[Featured Stock] Sinseong Tongsang Hits Record High Earnings and Benefits from High Exchange Rate... Up 4%

[Asia Economy Reporter Kwon Jae-hee] Shinsung Tongsang is recording a rise of over 4% in early trading following an 'earnings surprise.'

As of 9:57 AM on the 21st in the Korea Exchange, Shinsung Tongsang is trading at 2,725 KRW, up 4.81% from the previous trading day. During the session, it reached a high of 2,750 KRW, up 5.77%, before giving up some of the gains.

According to the electronic disclosure system, Shinsung Tongsang reported sales of 1.4658 trillion KRW for the 2022 fiscal year (July 2021 to June 2022), a 22.2% increase compared to the same period last year. Operating profit rose 88.2% to 139.9 billion KRW, and net profit surged 166.1% to 76.6 billion KRW. The sales, operating profit, and net profit recorded this time are all the highest ever for Shinsung Tongsang.

Additionally, the sharp rise in the KRW-USD exchange rate appears to have positively influenced the stock price. Most of Shinsung Tongsang’s overseas buyers are North American customers, making the export share to the U.S. dominant.

Park Ha-kyung, a researcher at Korea Investment & Securities, said, "In the second half of the year, OEM companies engaged in export businesses are expected to continue benefiting from rising order prices and high exchange rates."