[Featured Stock] Korea Gas Corporation Hits New High on Expectations for Hydrogen New Business and Strong Earnings

[Asia Economy Reporter Ji Yeon-jin] Korea Gas Corporation surged, hitting a 52-week high, as expectations for the promotion of the hydrogen new industry and rising energy prices led to strong third-quarter performance forecasts.

As of 9:51 a.m. on the 28th, Korea Gas Corporation was trading at 46,100 KRW on the KOSPI market, up 10.16% (4,250 KRW) from the previous day. Early in the session, the price rose to 49,400 KRW, setting a new 52-week high.

Earlier, Korea Gas Corporation announced at the 'Vision 2030' declaration ceremony that it aims to supply 1.03 million tons of hydrogen by 2030, participate in fuel cell power generation projects, and advance into hydrogen co-firing and distribution to become a green company. It also forecasted achieving an operating profit of 30 trillion KRW by 2030, including existing businesses and new hydrogen-related ventures.

Choi Go-woon, a researcher at Korea Investment & Securities, said, “The hydrogen business is a momentum that can resolve the previous stock price discount,” adding, “Like LNG, Korea Gas Corporation, which can manage the hydrogen distribution value chain, is the most suitable entity to secure 'economies of scale.'”