[Featured Stock] LG Innotek Rises on Surprise 1Q Earnings Expectations

[Asia Economy Reporter Ji Yeon-jin] LG Innotek is showing strong performance on the 16th as it is expected to record an 'earnings surprise' in the first quarter of this year.

As of 10:58 AM on the day, LG Innotek is trading at 359,000 KRW, up 5.28% (18,000 KRW) compared to the previous day.

The company, a subsidiary of LG Group specializing in advanced materials and electronic components, saw its stock price surge significantly following a report that raised its target price sharply in anticipation of improved earnings.

KB Securities published a new report on the same day, expressing a buy rating and setting a target price of 500,000 KRW, expecting an earnings surprise in the first quarter due to increased iPhone sales and other factors.

Researcher Kim Dong-won of KB Securities forecasted that LG Innotek's operating profit for the first quarter would reach 363.3 billion KRW, a 5% increase year-on-year, and operating income would be 316.4 billion KRW, achieving the highest quarterly performance in the company's history.