[Featured Stock] HMM Surges 2.7% Intraday on Surprise Earnings

[Asia Economy Reporter Minji Lee] Korea Shipping is showing an upward trend during trading hours.

As of 11 a.m. on the 23rd, Korea Shipping is up 2.7% during trading hours, standing at 3,045 KRW. The stock price surged to 3,110 KRW during the session.

It is analyzed that expectations for improved earnings have risen following a surprise performance. In the first quarter, Korea Shipping recorded an operating profit of 73.6 billion KRW, which is 264% higher than market expectations.

Researcher Jihwan Yang of Daishin Securities explained, “Thanks to the performance improvements of the consolidated subsidiaries Korea Marine Transport, Changmyeong Shipping, and Korea Shipping LNG, which improved by 163%, 524.7%, and 35.3% respectively,” adding, “The earnings improvement trend is expected to continue in the second quarter and the second half of the year due to the recovery of the bulk market.” Daishin Securities raised its annual operating profit forecast to 295 billion KRW, a 46% increase from the previous estimate.