[Special Stock] Geumyang Soars for Two Consecutive Days on Surge in Secondary Battery Sales Forecast

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] Kumyang has been showing a sharp rise for two consecutive days as prospects emerge that sales related to secondary batteries will begin in earnest.

As of 2:24 PM on the 26th, Kumyang is trading at 8,770 KRW, up 22.32% (1,600 KRW) compared to the previous day. The stock closed at the daily limit up the day before and also rose more than 27% intraday on this day.

Kumyang is strong. The analysis that sales related to secondary batteries will start in earnest from next year seems to have influenced the stock price.

Earlier, FS Research predicted that Kumyang would enter structural growth as sales of secondary batteries are fully reflected from next year.

Kumyang is the third company in Korea, after Samsung SDI and LG Energy Solution, to succeed in developing the ‘2170 cylindrical secondary battery.’ The 2170 cylindrical secondary battery is used in electric vehicles, wireless power tools, kickboards, and electric scooters.

Lee Dan, a researcher at FS Research, analyzed, "Kumyang is currently expanding its secondary battery material production line," and "It will operate facilities with a capacity of 100 million cells by 2024." If production facilities with a capacity of 100 million cells are operated, annual sales are expected to exceed 600 billion KRW.