April 20, 2024

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[THE INVESTOR] Woongjin Energy will turn to black in the third quarter and its stock price is attractive, said Hana Financial Investment on Oct. 18, maintaining a “buy” recommendation and 13,600 won (US$12.04) target price. 

Boosted by solid single crystal wafer prices and increasing shipments to new clients, its revenue will spike 63.7 percent on-year to 68.8 billion won with operating profit of 4.2 billion won, estimated analyst Kim Du-hyeon.

Its stock price has been temporarily dragged down by concerns over safeguard measures from the US, but will return to normal following the release of third-quarter earnings guidance, forecast the analyst, pointing out that the current price at 12.5 times its PER is seriously lower than 23.2 times of its global peers and 20.4 times of domestic rivals. With eyes on its earnings and valuation, now is the time to buy, added Kim.

Revenue for the whole year will leap 47.7 percent on-year to 256.8 billion won and operating profit will turn to black at 10.6 billion won, according to the analyst.

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