Nongshim, 1Q operating profit decreased...Target price lowered (Yuanta Securities)
Nongshim, 1Q operating profit decreased...Target price lowered (Yuanta Securities)
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  • 승인 2021.05.18 12:53
  • 최종수정 2021.05.18 11:43
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농심CI
농심CI

Yuanta Securities said on the 18th that Nongshim is under a base burden due to its high performance last year. In response, the investment opinion maintained 'buy' and lowered the target price from 350,000 won to 340,000 won.

"Nongshim's first-quarter performance fell below its consensus operating profit of 22%, recording KRW 634.4 billion in consolidated sales and KRW 28.3 billion in operating profit," said Yuanta Securities Co.

"Although both domestic and overseas sales have achieved qualitative growth exceeding the level of 2019, it is under the base burden of COVID-19.". Yuanta Securities explained, "Profitability fell short of expectations as the burden of additional costs related to sales increased.".

Yuanta Securities forecast Nongshim's second-quarter sales to fall 6% year-on-year to KRW 628.5 billion and operating profit to KRW 19.1 billion, down 54%.

Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com  
 


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