Hyundai Marine & Fire Insurance is experiencing a strong early trading session after reporting first-quarter results that exceeded market expectations.
As of 9:58 a.m. on May 18, the company’s shares rose by 4,050 won (12.14%) to 37,400 won on the KOSPI market, according to the Korea Exchange.
The stock opened at 33,450 won and reached a high of 37,650 won during the trading session, reflecting a robust upward trend.
Market analysts attribute the surge in investor sentiment to the company’s strong first-quarter performance, which saw a net profit of 223.3 billion won, a 9.9% increase compared to the same period last year, surpassing market consensus.
Following the earnings announcement, several securities firms raised their target prices for Hyundai Marine & Fire Insurance.
Daol Investment & Securities reported that it has adjusted its target price from 43,000 won to 45,000 won, citing an upward revision of its forecasts for insurance profit.
Mirae Asset Securities also raised its target price from 27,000 won to 32,000 won, noting improvements in other comprehensive income due to rising market interest rates, which are expected to continue.
Shinhan Investment Corp. stated that the company achieved an earnings surprise due to one-time factors and anticipates benefits from the introduction of management benefits in the second half of the year, raising its target price from 42,000 won to 45,000 won.
However, Shinhan Investment Corp. cautioned that while current valuation pressures are limited, there is a potential for dividend restrictions due to the reserve requirements for surrender benefits.
* This article has been translated by AI.
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