LG Electronics is surging more than 10% early on the 30th. Buying appears to be piling in after it set a quarterly record for first-quarter sales the previous day and operating profit also jumped more than 30% from a year earlier.
As of 9:10 a.m. that day on the Korea Exchange, LG Electronics is trading at 149,400 won, up 13,600 won (10.01%) from the previous day.
LG Electronics said the previous day that it set an all-time high for first-quarter sales, powered by a leap in its core home appliance business and its future growth engine, the vehicle components business.
LG Electronics announced finalized first-quarter results of 23.7272 trillion won in sales and 1.6737 trillion won in operating profit on a consolidation basis. Sales were the largest for any first quarter on record, and operating profit rose 32.9% from a year earlier. In particular, combined sales of the home appliance (HS) and vehicle components (VS) businesses topped 10 trillion won for the first time ever.
The securities industry also said LG Electronics is catching two birds with one stone, with an improved profit structure and a Robotics momentum.
Researcher Jo Hyeon-ji at DB Securities said, "LG Electronics has formalized Robotics cooperation with Nvidia and is showing a strong will to expand its robot portfolio, led by actuators, by pursuing in-house production of reducers," and analyzed, "First-quarter solid results confirmed the trend of improving profit strength, and concerns about damage to fundamentals are not large even as it enters the seasonal off-peak period."