2023-08-06 22:15:00
Every Monday morning, we will point out the stocks to pay attention to in the fast-changing stock market. During the week, stocks that have attracted investors’ attention are selected as ‘econo stocks’. We focus on the causes, backgrounds, and future prospects of stock price fluctuations. [편집자주]
This month, more than half of the nine securities companies that presented Ecopro BM investment opinions gave ‘neutral’ or ‘sell’ opinions.
[이코노미스트 마켓in 허지은 기자] The stock market’s eye level toward Ecopro BM (247540), the largest stock on the KOSDAQ, is getting lower. This month, more than half of the nine securities companies that presented Ecopro BM investment opinions gave ‘neutral’ or ‘sell’ opinions. They said that they acknowledge Ecopro BM’s mid- to long-term growth potential, and while raising their target price, analyzed that the upside potential compared to the current stock price is low as it has soared more than 300% this year.
According to the Korea Exchange, last week (July 31-August 4), the KOSPI index closed at 2602.80, down 5.52 points (0.21%) from the previous week (2608.32). During the week, individuals made net purchases of KRW 3.264 trillion, while foreigners and institutions net sold KRW 1.3236 trillion and KRW 1.1765 trillion, respectively, leading the index to decline. According to NH Investment & Securities, this week (August 7-11), the KOSPI index is expected to move between 2540 and 2660.
The most noteworthy stock in the domestic stock market this week is Ecopro BM. Ecopro BM announced last week its performance for the second quarter of this year, which fell short of market expectations, and more than half of the subsequent reports from securities firms presented a neutral or lower investment opinion. Ecopro BM recorded sales of 1,906.2 billion won and operating profit of 114.7 billion won on a consolidated basis in the second quarter of this year. Sales and operating profit fell short of market expectations by 11.35% and 11.04%, respectively.
Securities companies lowered their investment opinions one following another following the announcement of the second quarter results. Among the nine securities companies that presented target prices this month, IBK, NH, Samsung, and Hi Investment & Securities presented an investment opinion of HOLD (neutral), and Eugene Investment & Securities presented a REDUCE (sell). Kiwoom Securities downgraded its investment recommendation from ‘Buy’ to ‘Outperform’ (above average return). There were only three securities companies that maintained their purchase: Shinyoung, Shinhan, and Hana Securities. In the domestic securities industry, neutrality actually leads to a ‘sell’ opinion.
However, securities firms have raised their target prices all at once. This is because the stock price/earnings ratio (PER) level of the industry has risen along with the recent rise in rechargeable battery-related stocks, and the mid- to long-term growth potential is still valid. Shinyoung Securities was raised to 450,000 won, the highest, and Hana Securities (446,000 won), Kiwoom Securities (445,000 won), NH Investment & Securities (410,000 won), and Shinhan Investment & Securities (400,000 won) also raised their target prices to over 400,000 won. paid Only Eugene Investment & Securities maintained its target price of 200,000 won.
Regarding the background of lowering the investment rating and raising the target price, Lee Hyun-wook, a researcher at IBK Investment & Securities, said, “Ecopro BM has raised its target price in anticipation that its fundamentals will be solid by improving profitability and stabilizing the global supply chain in the future.” We downgrade our rating to Neutral considering the upside potential compared to the current share price due to the surge in the share price.”
“The target price is raised to 350,000 won, but the stock price has limited upside potential due to the high valuation burden, so we maintain a neutral opinion,” said Jeong Won-seok, a researcher at Hi Investment & Securities. It is a level where the performance for 2027-2030 is reflected in advance. As the stock price has soared in the short term, it is necessary to be careful regarding adjustments at this point.”
Han Byung-hwa, a researcher at Eugene Investment & Securities, who was the only one to give a sell opinion, said, “The combined market cap of Ecopro and Ecopro BM is 70 trillion won, while the combined market cap of Samsung SDI and SK Innovation is 63 trillion won. The combined market cap of domestic cathode materials has exceeded 40% of the market cap of cell makers,” he said.
A researcher said, “The current market cap is an evaluation that can be received only when you enjoy high margins through independent technology, development leadership, and free choice of customers.” If we secure new customers and the margin rate rises on a regular basis, we plan to raise our investment rating.”
ⓒThe Economist (“Economic News for Tomorrow” Unauthorized copying and redistribution prohibited)
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