[Market Focus] Hankook Tire & Technology Soars on Strong Q3 Earnings, Hits Record High

Hankook Tire & Technology surged in early trading, hitting a new 52-week high during the session.

As of 9:08 a.m. on November 10, Hankook Tire & Technology was trading at 56,500 won, up 7,150 won (14.49%) from the previous session. This marks a new 52-week high.

The rally appears to be driven by strong earnings. On November 7, Hankook Tire & Technology announced that it achieved record quarterly results in the third quarter, posting sales of 5.4127 trillion won and operating profit of 586 billion won. These figures represent increases of 122.3% and 24.6%, respectively, compared to the same period last year. Jang Moonsoo, a researcher at Hyundai Motor Securities, commented, "The company recorded its highest-ever quarterly sales and operating profit, exceeding the consensus (the average forecast by securities firms) by 43.4%." He further analyzed, "The price increase implemented in July was partially reflected, while lower input costs and stabilized freight rates contributed to the strong performance."

Reflecting upward revisions in earnings estimates, securities firms have raised their target prices for Hankook Tire & Technology. Hyundai Motor Securities increased its target price by 21.8% to 67,000 won. Hanwha Investment & Securities raised its target from 56,000 won to 63,000 won, Meritz Securities from 62,000 won to 65,000 won, and Shinhan Investment & Securities from 54,000 won to 67,000 won.