April 19, 2024

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[THE INVESTOR] Poongsan’s second-quarter earnings will be slower than expected, said NH Investment and Securities on July 5, lowering the target price to 43,500 won (US$38.90) from 51,000 won.

Its revenue will come in at 680.7 billion won and operating profit 48.3 billion won, 8.3 percent lower than market consensus, said analyst Byeon Jong-min.

Copper prices have slid 2.3 percent from the previous quarter, leading to a 2 billion won loss in the new copper sector where it has been striving despite unfavorable circumstances. The recent stock price fall is excessive, said the analyst. 

When the trade conflict between the US and China eases and the US’ bill for investment expansion in infrastructure passes, copper prices are very likely to rebound, said Byeon, maintaining a “buy” recommendation. 

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