Hansee Corporation, engaged in apparel original equipment manufacturing (OEM), hit a 52-week high following the surprise strong first-quarter earnings report from its U.S. client, GAP.
As of 10:21 a.m. on the 31st, Hansee Corporation was trading on the KOSPI at 23,250 KRW, up 3,000 KRW (14.81%) from the previous close. The trading volume reached 1.14 million shares, with a trading value of approximately 26.4 billion KRW.
The stock opened higher at 21,700 KRW and continued to rise, reaching an intraday high of 25,000 KRW, breaking its 52-week record.
The strong first-quarter performance of its U.S. client GAP is seen as driving Hansee Corporation’s concurrent upward trend. GAP’s shares rose 4.02% during regular trading and surged about 22% in after-hours trading following the earnings announcement.
On the 30th (local time), GAP reported a first-quarter net income of $158 million, or 41 cents per share, turning profitable from a net loss of $18 million, or 5 cents per share, in the previous year. This significantly exceeded Wall Street’s expected earnings per share of 14 cents. During the same period, revenue increased 3% year-over-year to $3.4 billion.
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