[Featured Stock] CJ CheilJedang Recovers to 400,000 Won Amid Strong Earnings and Continues to Rise
[Asia Economy Reporter Lee Seon-ae] CJ CheilJedang is on a continuous rise amid expectations for strong earnings. After recovering the 400,000 KRW mark, it recorded a 2% increase from the start of trading on the 11th.
As of 10:20 AM on the day, CJ CheilJedang was trading at 409,500 KRW, up 2.12%. It rose to 410,000 KRW in early trading. The previous day, it closed at 401,000 KRW, up 6.23%, regaining the 400,000 KRW level.
The buying momentum is interpreted as being driven by earnings expectations. CJ CheilJedang's first-quarter sales and operating profit were 6.9799 trillion KRW and 435.7 billion KRW, respectively, both increasing by 13% compared to the same period last year.
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Song Min-gyu, a researcher at Kiwoom Securities, said, "Due to benefits from rising grain prices, the spread of feed amino acids and soybean products continues to be favorable," adding, "The company's overall earnings estimates are expected to be revised upward this year, centered on the bio business division."
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