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[Apha Biz=(Chicago) Reporter Paul Lee] Hana Securities Co. on the 11th lowered its investment opinion from its previous "buy" to "neutral" and its target share price from KRW 40,000 to KRW 33,000, saying concerns have grown over a drop in short-term stock prices due to changes in its dividend policy.
Hana Securities said in a KT-related report on the same day, "The management hinted at the possibility of a change in management and dividend policies, and although it may help improve the long-term constitution, short-term stock prices are likely to fall due to changes in shareholder characteristics."
According to Hana Securities, CEO Kim Young-seop said in a press conference held on the 7th that he is now returning the money to be spent on the return of shareholder profits.
Chief Financial Officer (CFO) Kim Young-jin also said that the shareholder return policy with a dividend payout ratio of more than 50 percent actually ended at the end of last year and that there will be an opportunity to disclose appropriate related policies after the approval of the new board of directors.
The current situation is similar to the situation in which KT declared it would cut dividends and slim down its organization since former Chairman Hwang Chang-kyu took office in 2014, although performance improvements were made at the time, but stock prices continued to remain sluggish after a short-term plunge It was not until a long time later that he recovered.
"Considering the exodus of dividend investors, we will have to leave open the possibility of a fall in stock prices up to KRW 25,000," Hana Securities said. "We need to focus on avoiding the risk of falling stock prices by the end of the year."
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
