April 27, 2024

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[THE INVESTOR] Hanjin will benefit from its decision to sell its entire stake in Pusan Newport International Terminal, its joint venture with PSA International, as it is expected to earn 69.2 billion won (US$58.75 million), said Shinhan Financial Investment on Jan. 13. 

The securities firm upgraded its recommendation from a “neutral” to a “trading buy” and raised the target price to 35,000 won.

“Until the new port’s container processing supply recovers and Hanjin’s competitive advantage in parcel delivery is secured, a trading buy is recommended,” added analyst Park Gwang-rae.

The analyst forecast the transportation and logistics company’s revenue in the fourth quarter last year would inch up 1.0 percent compared to the previous year and operating profit would slump 67.6 percent to 4.9 billion won, missing the market estimates. 

By Hwang You-mee (glamazon@heraldcorp.com)