Binggrae is showing a sharp rise of over 17% in the early trading session, fueled by strong first-quarter performance this year. It recorded a 52-week high during the session.
As of 9:13 AM on the 17th, Binggrae is trading at 88,900 KRW, up 13,300 KRW (17.59%) from the previous day. During the session, it rose to 89,000 KRW, marking a 52-week high.
On the previous day, Binggrae announced that its consolidated operating profit for the first quarter of this year was preliminarily estimated at 21.1 billion KRW, a 65.2% increase compared to the same period last year. Sales increased by 2.5% to 300.9 billion KRW, and net profit rose 110.6% to 18.3 billion KRW.
Jihye Jang, a researcher at DS Investment & Securities, said, "We expect Binggrae's 2024 performance to reach consolidated sales of 1.4623 trillion KRW and operating profit of 135 billion KRW," adding, "With gradual expansion of overseas business and cost efficiency, the company will continue its profitability improvement trend following the first quarter." DS Investment & Securities raised Binggrae's target stock price from 78,000 KRW to 100,000 KRW.
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