HD Hyundai Energy Solutions rose more than 6% early on the 30th. Investor sentiment was buoyed by news that first-quarter operating profit swung to a surplus.
As of 9:44 a.m., HD Hyundai Energy Solutions was trading at 229,000 won on the Korea Exchange, up 13,500 won (6.26%) from the previous session. It climbed to as high as 244,000 won early in the session, marking a 1-year high.
HD Hyundai Energy Solutions disclosed the previous day that its first-quarter operating profit on a consolidation basis was 29.0 billion won. That was a swing to a surplus from a year earlier and roughly doubled from the prior quarter. Revenue rose 87.6% year over year to 159.9 billion won, and net profit also turned to a surplus at 22.2 billion won.
DS Investment & Securities raised its target price for HD Hyundai Energy Solutions to 334,000 won from 122,000 won.
Ahn Ju-won, an analyst at DS Investment & Securities, said, "We judge that domestic demand for solar power is rising, so we expect sustainable results," adding, "given the current earnings growth and stable financial structure, expanding production facilities is also possible."
HD Hyundai Energy Solutions, the solar power affiliate within the HD group, listed on the Korea Exchange in 2019. Its main business is selling solar modules, and since 2023, demand for solar installations driven by large domestic companies' RE100 (100% renewable energy) commitments has increased the share of solution revenue.