Korean stock market
S-Oil hits 52-week low on earnings concerns
Shinhan Securities slashes its target price for S.Korea’s third-largest oil refiner by 11%
Jun 29, 2023 (Gmt+09:00)
1
Min read
Most Read
Hankook Tire buys $1 bn Hanon Systems stake from Hahn & Co.
S.Korea's LS Materials set to boost earnings ahead of IPO process
NPS to hike risky asset purchases under simplified allocation system
Aman, Rosewood, Banyan, IHG rush to open luxury hotels in Seoul
Osstem to buy Brazil’s No. 3 dental implant maker Implacil
S-Oil Corp. hit a 52-week low on Thursday as analysts slashed earnings estimates for the South Korean oil refiner.
The stock hit its lowest level since March 2022, falling as much as 2.20% to 66,200 won ($50.33) per share, with the lowest share price recorded at 11:50 a.m. on Thursday.
Shinhan Securities Co. cut its target price for S-Oil to 93,000 won from 105,000 won, saying it reflected a downward revision in earnings estimates.
The brokerage firm expects the company's second-quarter operating profit to fall 94% from the previous quarter to 324 billion won ($246 million). This is below the market consensus of 384.3 billion won.
Lee Jin-myung, an analyst at Shinhan Investment Securities, said refinery operating profit is expected to turn to a loss of 201 billion won in the second quarter.
"Earnings slowdown is inevitable due to inventory valuation losses and a sharp decline in refining margins caused by a fall in oil prices," he said.
By Tae-Ung Bae
btu104@hankyung.com
More to Read
-
Korean stock marketS-Oil’s price target falls on worsening refining margin
Apr 25, 2023 (Gmt+09:00)
1 Min read -
PetrochemicalsHyundai E&C consortium breaks ground on $7 bn S-Oil Shaheen project
Mar 10, 2023 (Gmt+09:00)
2 Min read -
ECM/DCMS.Korean brokerage lowers stock forecast for S-Oil over poor prospects
Jan 16, 2023 (Gmt+09:00)
1 Min read -
PetrochemicalsS-Oil to OK $6 billion Shaheen project as Saudi prince heads to Seoul
Nov 14, 2022 (Gmt+09:00)
2 Min read -
EarningsS-Oil sees softer Q3 refining margin after record Q2 profit
Jul 28, 2022 (Gmt+09:00)
2 Min read -
EnergyS-Oil shuts processing units after one killed, nine injured in blast
May 20, 2022 (Gmt+09:00)
2 Min read
Comment 0
LOG IN