[Featured Stock] DB HiTek Rises Over 4% on Securities Firms' Forecast of 'Record Q3 Performance'

[Asia Economy Reporter Myung-Hwan Lee] DB HiTek is showing strong performance in the market on the morning of the 26th. This is interpreted as a result of securities firms' forecasts that the company will achieve its highest performance in the third quarter of this year.

As of 10:12 AM on the same day, DB HiTek is trading at 46,750 KRW, up 4.59% (2,050 KRW) compared to the previous trading day.

Shinhan Financial Investment announced on the 26th that it expects DB HiTek to record its highest-ever performance in the third quarter of this year as well, maintaining a buy rating and a target price of 74,000 KRW. Shinhan Financial Investment forecasts DB HiTek's third-quarter sales this year to increase by 6.6% from the previous quarter to 464.5 billion KRW, and operating profit to rise by 6.4% to 226.8 billion KRW. This is the highest on a quarterly basis.

Choi Do-Yeon, a researcher at Shinhan Financial Investment, said about DB HiTek, "Although 2023 performance is expected to decline somewhat due to macroeconomic uncertainties such as reduced semiconductor demand, the boom in 8-inch foundry will lead to re-entry into an upward cycle in the second quarter of next year," adding, "The recent stock price has already reflected negative concerns, and the current stock price is in an undervalued range."

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