(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] Heungkuk Securities maintained its investment opinion "buy" and target stock price of 63,000 won for Dongwon Industrial.

"Dongwon Industrial's consolidated sales in the second quarter are expected to rise 5.8 percent on-year to 2.3 trillion won and operating profit rise 9.4 percent to 111.9 billion won, recording good performance to make up for the slump in the previous quarter," Heungkuk Securities explained.

Heungkuk Securities said, "The strong earnings momentum is expected to continue in the second half of the year, and unlike last year, both separate and consolidated subsidiaries will improve this year," adding, "In 2024, consolidated sales will increase by 4.9% to 9.4 trillion won and operating profit will increase by 11.3% to 517.1 billion won."

"We completed the incineration of all remaining potatoes on May 2 this year after incinerating 7.0 percent of its shares on Aug. 1 last year," Heungkuk Securities said. "While most Korean companies are passive in incinerating their shares, Dongwon Industry's actions are enough to serve as a model for the value-up program."

"We will implement an active shareholder return policy in the future, including steady expansion of dividends," Heungkuk Securities said. "Dongwon Industrial will enhance its corporate value by promoting new businesses along with the business advancement of its subsidiaries."

 

 

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