[Asia Economy Reporter Hyungsoo Park] HanmiGlobal is showing strong performance. Expectations for securing the Neom City project and structural growth in the data center sector appear to be influencing the stock price.
As of 9:21 AM on the 20th, HanmiGlobal is trading at 31,800 KRW, up 7.81% from the previous day.
Cape Investment & Securities estimated that HanmiGlobal achieved sales of 87.9 billion KRW and operating profit of 7.6 billion KRW in the third quarter of this year. These figures represent increases of 27.7% and 22.7%, respectively, compared to the same period last year.
Researcher Heo Seon-jae of Cape Investment & Securities explained, "The main drivers of performance growth are the expansion of high-tech projects for Samsung Electronics and major domestic secondary battery companies, as well as benefits from the high exchange rate through the U.S. subsidiary OTAK."
He added, "The recent decline in HanmiGlobal’s stock price was due to the cancellation of the Saudi Crown Prince’s planned visit to Korea in November, which increased uncertainty around the Neom City project." He also emphasized, "The Crown Prince’s visit to Korea is unrelated to the progress of HanmiGlobal’s Neom City Vision 2030 project."
Researcher Heo analyzed, "Following Minister of Land, Infrastructure and Transport Won Hee-ryong’s scheduled visit to Saudi Arabia in November to secure the Neom City project, the possibility of additional orders is expected to increase. HanmiGlobal, which has a history of private meetings with the Neom City investment chief, is highly likely to be included in the Korean delegation."
He said, "With Neom City selected as the host city for the 2029 Asian Games, related project orders are expected to be issued starting next year. There is a significant need to increase interest in HanmiGlobal, which can actually secure large-scale orders related to Neom City."
Researcher Heo expressed expectations, "Following the recent Kakao data center shutdown incident, HanmiGlobal, which has experience in performing PM services for data center construction for major domestic and international IT companies such as Naver and HP, is expected to directly benefit. Specifically, a simultaneous increase in quantity and price in the data center sector is anticipated."
He also forecasted, "The proportion of BCP (Business Continuity Planning) disaster response consulting services, which HanmiGlobal introduced domestically for the first time, is expected to rise sharply from the current level of less than 10%, leading to additional profitability improvements."
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