[Alpha Biz=(Chicago) Reporter Paul Lee] Hankook Tire & Technology is on the rise despite the bearish market. Analysts say that earnings forecasts have improved as sales in the U.S. and European markets have increased.

Hankook Tire & Technology closed at 37,650 won on the 20th, up 1.89% from the stock market. Foreign investors boosted their stock prices by net buying KRW 4.2 billion worth of stocks. Foreigners bought Hankook Tire & Technology for nine consecutive trading days.

On the previous day, Bank of America (BofA) raised the target price of Hankook Tire & Technology to 50,000 won from 46,000 won and presented its investment opinion as 'buy'. Hankook Tire & Technology's operating profit in the third quarter of this year is expected to be 303 billion won, higher than market expectations (263 billion won).

Securities firms forecast that Hankook Tire & Technology will perform well in the fourth quarter of this year. Bank of America predicts that Hankook Tire & Technology's operating profit will reach 297 billion won in the fourth quarter of this year, up 40 percent from a year earlier. The operating profit ratio is also expected to improve significantly to 13%, compared to the same period last year (8.4%).

 

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