[Featured Stock] Hyundai Rotem Hits Consecutive Order Jackpots... Breaks 52-Week High

[Asia Economy Reporter Kwon Jae-hee] Hyundai Rotem showed strong performance in the early trading session, hitting a 52-week high following news that it is conducting export negotiations not only with Poland but also with Morocco and Egypt.

As of 9:58 AM on the 24th in the KOSPI market, Hyundai Rotem was trading at 29,750 KRW, up 11.01% from the previous trading day. This marks a new 52-week high.

Defense-related stocks have been rising together after President Yoon Suk-yeol announced at his 100-day inauguration press conference his goal to make South Korea one of the world's top four defense exporters. The consecutive contract news from Hyundai Rotem has further driven the sharp increase in its stock price.

It is known that Hyundai Rotem is currently negotiating with the Moroccan government to supply the K2 tank, the main ground weapon system of the South Korean military. Following the massive 30 trillion KRW contract with Poland, this is another consecutive order. Additionally, negotiations with Egypt are also underway.

The company's performance is also strong. In the second quarter, Hyundai Rotem posted consolidated sales of 710.7 billion KRW and an operating profit of 31.4 billion KRW, representing increases of 10.5% and 99.4% respectively compared to the same period last year. This is the highest quarterly operating profit since the first quarter of 2017.