As of 9:25 a.m. on May 16, Daesang's share price on the Korea Exchange was down 7.77% from the previous day's closing price, trading at 22,550 won. This appears to be due to a wave of profit-taking, despite the company having announced first-quarter earnings that qualified as an earnings surprise the previous day.
On the previous day, Daesang disclosed its business report, stating that, based on its consolidated financial statements for the first quarter, sales reached 1.1304 trillion won, an 8% increase year-on-year, and operating profit was 57.2 billion won, up 20% from the same period last year. A company representative said, "Despite sluggish consumer sentiment due to the economic downturn, we achieved improved results through global food business growth and cost-efficient operations."
Daesang's first-quarter operating profit exceeded the securities market consensus by 7%. On a separate basis, operating profit was 56.8 billion won, a 32% increase from the same period last year, surpassing the consensus by 20%. Kyobo Securities analyzed, "There was a solid trend of profit improvement, benefiting from Europe's anti-dumping duties on Chinese lysine," and added, "The expansion of global food sales also appears to have had a positive impact on profitability."
Daesang's share price had generally been on an upward trend since reaching 21,150 won on April 9. The current decline is believed to be the result of profit-taking after the confirmation of positive factors for the stock price.
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