On the 16th, Nongshim's stock is up 7%, indicating strong performance early in the session. This rise is attributed to an influx of buying based on securities firms' evaluation expecting improvements in the second quarter (April to June). Additionally, as Samyang Foods surged today as a 'blue chip,' it appears to be influenced as another food exporter.
As of 9:18 a.m. on the 16th, Nongshim's stock is trading at 445,500 won, an increase of 30,500 won (7.35%) compared to the previous trading day.
Kang Eun-ji, a researcher at Korea Investment & Securities, noted, "From the second quarter, profitability improvements will continue through the reduction of promotion (advertising) expenses, the reflection of price increase effects, and re-contracting of materials and supplies," as she raised the target stock price from 450,000 won to 480,000 won.
Samyang Foods, which reported its highest ever earnings in the first quarter (January to March), also saw its stock surge as it became a blue chip (1 million won per share). As Samyang Foods' stock increased by over 19% compared to the previous day, there's a shared sentiment of expectation for stock price rises among other food exporters.
Nongshim announced on the 15th that it recorded consolidated sales of 893 billion won and an operating profit of 56 billion won for the first quarter of this year. Sales increased by 2% compared to the same period last year, while operating profit decreased by 8%.