Samyang Foods hits 52-week high as exports soar

[Photo by Yonhap]

Samyang Foods shares continue their upward trajectory, recording a 52-week high in early trading on Friday due to a surge in the company’s exports. The company’s stock was trading at 616,000 won ($452) as of 9:19 am.m,up 35,000 won or 6.02 percent from the previous day.

The stock opened at 610,000 won and climbed to 635,000 won, marking a 9.29 percent increase and setting a new 52-week high. This bullish performance follows Samyang Foods’ announcement on Wednesday that it will expand the number of production lines at its new Miryang 2 factory from five to six.

Hanwha Investment & Securities released an analyst report on Friday, raising the target stock price for Samyang Foods from 710,000 won to 800,000 won. It also highlighted expectations for expanded market reach in Latin America and Europe, as well as increased sales of new products following the completion of the Miryang 2 factory. The increase is also the brokerage firm’s second target price adjustment in three days.

Pearl Abysa nother stock that caught investors’ attention as the online game maker’s flagship MMORPG “Black Desert” received game approval in China. Pearl Abyss’ stock was trading at 43,300 won on the Kosdaq by 9:06 a.m., up 5.35 percent from the previous session.

Kiwoom Securities adjusted its annual operating profit estimates for Pearl Abyss, reflecting the positive impact of the Chinese approval. The target stock price was raised to 57,000 won from 51,000 won, with the company’s 2025 operating profit now projected at 156 billion won, up 11 percent from the previous estimate of 140.6 billion won.