Samyang Foods is experiencing strong gains in early trading after reporting record first-quarter earnings that exceeded market expectations.
According to the Korea Exchange, as of 9:47 a.m. on May 14, Samyang Foods shares rose by 104,000 won (8.03%) to 1,399,000 won. At one point shortly after the market opened, the stock surged by as much as 13.75% to reach 1,473,000 won.
The surge is attributed to the company’s impressive first-quarter performance, which was announced after the market closed the previous day. Samyang Foods reported consolidated sales of 714.4 billion won and an operating profit of 177.1 billion won for the first quarter of this year. These figures represent increases of 35% and 32%, respectively, compared to the same period last year, marking the highest quarterly results in the company’s history.
Analysts are also taking note of the strong performance and growth in international markets, leading to upward revisions of target prices. Hyundai Motor Securities maintained a “buy” rating for Samyang Foods, stating, "With global demand remaining robust, we expect growth from the recovery of U.S. inventories in the second quarter, the expansion of marketing efforts, visible recovery in exports to China, and accelerating growth in Europe." They raised their target price from 1.8 million won to 1.9 million won.
Daol Investment & Securities echoed this sentiment, noting, "We have confirmed strong demand, and expectations for increased export volumes have grown," and adjusted their target price upward from 1.7 million won to 1.9 million won.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.