On the morning of the 12th, Hyundai Department Store's stock is up about 8%. The surge in buying is interpreted as a result of securities firms consecutively raising their target prices following a surprise performance in the first quarter (January-March). The announcement of Hyundai Department Store's share buyback also contributed to this.
As of 9:20 a.m. on the 12th, Hyundai Department Store's shares are trading at 66,300 won, an increase of 5,000 won (8.16%) compared to the previous trading day.
Earlier, Hyundai Department Store announced on the 9th that it recorded a consolidated revenue of 1.01 trillion won and an operating profit of 112.5 billion won in the first quarter. Both figures were up 15.4% and 63.4%, respectively, exceeding market expectations by 15%.
Korea Investment & Securities noted that Hyundai Department Store achieved a 'surprise performance' in the first quarter and raised its target price from 80,000 won to 90,000 won, a 12.5% increase. Daishin Securities also adjusted its target price upwards to 82,000 won, a 17% increase.
Cho Sang-hoon, a researcher at Shinhan Investment & Securities, said, "The expected improvement in purchasing power due to domestic activation measures during the election period and monetary and fiscal policies that will fully unfold after the election is encouraging," and named Hyundai Department Store as the top pick in the sector. He also raised the target price from 71,000 won to 75,000 won.
Earlier, Hyundai Department Store announced on the 9th that it would use half of the 40 billion won cash influx from the sale of its remaining stake (7.34%) in Hyundai Home Shopping as a fund for its share buyback (1.5%).