the previous day.
Earlier, Kiwoom Securities forecasted that Hyosung Chemical's Q2 operating profit would reach 72.2 billion KRW, a 1905% increase compared to the same period last year, exceeding the heightened market expectation of 67.9 billion KRW. They anticipated that improved performance across all business sectors would drive the strong results.
Researcher Lee Dong-wook of Kiwoom Securities emphasized, "Hyosung Chemical seems to be expanding PP sales to the US and Europe compared to competitors by smoothly securing outbound vessels based on the strengths of the group's trading division," adding, "The new growth engine project in Vietnam is also expected to be fully operational in the third quarter of this year."
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