A number of securities companies have increased their expectations for KT&G following the earnings surprise by the KOSPI-listed tobacco-maker in the first quarter.
Eugene Investment & Securities said the company is expected to continue its momentum in the second half of this year, increasing its share price target from 130,000 won ($113) to 150,000 won. It recommended buy.
Samsung Securities also increased the target valuation to 145,000 won a share from 135,000 won as its first quarter operating profit hit 393 billion won, well above the market consensus of about 270 billion won, on increased sales of cigarettes and ginseng.
The National Pension Service, Korea’s pension fund manager, is the biggest shareholder with an 8.59 percent stake in KT&G.
By Park Hyong-ki (
hkp@heraldcorp.com)
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