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[Alpha Biz=(Chicago) Reporter Kim Jisun] According to the Korea Exchange on the 8th, pension funds have bought 55 billion won worth of SK Innovation shares over the past month. It is the third most bought stock in KOSPI and KOSDAQ.
It is the first time in about two months that pension funds are interested in SK Innovation. The pension fund, which bought a net 62.1 billion won of SK Innovation in March this year, had a selling advantage of 7.4 billion won in April.
Stock prices also gained momentum as investor sentiment gathered. In a month, SK Innovation's stock price rose 10.67% from 179,000 won to 198,100 won. The closing price (206,500 won) on the 7th was the highest of the year (based on the closing price).
Analysts say that investor sentiment is gathering as expectations for success in the battery business grow. Although its subsidiary SK ON has been sluggish, it is expected that its performance will improve.
Mirae Asset Securities expects SK ON to turn to an operating profit surplus from the second quarter.
"So far, there have been many difficult challenges such as improving yields at U.S. plants and achieving operating profit surplus," said Hi Investment & Securities Co. "In recent years, positive changes will be visible from the second half of the year."
It is also positive that the uncertainty of financing has been resolved. SK ON succeeded in attracting an additional investment of 530 billion won and is planning to raise up to 4.97 trillion won. It is 24% more than the target amount (4 trillion won).
Thanks to the success of its subsidiaries, SK Innovation's performance is expected to recover in the second half of the year. According to financial information provider FnGuide, SK Innovation's operating profit in the third and fourth quarters is expected to reach KRW 695.3 billion, down 1.23% from a year earlier. Compared to the 79.24% drop in operating profit in the second and fourth quarters, it is a significant decrease.
In the fourth quarter, it is expected to turn into a surplus compared to the same period last year (-764.9 billion won) with 749.2 billion won.
Securities firms are also raising their target stock prices one after another. Since last month, five securities firms, including Hi Investment & Securities, Kiwoom Securities and NH Investment & Securities, have raised their target prices.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
