申韩证券下调高丽亚铅目标价约16%至160万韩元

Shinhan Investment & Securities has cut its target price for Korea Zinc (010130.KS) by about 16%. The move came as the surge in precious metal prices that drove Korea Zinc's strong first-quarter results weakened, pushing down earnings estimates. However, the brokerage left room for the stock to rise, noting that the current share price reflects almost none of the potential success of the company's U.S. project.
According to NextTrade on the 23rd, Korea Zinc was trading at 1,002,000 won as of 8:40 a.m., up 8,000 won (0.80%) from the previous session. Korea Zinc's stock, which touched a closing price of 2 million won in February this year, has been on a steady decline. The weakness was attributed to supply and demand concentrating on large-cap semiconductor stocks, while the management control dispute with Young Poong showed no signs of resolution.
Shinhan Investment & Securities released a report that day, announcing it was lowering Korea Zinc's target price to 1.6 million won from the previous 1.9 million won. "This reflects the decline in target valuation levels that occurred in the process of changing our 2027 earnings estimates and calculation method," said Park Kwang-rae, research fellow at Shinhan Investment & Securities. "We forecast operating profit to fall 4.9% and net profit to decline 7.1%."
The analysis noted that the surge in precious metal prices that drove strong first-quarter results weakened entering the second quarter. "With silver prices falling 13%, a profit decline from the previous quarter is inevitable," Park said. "We estimate that a $1 change in the price of silver per ounce results in an annual operating profit change of about 10 billion to 12 billion won." He added, "We expect quarterly operating profit to decrease by 25 billion to 30 billion won from just the effect of silver prices falling about $10 from the previous quarter."
However, second-quarter operating profit is expected to remain in line with market expectations. Shinhan Investment & Securities' analysis put Korea Zinc's second-quarter operating profit at 597.7 billion won, down 19.9% from the same period last year. "Despite the decline in silver prices, rising zinc and copper prices, a higher won-dollar exchange rate, and improved sulfuric acid profitability are expected to offset a significant portion of the decline in the precious metals segment," Park said. "The current share price reflects almost none of the potential success of the U.S. project."