[Asia Economy Reporter Song Hwajeong] Hyundai Marine & Fire Insurance reached a new 52-week high again during trading on expectations of strong third-quarter earnings.
As of 10:07 a.m. on the 15th, Hyundai Marine & Fire Insurance was trading at 28,500 KRW, up 1,000 KRW (3.64%) from the previous day. During trading, it rose to 28,650 KRW, setting a new 52-week high.
The expectation of third-quarter earnings appears to have driven the stock price increase. On the same day, Shinhan Financial Investment forecasted that Hyundai Marine & Fire Insurance's third-quarter operating profit would reach 194.6 billion KRW and net profit 131.1 billion KRW, exceeding the market consensus of 93.9 billion KRW. The annual operating profit for this year is estimated to increase by 30.7% year-on-year to 625.9 billion KRW, and net profit is expected to rise by 37.5% to 421.0 billion KRW. Researcher Lim Heeyeon of Shinhan Financial Investment explained, "As the industry is turning around and fundamentals are supporting, the supply and demand have also entered a stabilization phase," adding, "Expectations for the 5-year indemnity insurance volume to be renewed from 2023 have begun to narrow the valuation gap with peer companies."
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