Due to the boom in the power industry, the stock price of Hyosung Heavy Industries, which had been continuously rising in the first quarter of this year, showed weakness on the 16th.
As of 3:09 PM on the day, Hyosung Heavy Industries was trading at 298,000 KRW, down 42,000 KRW (-12.35%) from the previous trading day. On February 6th, Hyosung Heavy Industries recorded its lowest stock price of the year at 156,100 KRW. Since then, it has steadily risen, reaching 357,000 KRW yesterday, but today it is undergoing a correction with a double-digit decline.
On the same day, Sung Jong-hwa, a researcher at Ebest Investment & Securities, said about Hyosung Heavy Industries, "It is responding well to the ultra-high voltage market boom expected to continue for at least the next 4 to 6 years. Its competitiveness in key core markets such as the US, Europe, and the Middle East is also excellent," and raised the target stock price from 400,000 KRW to 450,000 KRW.
He added, "The consolidated operating performance for the first quarter of this year is expected to show sales of 969 billion KRW, a 15% increase compared to the same period last year, and operating profit of 62.3 billion KRW, a 342% increase," adding, "The strong performance is expected to continue and meet market expectations."
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