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THE INVESTOR

Stocks & Bonds

[EQUITIES] ‘Ottogi remain strong on continued upturn’

  • PUBLISHED :March 20, 2017 - 17:01
  • UPDATED :March 20, 2017 - 17:47
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[THE INVESTOR] Ottogi will continue to grow this year, said Mirae Asset Daewoo on March 20, maintaining a “buy” recommendation and 880,000 won (US$785.71) target price. 



Its operating profit this year will rise 6.1 percent and revenue by 3.2 percent, estimated analyst Baek Un-mok, citing improved market share in instant noodles, sales pickup in home meal replacements, possible price hike of major products and raw material cost management.

Ottogi, along with
Nongshim, did not raise the price of its ramen brands, and its market share will rise to 26 percent in the first half from last year’s 23.2 percent, forecast the analyst. 

It will become a strong force in the growing home meal replacements and instant cooked rice markets as well on the back of the taste and sales know-how, noted Baek. 

Considering the long-term growth potential, its price-earnings ratio in in the next two years should be over 30 percent higher than the industry average, added the analyst. 

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