Kumho Petrochemical Achieves Better-Than-Expected 1st Qtr. Performance
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Kumho Petrochemical Achieves Better-Than-Expected 1st Qtr. Performance
Company¡¯s Q1 sales decline 4.8 percent over same period last year, but operating profit and net profit jumped 152.2 percent and 95.6 percent, respectively on the back of a strong showing by BPA

29(Tue), May, 2018



A view of Kumho Petrochemical¡¯s second energy plant in Yeosu.



Kumho Petrochemical shares have shown signs of rising on the back of the company¡¯s better-than-expected 1st quarter business performance.
Kumho Petrochemical shares closed at 109,000 won on May 3, up 500 won or 0.64 percent center over the previous year. Kumho Petrochemical shares surged about 11 percent so far this week. The company¡¯s shares jumped 9.69 percent on April 30, one day after the company¡¯s 1st quarter business performance was announced, and they have been on the rise since. Kumho Petrochemical logged 1.339 trillion won in sales for the 1st quarter of this year and about 165.8 billion won in operating profit.
Korea Investment Securities Co. (KIS) said Kumho Petrochemical¡¯s 1st quarter sales dropped 4.8 percent over the same period last year, but operating profit and net profit jumped 152.2 percent and 95.6 percent, respectively on the back of a strong showing by bishpenol-A (BPA), the best in seven years. The high profitability of BPA and its stable business environment are forecast to be maintained this year, and the operating profit for the year is predicted to rise over the previous year, the KIS said.
Hana Financial Investment Co. said Kumho Petrochemical logged an earnings surprise, surpassing the market consensus for the 1st quarter of the year, and a wide margin of gain is expected on the back of BPA¡¯s margin rise and rising operation rate.
FnGuide said market consensus by more than three financial constitutions showed that Kumho Petrochemical is predicted to chalk up 490.1 billion won in operating profit for the whole of this year, an 86.6 percent jump over the same period last year. A market consensus for the company¡¯s net profit is forecast to stand at 398.4 billion won, an 83 percent surge over the same period last year.
Earlier, securities companies followed suit in target prices of Kumho Petrochemical because of the company¡¯s announced better-than-expected 1st quarter business performance and a rally in the BPA sector. Mirae Asset Daewoo revised the target price of Kumho Petrochemical upward to 150,000 won, a 7 percent surge.
Mirae Asset Daewoo said it revised upward the company¡¯s outlook for the whole of this year on the back of the faster-than-expected improvement in its business performances in the BPA and energy sectors. Kumho Petrochemical is predicted to see an improvement at a faster pace in the next three years, it said.
The BPA sector is expected to see the market situation improve as there is no facility expansion and more and more consumer PC companies turn to expansion. The energy sector is likely to see an improvement on the back of prices, including system marginal price (SMP). The synthetic rubber market is expected to improve thanks to no facility expansions.
Hana Financial Investment raised the target price of Kumho Petrochemical from 150,000 won to 170,000 won, citing a possible turnaround in the synthetic rubber sector. The company is forecast to log 624.5 billion won in operating profit, a 138 percent jump over the previous year.



   
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