HanmiGlobal shares were strong early on the 25th. Investor sentiment appeared to pile in after HanmiGlobal landed back-to-back orders in the Middle East.
As of 9:25 a.m. that day, HanmiGlobal shares were trading at 23,500 won, up 2.40% (550 won) from the previous session.
This is seen as the impact of HanmiGlobal, a global construction project management corporations, winning consecutive orders in the Middle East.
HanmiGlobal said that morning it won three construction supervision service contracts for apartment and infrastructure construction projects ordered by Kuwait's Public Authority for Housing Welfare (PAHW), as well as Saudi Arabia's Green Riyadh Group 7 project. With this, it secured new orders totaling 47.0 billion won in the Middle East. This is equivalent to 19% of last year's consolidation overseas revenue.
Brokerages also raised their target price for HanmiGlobal that day. IBK Securities raised its target price to 32,000 won from 21,000 won.
Researcher Jo Jeong-hyeon at IBK Securities said, "We should note that HanmiGlobal secured its first overseas nuclear power reference by winning the project management (PM) contract for the Cernavodă Unit 1 facility improvement in Romania."
He added, "The significance lies more in building a track record in construction and project management (PM, CM) than in the order amount (about 10.0 billion won), and we judge the company is positioned for expansion through repeat orders such as improvements and capacity additions," explaining that the likelihood of a re-rating has increased.