April 26, 2024

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[THE INVESTOR] Harim Holdings’ third-quarter earnings met expectations, said KB Investment and Securities on Nov. 16 maintaining a “buy” recommendation and 16,000 won (US$14.16) target price.

Its revenue increased 11.9 percent on-year to 2 trillion won and operating profit decreased 5.5 percent to 117.7 billion won, both slightly higher than estimates. Its poultry subsidiary Harim was the main force behind the results, turning to black with 6.5 billion won operating profit. Earnings from the pork unit, however, were weighed down by declining feed sales and rising commodity prices, said analyst Kim Jun-seop.

Its operating profit will rise 7.6 percent on-year to 84.7 billion won, but momentum will be weaker from the third quarter as Harim deals with sliding price of poultry products, said the analyst. 

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